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Soon, Austria will be known for its picturesque landscapes as Vienna will now host the Austrian Blockchain Center.
A recent press release states that the development of the Austrian Blockchain Center (ABC) was approved by the country's Centers of Expertise for Excellent Technologies (COMET), the latter of which is partially funded by the Austrian government. The COMET centers (K1) focus on research and innovation of future markets in the country.
Austria embraces the Blockchain
ABC will offer a range of global skills covering various disciplines. It will consist of 21 scientific institutions, 54 companies, 17 associate participants and 16 international institutions and societies. In addition, the center will focus on technology research including the Internet of Things (IoT) and the blockchain application in various areas such as energy and logistics.
In fact, these two industries have proven to be an ideal breeding ground for blockchain with companies focusing on renewable energy and supply chain management successfully using technology. Alfred Taudes, who is the academic director and coordinator of the center, has elaborated:
An interdisciplinary approach is necessary for in-depth research and use of blockchain technology, which is why the ABC partners of many different disciplines work together. The center is a great opportunity for Austria to stay in touch with the high-tech giants in the US and Asia in this promising industry.
Taudes is also the head of the Research Institute for Cryptoeconomics at the WU Vienna University of Economics and Business.
What ABC will focus on
In an effort to be as accurate as possible, the core topics will be divided into five areas:
- Encryption, technology and security
- Cryptographic modeling and blockchain applications for businesses
- Emerging industries and blockchain in production
- Data Science Methods for Blockchain Analytics and Predictions
- Legal and political implications
Due to the exceptional sealing capacity of blockchain registries, the center will also examine how it can be used in a wide range of applications, including accounting and auditing, as well as cross-border capital market transactions. Live Bitcoin News He previously reported on how Stellar and Ripple are helping financial institutions to simplify their remittance processes with disruptive technology.
This is not the country's first foray into the land of the blockchain. The Austrian National Office of Tourism (ANTO) has collaborated with a blockchain-based platform in an effort to combat fraud in the advertising industry and to reduce costs.
Do you think that the ABC of Austria will be a success? Let us know in the comments below!
Images courtesy of Pixabay and Shutterstock.
