Austrian Blockchain Center To Come Up In Vienna To Facilitate Research.

By Rishma Banerjee

The building of a blockchain center, the Austrian Blockchain Centre has been approved by the COMET Centers, according to a press release on 29th November.  ABC will involve 21 scientific institutions, 54 companies, 17 associated participants, and 16 international institutions and companies and will concentrate on Cryptography, Technology, and Securit; Cryptoeconomic Modelling and Blockchain Applications for Business; Emerging Industries and Blockchains in Manufacturing; Data Science Methods for Blockchain Analytics and Predictions and Legal and Political Implications. According to reports, the research center will be multidisciplinary and focus on Internet of Things (IoT), finance, energy, logistics, and applications in public administration.

Academic director and coordinator of the center, Alfred Taudes, who also is the head of the Research Institute for Cryptoeconomics at WU Vienna University of Economics and Business, said that a multidisciplinary approach is “necessary for comprehensive research.”

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.

They will be working in collaboration with other COMET Centers and international blockchain initiatives and are being funded by the Austrian Ministry for Transport, Innovation and Technology, and the Federal Ministry for Digital and Economic Affairs. The center will also be looking into avenues of using blockchain’s technology’s outstanding record-keeping capabilities, 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 step in the field of blockchain technology. The Austrian National Tourist Office (ANTO) has previously partnered with a blockchain-based platform in a bid to combat fraud in the advertising industry as well as to cut costs.

The Austrian Government has been quite supportive of blockchain initiative sand the development of the technology. Austria’s Finance Minister, Hartwig Loeger, had once said the ministry was considering blockchain tech as it forms a “focus on economic policy.”