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Suitcases of the Austrian Blockchain Center in the fintech space – FinTech Futures

A new initiative has sprung up in the eastern kingdoms with the launch of the Australian Blockchain Center (ABC).

This is one

This is a "great opportunity for Austria to stay in touch with the high-tech giants in the US and Asia in this promising sector"

According to the Comet Center (Centers of Expertise for Excellent Technologies), ABC intends to "group global and interdisciplinary skills in basic technologies and blockchain applied in one place". ABC interfaces with parts of the Comet Center.

ABC involves 21 scientific institutions, 54 companies and 17 associated participants, including 16 international institutions / companies.

It will not just be fintech, as the center's research activities include the 4.0 / Internet of Things (IoT) industry, the financial, energy and logistics sectors and applications in the public and administrative sectors.

Alfred Taudes, academic director and coordinator of the center, who also directs the Cryptoeconomics Research Institute at the University of Economics and Commerce of the University of Vienna, states that ABC is a " great opportunity for Austria to stay in touch with the high-tech giants in the US and Asia in this promising field ".

Like many other countries around the world, Austria is looking to create new jobs and become a place for innovation. It will have a lot of competition.

The research and development themes of the center will be grouped into five areas.

These include cryptography, technology and security; cryptographic modeling and blockchain applications for businesses; emerging industries and blockchain in production; data science methods for blockchain analysis and forecasting; and legal and political implications.

In terms of specific fintech issues, ABC sees "further promising areas of application" in corporate accounting and auditing, anti-fraud tax collection procedures and the design and adaptation of compliance systems.

Furthermore, it will examine the simplified elaboration of cross-border transactions on the capital market and the introduction of a digital currency of the central bank.

The Comet Center is coordinated by the Austrian research promotion agency. They are funded by the Austrian Ministry of Transport, Innovation and Technology; the federal ministry for digital and economic affairs; the participating provinces (in the case of the ABCs of Vienna, Lower Austria and Vorarlberg); as well as the unnamed partners of economics and science.

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