The Austrian Research Promotion Agency (FFG) has just approved the creation of a multidisciplinary blockchain center in Vienna Australis. Under its legal mandate of coordinating the operations of COMET Centers in the country, the FFG has approved the formation of the Austrian Blockchain Center ABC.
The blockchain industry in Australia has received a significant boost with the creation of the ABC center. Under its center, the firm will be a multidisciplinary center whose research will focus on several key sectors in the blockchain industry. In summary, ABC will be focusing on developing applications in public administration, logistics, energy, finance, and the Internet of Things (IoT).
Further on ABC will conduct its research on five different sectors starting with legal and political implications, data science methods for blockchain analytics and predictions, emerging industries and blockchain in manufacturing, crypto economic modeling and blockchain applications of business, and lastly on cryptography technology and security.
To achieve all the workload that comes with carrying out extensive research in all the above sectors ABC is working in conjunction with 16 international institutions and companies, 17 associated participants, 54 companies and 21 scientific institutions. Besides, the above ABC will be working with other international blockchain initiatives and COMET research centers. The latter centers are receiving financial support from the Federal Ministry for Digital and Economic Affairs and the Austrian Ministry for Transport, and innovation and Technology. On the other hand, ABC will get support from two provinces the Lower Austria and Vorarlberg.
Efforts by Austrian Government to Support Blockchain Attract other Industry Players
Besides putting in place the right infrastructure to support blockchain technology development the Austrian government has gone beyond its borders and is supporting Lancor Scientific a cancer research firm. The latter firm uses blockchain technology in its work and has made a medical device that detects various types of cancer whose screening results are recorded on a smart contract on blockchain technology. Through the Australian government initiative to support Lancor Scientific, they have set plans in motion to set up a research lab Graz an Austrian city.
Besides the above in September, the government offered a $1.35 billion bond for the development of Ethereum blockchain. Furthermore while announcing the bond offer, the Minister of Finance Hartwig Loeger said his ministry is considering blockchain technology as it forms a focus on economic policy.
With the Austrian government focusing on supporting blockchain its likely more blockchain centers will come up.