Austrian Blockchain Center (ABC) Launches In Vienna For Comprehensive Research Initiative

Austrian Blockchain Center (ABC) Launches In Vienna For Comprehensive Research Initiative

A new Blockchain Center for research in different areas has been established in Vienna. According to a press release released by the Vienna University of Economics and Business on November 29, the world’s largest blockchain competence centre was approved in Vienna and it’s known as the Austrian Blockchain Center (ABC).

The new proposal was approved by the COMET Centers that are coordinated by the Austrian Research Promotion Agency (FFG). The ABC involved 21 scientific institutions, 54 companies, 17 associated participants and 16 other international institutions and companies.

The ABC will be focusing on the Internet of Things (IoT), the financial and logistic sectors. At the same time, the ABC will also be working in applications related to the public sector and administration. The main intention behind this project is the scientifically founded development of applications that are based on blockchain technology.

Alfred Taudes, academic director and coordinator of the centre, commented about it:

“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 centre is a great opportunity for Austria to stay in touch with the high-tech giants in the USA and Asia in this promising field.”

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

As per the report, several applications and business models based on blockchain technology have already been developed after a close cooperation with established stakeholders, start-ups and other development institutions. With the establishment of this centre, Austria will become one of the most innovative countries in Europe.

The Austrian Blockchain Center will also be working closely with different other agencies such as the existing COMET centres CDP and SBA Research, and with other international blockchain-related initiatives. There will be five main areas that the centre will be focusing on: Cryptoeconomic Modelling and Blockchains in Manufacturing, Data Science Methods for Blockchain Analytics and Predictions, and finally Legal and Political Implications.

The press release informs that the improvement of customer identification and related procedures is just an example of what the centre could be focusing on.

The Austrian government has always been supporting blockchain-related initiatives in the country and the growth of the technology. These centres are funded by the Austrian Ministry for Transport, Innovation and Technology. At the same time, they also receive funding from the Federal Ministry for Digital and Economic Affairs. The provinces of Lower Austria and Vorarlberg will also be providing funding for the project.

Back in September, the government set to offer a $1.35 billion bond based on the Ethereum network. Additionally, Hartwig Loeger, Austria’s Finance Minister, said that the ministry is considering blockchain technology as well.

There are many other blockchain related projects that are starting in Austria. For example, earlier this year, the utility company Wien Energie, announced that it was testing blockchain technology to improve the services offered to residents in Vienna.

Furthermore, Austria is currently one of the countries with the largest amount of Bitcoin and crypto ATMs in the world. According to Coin ATM Radar, Austria is the third country with the largest amount of Bitcoin and crypto ATMs in the world after the United States and Canada with 265 ATMs.

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