Monash University project wins share of US$50 million for blockchain technology

Monash University’s five-year Sustainability Informatics for the Pacific project has won a share of US$50 million for blockchain technology, education and innovation.

Monash Blockchain Technology Centre director, associate professor Joseph Liu

As one of 10 winners of the Algorand Centres of Excellence (ACE) program, the project will bring together researchers across seven universities including University of Queensland, the University of Sydney, Swinburne University of Technology, the University of Fiji, the University of the South Pacific, the Hong Kong Polytechnic University, and two not-for-profits the Oceania Cyber Security Centre and ClimateWorks Centre, spearheaded by the Monash Blockchain Technology Centre.

According to the project lead and Monash Blockchain Technology Centre director, associate professor Joseph Liu, “The goal is to create a significant real-world impact in the region built on a foundation of research, education and community-led participation and support.”

The project will focus on developing sustainable and innovative blockchain technologies for the Pacific region with the needs of the community as a key focus.

“Though associated primarily with cryptocurrency, blockchain technologies can actually be used in diverse sectors such as strengthening renewable energy optimisation, providing a fair platform for carbon trading, creating robust supply chains for food and agriculture, securing financial technologies and ensuring cultural sustainability for heritage art and music,” said Liu.

“As part of the Pacific family, we want to ensure that Australia and the region benefit from the best collaborative research for stronger and sustainable technological resources.”

US based Algorand Foundation which runs the ACE initiative, has a key mission to grow the Algorand ecosystem, based on a carbon-negative blockchain.

According to Algorand Foundation principal researcher and ACE program head, Dr Hugo Krawczyk, “We are delighted to see how many bright, talented people around the globe recognise the ability of blockchain technology to fundamentally change and better the world we live in, and we are very much looking forward to seeing the amazing work the grant recipients do in the coming months and years.”