RMIT Blockchain Innovation Hub, the blockchain department of the Royal Melbourne Institute of Technology (RMIT) in Australia, has become the latest member of VeChain Foundation. The organization is focused on extending blockchain technology – perhaps the VeChain blockchain – to the real world. VeChain announced the collaboration in a publication on Monday.
By joining the organization, the RMIT Blockchain Innovation Hub will work to address issues with blockchain governance, while still pushing towards the mainstream adoption of the technology across different sectors.
VeChain, RMIT University to Address Hurdles With Blockchain
The collaboration is aimed at driving more research on blockchain governance models, and also speed up the standardization of blockchain governance consensus. For a start, the group will focus on creating a framework that will enable a streamlined medium for evaluating and comparing the governance systems of public blockchains.
Afterward, the group will come up with a better incentivize model to encourage participation in the blockchain governance process.
The Chief Scientist at VeResearch, Dr. Peter Zhou, commented:
“Blockchain governance plays a vital role in growing a healthy and sustainable blockchain ecosystem. This research collaboration is going to answer some of the most important and fundamental questions about blockchain governance and will contribute to the long-term growth of VeChain’s ecosystem and to achieving our goal of mass adoption.”
Blockchain Adoption by Enterprise, Government
In compliance with regulations, the group will continue to research the governance models that are suitable for enterprises as a long-term goal. In this way, they prepare for mainstream adoption of VeChain and blockchain technology in general, among the enterprises, governments, and educational research facilities.
“With this important research, we are hoping to build towards a general theory of blockchain governance contributing to VeChain’s ecosystem and providing benefit to the broader blockchain community,” said Dr. Chris Berg, from RMIT Blockchain Innovation Hub.