Austria to Develop Blockchain Center in Vienna

Soon, Austria will be known for more than just its picturesque landscapes as Vienna will now be home to the Austrian Blockchain Center.

A recent press release states that the development of the Austrian Blockchain Center (ABC) has been approved by the country’s Competence Centers for Excellent Technologies (COMET), the latter of which is partly funded by the Austrian government. COMET Centers (K1) focus on the research and innovation of future markets in the country.

Austria Embraces Blockchain

The ABC will offer a range of comprehensive competencies covering various disciplines. It will consist of 21 scientific institutions, 54 companies, 17 associated participants, and 16 international institutions and companies. In addition, the center will focus on researching technology including the Internet of Things (IoT) as well as blockchain application in different sectors such as energy and logistics.

In fact, these two industries have proven to be an ideal breeding ground for blockchain with businesses focusing on renewable energy and supply chain management successfully utilizing the technology. Alfred Taudes, who is the academic director and coordinator of the center, elaborated:

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 is also the head of the Research Institute for Cryptoeconomics at WU Vienna University of Economics and Business.

What the ABC Will Focus On

While attempting to be as thorough as possible, the center’s topics will be divided into five areas:

Because of blockchain’s outstanding record-keeping capabilities, the center will also be looking into how it can be used in a range of applications, including corporate accounting and auditing as well as cross-border capital market transactions. Live Bitcoin News has previously reported on how Stellar and Ripple are assisting financial institutions with simplifying their remittance processes with disruptive technology.

This is not the country’s first foray into the land of the blockchain. The Austrian National Tourist Office (ANTO) has partnered with a blockchain-based platform in a bid to combat fraud in the advertising industry as well as to cut costs.

Do you think that Austria’s ABC will be a success? Let us know in the comments below!

Images courtesy of Pixabay and Shutterstock.

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