According to the cointelegraph report, the Austrian Research Promotion Agency (FFG) coordinated and the COMET Center approved the Austrian Blockchain Center (ABC) in Vienna on the basis of a press release on November 29.
ABC involves 21 research institutes, 54 companies, 17 related participants, and 16 international institutions and companies. According to the release, the research center will be multidisciplinary, focusing on applications in the Internet of Things (IoT), finance, energy, logistics and public management.
The academic director and coordinator of the center, Alfred Taudes, head of the Institute of Cryptology Economics at the Vienna University of Economics and Business, said that the multidisciplinary approach is “a necessary condition for comprehensive research.”
The center will conduct research and development in five different areas: cryptography and security; cryptographic economic modeling and blockchain business applications; emerging industries and blockchains in manufacturing; data science methods for blockchain analysis and prediction ; and legal and political influence.
The new research center is said to work in conjunction with other COMET centers and international blockchain programs. These centres are funded by the Austrian Ministry of Innovation and Technology and the Federal Ministry of Digital and Economic Affairs. ABC will also receive support from Lower Austria and Vorarlberg.
The Austrian government has been actively supporting blockchain planning and technology development. In September, the government will provide $1.35 billion in bonds on the Ethereum blockchain. At the time, Austrian Finance Minister Hartwig Loeger said that the Ministry was considering blockchain technology because it formed a “focus on economic policy”.
Earlier this month, the Austrian government supported a British cancer research company that used blockchain in its work. Lancor Scientific has developed a device that detects multiple types of cancer and records the results through smart contracts on the blockchain. The company plans to open a research laboratory in Graz, Austria.