The Royal Melbourne Institute of Technology (RMIT) has created their own Blockchain Innovation Hub. Their goal is to explore blockchain technology in
The Royal Melbourne Institute of Technology (RMIT) has created their own Blockchain Innovation Hub. Their goal is to explore blockchain technology in regard to social science.
RMIT made their announcement and unveiled details about this research center. The center will be focused on understanding blockchain technology as the university believes that it will be a core infrastructure for the global economy in the future. This hub is becoming known as the first research center in the World and will be exploring the social science of this technology. Professor Jason Potts from the Institute’s School of Economics has been tasked with leading the research center. Both he and vice president at the University state that this center is an innovation in the field. In fact, the hub is the only blockchain body in the entire world that is full-service, industry-linked, and equipped for research and learning.
Blockchain is the technology used to power cryptocurrencies such as bitcoin and the university believes that it will change business significantly with smart contracts and the ability to create instant payments around the world.
At the hub, a global research team will be established. Their goal will be to study the cultural, economic, and societal implications of blockchain. The team will also partner with business partners in various industries to share this research to ensure that new graduates are prepared to enter the workforce. Finally, the hub will be developing and creating policies to facilitate the future blockchain economy and also work with the government to discuss the impact of decentralized technology on society and current policies.
This hub will open within a few months of the University of Sidney’s developing Red Belly Blockchain and they have claimed to process 400,000 transactions each second. This speed would be seven times faster than the largest payment network, Visa.
Blockchain Research Hub
Australia is becoming a popular location for financial technology and has developed blockchain technologies in the public and private sectors.
The Australian Securities Exchange, the country’s largest stock exchange, is the first securities markets operator to use blockchain technology. They are completing a trial of blockchain that has been bdeveloped by Digital Asset, developed in New York.
The government has also released their first blockchain bond in Australia. The Commonwealth Bank of Australia is the country’s largest bank and made the announcement that they would be releasing a cryptobond. Further supporting blockchain development, two Australian senators who are pro-bitcoin called on the central bank to legalize cryptocurrencies and established a bipartisan blockchain advocacy group in parliament.
Australia is taking steps to develop international standards for blockchain and developed a roadmap that will end in March.