The Austrian organization "Competence Centers for Excellent Technologies" (COMET), which are coordinated by the Research Promotion Agency, announced the formation of the Blockchain Center (ABC) in Vienna.
According to a press release, Blockchain Center consists of 21 scientific organizations, 54 companies, 17 associated participants and 16 institutional investors. The center will be engaged in multidisciplinary research in areas such as finance, logistics, energy, Internet of things and application of the blockchain technology in the field of public administration.
Alfred Taudes, academic director of the center and head of the Research Institute for Cryptoeconomics at WU Vienna University of Economics and Business, said that a multidisciplinary approach will provide a comprehensive study of new technologies.
ABC will be conduct research and development in the following areas: cryptographic technology and security; development blockchain-based applications for business and cryptoeconomic modelling; use of the blockchain in various branches of industry; methods of scientific forecasting and analytics for the blockchain; use of technology in the legal and political spheres.
New research center will collaborate with the COMET and the international blockchain initiatives. The financing of these activities will be undertaken bythe Austrian Ministry for Transport, Innovation and Technology and the Federal Ministry for Digital and Economic Affairs. In addition, ABC will also receiving support from the provinces of Lower Austria and Vorarlberg
It is noteworthy that the Austrian government actively supports the blockchain initiatives and technology development. For example, in September authorities has allocated 1.35 million dollars for the development of the Ethereum blockchain. At the time, Austrian Finance Minister Hartwig Loeger said that the Ministry is closely monitoring the blockchain technology as it forms a focus on economic policy.
Recently the Austrian government supported the British research company Lancor Scientific, which has developed a device to detect several types of cancer. In its work the company uses the blockchain technology and smart contracts. In the near future, the firm plans to open a research laboratory in the Austrian city of Graz.