CloudTech-RMIT Green Cryptocurrency Joint Research Laboratory (GreenCryptoLab) has been successfully launched on 6 May 2022, Australia’s first research lab which helps advance Green Cryptocurrency technologies.

CloudTech Group is a blockchain product development and consulting company based in Australia. As an Australian blockchain pioneer, CloudTech Group is committed to developing the local blockchain industry. The GreenCryptoLab will not only bring more possibilities for our Green Bitcoin project through RMIT’s strong research capabilities as the world’s second-ranked blockchain research and education institution but will also strengthen people’s environmental awareness, set an example for the ecological aspects of blockchain and advance Australia’s influence in the international blockchain industry.

The increasing carbon footprint generated by the power plants providing energy to the blockchain industry has brought escalated concern to our environment. Cloudtech Group (https://cloudtechgroup.com/), the leader in Fintech and one of the world’s leading blockchain technology groups, provides services covering every aspect of the blockchain industry, ranging from cooperation with governments to technical research and legal and compliance consulting, and RMIT University (https://www.rmit.edu.au/), a global university of technology, design and enterprise, who leads the advanced performance/scalability and cyber security research in the world, established The Green Crypto Lab jointly under the consideration of the sustainability of Blockchain industries.

The event was hosted by one of the event’s initiators, Professor Zahir Tari, a renowned professor at RMIT University, the Research Director of RMIT’s Centre for Cyber Security Research and Innovation (CCSRI), who will be the director of research and development work of the Green Crypto Lab.

Professor Zahir Tari introduced the aims and key projects of the joint lab: “Pollution, energy consumption, carbon emissions. These terms may seem difficult to associate with blockchain technology which represents innovation. But you might be shocked to learn that it consumes more electricity to maintain the Bitcoin network each year than a medium-sized European country like Finland. When you know enough about Bitcoin, you’ll see that the consensus mechanism used by Bitcoin is the main reason for all of this. That’s why we wanted to set up the green crypto lab.”

Then Professor Zahir officially announced the establishment of the joint lab and the launch of the lab’s first project.

“So, the main focus of our research centre is how to solve the energy-wasting problem by creating a green consensus mechanism, and our answer is Green Bitcoin, the lab’s first project, which is officially launched today. ”

“Faster, greener, and more scalable. ”

Dr Hai Dong, a faculty member at the School of Computing Technologies in RMIT University, the leader of the Smart Sensing and Services Research Area, continued the presentation. explained that the Green Crypto Lab aims to design an energy-efficient protocol with better performance and scalability.

“We are conducting more profound research on several topics, including the scalability of the blockchain network, privacy protocols and the use of clean energy, among other directions. We will gradually apply these research results to the Green Bitcoin network. We believe it won’t be long before everyone can use and experience this ground-breaking cryptocurrency project for themselves.” Said, Dr Hai Dong

In the final part of the presentation session, many elites of the Blockchain industry had share their attitude about the future development of Green Bitcoin. Kian Jackson, Vice President of the Green Bitcoin Foundation which has a board of directors and an advisory board from local Australian research institutions, including RMIT, University of Sydney, University of New South Wales and the University of Wollongong, introduced that “The Green Bitcoin Foundation’s ambition is to solve the existing blockchain’s energy and performance problems, which means we need more experts and researchers to join our team. We will make good use of these academic resources to facilitate the research and development process of the Green Bitcoin project.”

During the post-event cocktail party, Kevin He, COO of CloudTech Group, said in the interview: “The launch event with RMIT was such a success. I could tell that our guests at the event enjoyed talking to each other and sharing their opinion on blockchain technology and applications. And it made me think that CloudTech Group, as a local blockchain pioneer in Australia, would love to see Melbourne have a community and a hub for blockchain-based technology. We will then work with our partners to build a local blockchain community and host regular community events. We will invite students, industry experts and politicians to participate in our community events, during which we will hold technical conferences, investor forums, project launch events, hackathons and more. This community will provide a platform for the local community that is interested in blockchain to have a chance to network and collaborate with each other.”

We believe that the emergence of Green Bitcoin will lead to a green and sustainable blockchain network and product design logic in the near future. GreenCryptoLab and GreenBitcoin’s mission is to ensure that while people enjoy the benefits of blockchain technology, they also pay attention to the environmental issues that come with it. As Mr Kian Jackson said in his speech: “Together we will create a greener world!”