Monash University has inaugurated the Monash Blockchain Technology Centre (MBTC), an initiative aimed at fostering collaboration among various faculties within the university and its partners in the Asia-Pacific region to explore and demonstrate the practical applications of blockchain technology.
The MBTC, spearheaded by Monash University’s Associate Professor Joseph Liu as its director, emerges from an existing blockchain research lab housed within the university’s IT faculty. Liu emphasized that while the initial research lab operated within the IT faculty, blockchain technology has broader applications beyond IT.
“We established a blockchain research lab two years ago, but we’ve recognized that blockchain extends far beyond IT. Its potential spans across various disciplines like digital health, smart energy, supply chain, and fintech. Hence, we’re creating an interdisciplinary platform at the university level,” Liu explained.
The university has already made strides in blockchain development within its internal lab, notably creating a blockchain cryptocurrency called Hcash for CollinStar Capital, an achievement that informs their efforts to extend blockchain’s reach into other sectors.
Moving forward, the IT faculty will collaborate with members from faculties such as engineering, law, medicine, and business, alongside international partners like Shanghai Jiao Tong University and CollinStar Capital. Together, they aim to explore diverse applications for blockchain technology.
Liu highlighted the initial focus area for exploration: “One of our initial research areas is food provenance. As Australia exports various food products, customers abroad, especially in China, seek assurance regarding the authenticity of Australian goods.”
He continued, “By integrating data from farms, suppliers, logistics, and couriers onto the blockchain, Chinese consumers can easily track the origin of the food, ensuring its authenticity.”
Moreover, Monash University intends to offer blockchain training and specialized micro-credentials, including short courses catering to executives seeking to harness blockchain’s potential for business improvement. Plans also include integrating blockchain subjects into the Masters of Cybersecurity curriculum and establishing a joint PhD program with Shanghai Jiao Tong University.
Previously, Monash researchers introduced the RepuCoin system, a blockchain solution designed to fortify against malicious activities. This system incorporates the concept of “reputation” within blockchain, making it significantly challenging to tamper with recorded information.
Dr. Jiangshan Yu from Monash University remarked, “RepuCoin’s operations would make attacking the system prohibitively expensive, requiring an extensive amount of resources and time compared to traditional blockchain systems like Bitcoin.”
The establishment of the MBTC signifies Monash University’s commitment to pioneering blockchain research and application across diverse fields while fostering partnerships to drive technological advancements in the Asia-Pacific region.
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