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Monash University Establishes Blockchain Research Centre wit...
NEWS

Monash University Establishes Blockchain Research Centre with Industry Affiliations

Australia’s Monash University in Melbourne has announced the launch of a blockchain research lab along with peer universities in the Asia-Pacific region. Joseph Liu has been appointed director of the Monash Blockchain Technology Centre (MBTC) and will coordinate efforts to improve blockchain adoption and awareness in the country.

The Monash Blockchain Technology Centre (MBTC) will be headed up by Monash University associate professor Joseph Liu as director, who explained to ZDNet that the creation of the MBTC comes off the back of a blockchain research lab that already exists within the university’s faculty of IT.

Exploring International Blockchain Usage

With each passing day, there is more news of various industries looking to implement a blockchain to reduce the need for trust in their systems. Joseph Liu, director of the Monash Blockchain Technology Centre (MBTC) seems to completely understand that blockchains after multidisciplinary systems.

On the whole, it is quite evident that these are positive changes that make the process more efficient and ward out corporate corruption. A senior official with the excise department believes the change in the system is so that the department can inspect payments with accuracy, and prevent the smuggling of exported oil for sale into the domestic market.

Tax exemption in Thailand’s oil market is approximately 6 billion Thai baht annually; oil operators believe this new system will create extra costs for them to remain compliant. In reality, the process would be much cheaper and less cumbersome than the hundreds of documents that need to be filed as per current rules.

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Monash University has had its own internal blockchain research lab for the last two years, but research efforts were only carried out by the university’s IT faculty. The establishment of a global blockchain center in the form of MBTC will enable other departments, whose disciplines could find utility in blockchain, to take part in the research and development process.

Liu believes tracking down the origin of food ingredients (supply chain) can be changed by blockchain; given Australia is a large exporter of food products, a blockchain can help establish the integrity of the ingredients and final goods for end-users in other countries.

Internally, Monash’s IT department has in-depth experience with blockchain. The internal lab has even built a cryptocurrency for fintech firm ColinStar Capital.

Academia, Blockchain, and Cryptocurrency

Blockchain has gained widespread legitimacy through corporate and academic endorsements from large businessmen and revered professors. It is increasingly being viewed as a way to inherently boost the transparency of a system.

Cryptocurrencies on the other hand are being denied their claim to legitimacy by academia due to a number of factors ranging from volatility to alleged mass market manipulation.

Since cryptocurrency awareness exploded in late 2016 and early 2017, most organizations have found value in the underlying technology rather than the incentive-based economic systems built on top. As a result, it seems reasonable that universities are looking deeper into the blockchain phenomenon rather than cryptocurrencies. Only a few universities, like the University of Nicosia (UNIC), are truly focusing on digital currencies as a major innovation.

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