RMIT blockchain unit future in doubt after professor claims it has ‘shut down’

As a seasoned researcher with extensive experience in blockchain and cryptocurrency, I find the ongoing saga at RMIT University’s Blockchain Research Institute to be both intriguing and disheartening. Having navigated the dynamic world of academia for years, I can empathize with the unique challenges faced by Professor Ellie Rennie and her colleagues.

Despite the recent surge in the cryptocurrency market, the future of a blockchain research institute at an Australian university remains unclear. One professor has even gone as far as stating that it has ceased operations.

According to Professor Ellie Rennie, a member of the RMIT Blockchain Innovation Hub, the initial blockchain research center focusing on economics and social sciences at RMIT University was closed down, and no specific reason for the closure has been provided.

However, the institute’s co-director, Professor Jason Potts (who is married to Rennie), informed CryptoMoon that the matter remains under discussion and is not yet resolved. No final decision has been reached regarding a potential shutdown.

Rennie informed CryptoMoon as she walked away, “I had thought that the Blockchain Hub closed down yesterday, but it seems there’s been a change – talks about it are happening currently.

At RMIT, they follow a procedure where they consult their staff for a full week. This implies that Potts must present a feasible financial plan for the Hub’s sustainability during this time, according to sources familiar with the situation. In simpler terms, Potts needs to come up with a solution that can fund the Hub if it is to continue operating.

They mentioned that the facility, which was established in 2017, hasn’t generated sufficient top-tier research to secure adequate funding for it to become financially independent.

Unusual timing

The debates at RMIT about potentially closing the research facility have arisen at a time when cryptocurrency is once again gaining popularity in the public eye.

After Donald Trump’s election victory, which signaled a possible change in U.S. cryptocurrency regulations, Bitcoin (BTC) surged by approximately 45% and neared $100,000.

An individual privy to the details, granted confidentiality to speak about it, mentioned that Potts and his co-founder, Professor Chris Berg, often communicated to their team members that the Hub was viewed as an “ongoing trial” or “test.

As a researcher, I’m particularly drawn to Potts’ vision for the Hub, which is geared towards creating a distinct type of business school. Here, academics are encouraged to be actively involved in industry and entrepreneurship, rather than solely focusing on publishing in top-tier journals, though that remains important for a university’s reputation and research funding. Instead, industry engagement and entrepreneurial spirit take precedence in this innovative setting.

The individual stated that they were informed the university aimed to swiftly establish a strong presence in the field of blockchain, a reputation it could subsequently use to attract students and maintain industry relevance. They further clarified this was the reasoning behind the Hub not conforming to traditional university protocols.

The person often emphasized that, due to our rapid-paced work setting, it was challenging for us to adhere to traditional academic schedules and methodologies. This point was consistently brought up in discussions.

The final call regarding whether to close the Hub will ultimately rest with Professor Colin Picker, RMIT’s Deputy Vice-Chancellor for Business.

2024-11-22 06:25

Unusual timing

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