VeChain (VET), has inked a strategic partnership deal with the Royal Melbourne Institute of Technology (RMIT) Blockchain Innovation Hub. The new alliance will enable both teams to research on ways to further the growth of the blockchain ecosystem.
A Formidable Alliance
As part of its long-term mission to integrate distributed ledger technology (DLT), into all sectors of the global economy and unravel innovative ways that would help businesses enhance their operations and be more productive, the VeChain Foundation is partnering with the Royal Melbourne Institute of Technology (RMIT) Blockchain Innovation Hub.
Specifically, RMIT has now joined the VeResearch program and it will collaborate with the team to conduct research aimed at formulating a lasting solution to pertinent issues plaguing the blockchain industry, in terms of governance, technology hurdles and more.
Standardizing Blockchain Consensus
Established in 1887, RMIT is the largest tertiary institution in Australia. It is currently ranked number 223 in the QS World University Rankings and was ranked 10th globally in the 2020 Times Higher Education (THE) Impact Rankings.
The team claims the RMIT Blockchain Innovation Hub is the world’s first research centre focused on the social science of blockchain technology and has won several accolades since its launch.
Importantly, the partnership will enable the team to work towards enhancing current studies on DLT governance models and come up with ways to standardize blockchain governance consensus.
Commenting on the project, Dr Peter Zhou, Chief Scientist at VeChain reiterated that the importance of blockchain governance can not be overemphasized, and as such, the research work will try to find answers to some of the challenges plaguing blockchain governance and ultimately accelerate broader adoption of DLT.
In his words:
“Blockchain governance plays a key 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.”
Notably, VeChain (VET) is one of the hottest blockchain projects at the moment in terms of adoption and its native cryptocurrency, VET, is currently the 27th-largest cryptoasset in the world. vechain (VET) is trading at $0.015434, with a market capitalization of $993.96, as seen on CoinMarketCap.
As reported by BTCManager earlier in November 2020, Blue Bite and VeChain forged a partnership aimed at promoting global blockchain adoption. And earlier this month, reports surfaced that KnowSeafood, a U.S-based seafood company has integrated VeChain into its operations.