The future of a blockchain research institute at an Australian university is currently uncertain, despite the cryptocurrency market experiencing a notable resurgence. Reports suggest that the RMIT Blockchain Innovation Hub has come under scrutiny, with claims of its imminent closure. A member of the Hub, Professor Ellie Rennie, indicated via social media that the center had been shut down without any clear explanation provided.
However, the situation appears more nuanced as Professor Jason Potts, the co-director of the Hub, asserted that discussions regarding its status are still ongoing. As a response to the uncertainty, Potts emphasized that no definitive decision had been made about shutting down the research center. Initially, there were suggestions that a decision was imminent, but further communications revealed that discussions were still taking place.
RMIT’s protocol requires engagement with staff for one week before any formal decision can be made, implying that funding solutions must be proposed for the Hub to continue operating. The institute, established in 2017, has struggled to produce enough substantial research to secure ongoing funding and achieve financial independence.
Interestingly, these deliberations about the Hub’s future arise at a time when the cryptocurrency market has garnered significant attention, with Bitcoin soaring close to $100,000 in wake of recent political events in the United States. Observers familiar with the internal discussions noted that the Hub was characterized as “an experiment” by its leadership, which aimed to create a unique educational model focused on industry engagement and entrepreneurial spirit.
As RMIT navigates this challenging landscape, the final decision regarding the Blockchain Innovation Hub will ultimately rest with the university’s Deputy Vice-Chancellor for Business, Professor Colin Picker.
