Austria to Build a Blockchain Center in Vienna

Vienna, Austria will soon be home to the Austrian Blockchain Center.

According to a press release dated November 29, Austria’s Competence Centers for Excellent Technologies (COMET) has given the go-signal for the development of the Austrian Blockchain Center (ABC), which will be partly financed by the government. COMET Centers (K1) will be focusing on the research and innovation of Austria’s future markets.

ABC will be providing a variety of “comprehensive competencies” concerning different disciplines. Twenty-one scientific institutions, 54 companies, 17 related participants, and 16 international institutions and companies are set to form the center. Furthermore, ABC is slated to focus on researching the technology, which includes the Internet of Things (IoT) and Blockchain application in various sectors like energy and logistics.

The two sectors are perfect for Blockchain development as a growing number of businesses are becoming more interested in renewable energy and supply chain management which uses the technology. ABC academic director and coordinator Alfred Taudes explains:

“An interdisciplinary approach is necessary for comprehensive research into and use of blockchain technology, which is why ABC partners from many different disciplines work together. The center is a great opportunity for Austria to stay in touch with the high-tech giants in the USA and Asia in this promising field.”

Taudes also heads the WU Vienna University of Economics and Business’ Research Institute for Cryptoeconomics.

The center’s topics will be divided into five different areas namely (1) Cryptography, Technology, and Security; (2) Cryptoeconomic Modelling and Blockchain Applications for Business; (3) Emerging Industries and Blockchains in Manufacturing; (4) Data Science Methods for Blockchain Analytics and Predictions; and (5) Legal and Political Implications.

ABC is also expected to explore how Blockchain tech can be used in a variety of applications, including corporate accounting and auditing together with cross-border capital market transactions due to Blockchain’s potential in data storage.