SINGAPORE, Dec. 21, 2020 /PRNewswire/ — Since its initial launch in January 2018, VeChain’s global innovative research grant program, VeResearch, has been one of the major driving forces behind our blockchain-related technological progress, cooperating and co-developing solutions with leading global research bodies for the betterment of VeChainThor and the advancement of the entire blockchain industry.
With the goal of integrating blockchain into all possible frontiers new ways for the world to do business, the VeChain Foundation is proud to announce that the Royal Melbourne Institute of Technology (RMIT) Blockchain Innovation Hub has joined the VeResearch program to address issues such as governance and other technological hurdles facing the industry.
VeChain & RMIT Blockchain Innovation Hub: A World Class Collaboration
The RMIT Blockchain Innovation Hub is the world’s first research center focused on the social science of blockchain and unites a world-class team of economists and social science researchers. The body consists of many professional researchers who focus on the institutional possibilities and challenges on blockchain applications across fields such as compliance, economics and healthcare.
Working closely with the head of VeResearch, Chief Scientist Dr. Peter Zhou and VeChain’s Senior Blockchain Researcher Dr. Zhijie Ren, the group intends to enhance current studies on blockchain governance models and accelerate the standardization of blockchain governance consensus.
The collaborative work will initially focus on developing a framework for evaluating and comparing governance systems of public blockchains. Specifically, the team will develop a theoretical understanding of the trade-offs and dimensions of decentralization for public blockchains. Based on the framework, the next step of the study will be to design governance models to better incentivize various stakeholders to participate in the governance process and ultimately use the research to promote mass adoption of blockchain.
Blockchain Governance Consensus: Key For Unlocking Enterprise Mass Adoption
As a long-term research goal, the joint research team will investigate governance models that are suitable for enterprises, with respect to the future regulatory environment and readiness of individual enterprises. This collaboration further cements VeChain’s role as a harbinger of public blockchain standards and set forth the building for the mass adoption of blockchain among governments, enterprises and educational research facilities.
Dr. Peter Zhou stressed that, "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."
Dr Chris Berg, Co-Director of the RMIT Blockchain Innovation Hub, commented that, "We are excited to be working with VeChain to explore and research governance models for public blockchains. 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".
VeResearch continues on its mission to build a global grant program that engages in research with academic communities and contributes to framing high-level practical responses to industrial challenges. The program has worked closely with multiple high-profile academic bodies such as Michigan State University, University of Oxford, Dartmouth College, Tsinghua University, and South China Normal University across research areas encompassing blockchain consensus, token economics, cryptocurrency market predictions, smart contract security, blockchain-based ecosystem design and more.
About RMIT Blockchain Innovation Hub
RMIT University, based in Melbourne, Australia, is known for applied leading-edge research that engages with business and technology. The RMIT Blockchain Innovation Hub is the world’s first research centre on the social science of blockchain
The RMIT Blockchain Innovation Hub is an interdisciplinary team of researchers in economics, political-economy, organizational theory, law, sociology, politics and communications. The Hub seeks to develop a deeper understanding of crypto-economics, business strategy and adaptation to blockchain technologies, maps the blockchain economy, and identifies the public policy challenges that will hold back or accelerate this economic revolution.
About VeChain Foundation
Launched in 2015, the VeChain Foundation has worked tirelessly to build the bridges between blockchain technology and the real world. VeChainThor’s evolution continues to gather pace, transitioning from consortium network to best-in-class public blockchain platform using Proof of Authority consensus, boasting advanced technical features, governance structure and economic model.
As the ecosystem enabler, VeChain’s mission is to empower builders by developing tools that systematically eliminate adoption hurdles. Through the development of a suite of innovative tools such as Multi-task transaction and fee delegation.VeChain has been able to substantially lower the barriers to entry for businesses and developers alike.
VeChainThor has already been applied across a diverse array of use cases including Walmart China, Bayer China, BMW Group, BYD Auto, H&M Group, Shanghai Gas, LVMH, D.I.G, ASI Group and more.