As a seasoned crypto investor with over a decade of experience navigating the volatile and ever-evolving world of digital currencies, I find the recent decision by RMIT to sideline its dedicated blockchain research unit in 2025, despite the historic market rally, rather disheartening.
The leading innovation hub at Royal Melbourne Institute of Technology (RMIT), known for being at the forefront of blockchain technology, has plans to shift focus from its specific blockchain research department by 2025, even as the cryptocurrency market experiences significant growth.
Starting from the following year, The Hub will function as a research team under the umbrella of the university’s School of Finance, and researchers may need to resume their teaching duties, as indicated in an email dated December 12th and subsequently verified by a representative from RMIT.
As an analyst, I’m sharing a key point from an email by RMIT’s Deputy Vice-Chancellor of Business, Colin Picker. In essence, he highlighted our university’s focus on streamlining operations and making thoughtful decisions about resource allocation. He specifically mentioned the strategic establishment of our new Blockchain Hub model, which not only enhances student learning experiences but also enables ongoing research in this critical field.
Since November last year, there has been uncertainty about the fate of the Blockchain Hub, founded in 2017. While researcher Ellie Rennie announced its closure on November 22, Jason Potts, one of the institute’s co-directors and husband to Ellie, stated that discussions regarding the Hub’s future were ongoing and not yet finalized.
It’s quite intriguing that the recent development coincides with Bitcoin (BTC) surpassing $100,000 on December 5th, establishing a fresh record high for this digital currency and propelling the broader cryptocurrency market as well.
Hub staff unhappy about the change
On Thursday, Potts communicated to his team about the alteration via an internal memo, stating, “Unfortunately, it’s not the outcome we were aiming for.” He mentioned that the Hub will cease operations on December 23rd, which essentially means it will be closing down.
Staff members at RMIT were taken aback by the unexpected transformation of their work environment into the Blockchain Hub, expressing bewilderment and frustration over the decision, according to someone privy to the circumstances.
Few Hub employees possess teaching backgrounds, it was mentioned. However, from the following year onwards, they will be mandated to dedicate almost half of their working hours towards teaching duties.
The announcement stated that shifting to the Hub implies that focused studies on blockchain technology may no longer continue at RMIT, since research teams – similar to the Hub – tend to be less formal, more casual, and do not necessitate a specific focus in research.
As a researcher in the field of blockchain, I anticipate that my focus may gradually shift from the technology itself to other related areas. However, being part of the Blockchain Hub, where most members hold the rank of associate professor or professor, implies a continued commitment to producing high-quality, prolific research while also fulfilling teaching responsibilities.
Previously, individuals familiar with the situation shared with CryptoMoon that The Hub, which began operation in 2017, has been underperforming. This is due to a perceived decrease in the quality of its research and its failure to secure the necessary funding to become self-sufficient.
A source close by indicated that Potts communicated to the scholars at Blockchain Hub that it was crucial for them to be both connected with the industry and innovative, while publishing in prestigious journals, though significant for obtaining research funding, was considered less essential.
As an analyst, I find myself observing that my organization’s recent reconfiguration coincides with a remarkable resurgence of cryptocurrencies, particularly in the context of the recent U.S. elections. Overnight, it appears that support for crypto has shifted significantly, making a grand comeback into mainstream acceptance.
The incoming President, Donald Trump, has pledged his support for the cryptocurrency sector once he assumes office next month. Given that regulators in numerous nations often refer to the U.S. for advice on market regulation, this could have significant implications worldwide.
In Australia, some members of the Liberal Party leaning towards the center-right are publicly declaring their backing for domestic industries ahead of an upcoming federal election, scheduled no later than May 17th. The advocacy group representing Coinbase is trying to sway these decisions.
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2024-12-12 08:35