By using our website, you are agreeing to cookies being stored and Google Analytics being used on your device in order to offer the best possible service. You can find more information on thishere.
Dynamic Business Location.

Blockchain Technologies: Austria’s Contribution in the Global Race

What is at stake is nothing less than future supremacy when it comes to one of the most important commodities of our time, namely data. The blockchain technology in all its different facets has an enormous potential for disruption. However, regardless of how revolutionary it may be, little has been discovered yet about its true potential. How blockchain will find its way into our everyday lives is still completely unclear and variable. And this is precisely where an opportunity can arise. Other markets are also not particularly well developed. With the right investments in business and research projects, it is still not too late to lend a European touch to the tech market of the future.

Interdisciplinary projects as innovation drivers

Blockchain-based decentralized technologies can be applied to so many different areas of our daily lives. For this reason, their real potential for disruption cannot be seen from a single perspective. Interdisciplinary projects in which business cases are given as much consideration as the necessary basic research are required in order to correctly assess this potential. Gratifyingly, political decision makers in Europe have already come to the same conclusion. For this reason, the world’s largest blockchain competence center was established in Vienna last November. The Austrian Blockchain Center (ABC) is designed to bundle the extensive interdisciplinary competencies at one place. A total of 21 scientific institutions, 54 companies and 17 associates, including 16 international facilities and firms, are involved in ABC. The center’s research priorities range from Industry 4.0 and the Internet of Things, the finance, energy and logistics sectors to applications in the public sector and administration. The objective of ABC is to promote the scientifically sound (further) development of applications based on blockchain technologies.

Implementation status of blockchain technology

A survey carried out among ABC’s corporate partners shows that Austrian companies are extremely interested in incorporating blockchain technologies in their business processes.

Implementation status of blockchain technology
© Prof.Dr. Alfred Taudes

The next generation 

At present it is not possible to predict where the journey will ultimately take us with 100% accuracy. The prevailing blockchain technologies are not exactly designed in a user-friendly manner and are thus not yet suitable for the mass market. However, this could change with the next blockchain generation which will soon gain a foothold. The application of blockchain technologies will become increasingly intuitive in the foreseeable future and become increasingly part and parcel of our day-to-day lives. Compared to the development of the Internet, we are currently at a time with blockchain like the one shortly before the first browser was developed.  

In order to avoid missing this point in time, as was the case with the Internet, decision makers in Europe have to take appropriate measures in the coming years, for example expanding the digital infrastructure based on a comprehensive full-coverage mobile broadband network. Moreover, a research and business environment must continue to be created as the basis for freely developing new technologies. A further step is educating suitable specialized employees. This will make it necessary to reform courses of study to include a stronger focus on blockchain technologies if there is in fact the desire keep pace with international developments. In order to meet future needs, it will be necessary to targetedly recruit specialists abroad. In this case, business location advantages such as the location of the Austrian Blockchain Center in the heart of Europe is certainly an asset.

Prof.Dr. Alfred Taudes, Department for Information Systems and Operations at the Vienna University of Economics and Business, Scientific Director of the Comet Center (K1) Austrian Blockchain Center (ABC) and Academic Director of the Research Institute for Cryptoeconomics.

Share on Facebook Share on Facebook Share on Twitter Share on Twitter Share on Linkedin Share on Linkedin



Meet us at events, seminars and trade shows - worldwide.

  • Investment Opportunities for Electronics Companies in Austria - Carinthia

    08.07.2020 / 2:30 pm IST, Online, Webinar

  • BIOMEDevice Boston 2020

    16. - 17.09.2020, Boston, USA

Austria Map

Find the perfect location for your company

We are lucky to benefit from a lot of reserach incentives here in Austria. We are very proud to be here as Austria is an ideal location for research.

TachoEASY Austria

More testimonials

news from the business location Austria

Austria registers more patents than ever before

Austrian companies and researchers registered 2.341 new patents at the European Patent Office (EPO) in 2019. Over the last five years the number of Austrian patent applications increased consistently.

Concerning Facebook and LinkedIn: Austrian companies in the social media jungle

A growing number of companies are relying on social media to inform customers, open up new target groups and identify suitable employees. Firms are increasingly investing in Facebook and other social media as each year passes, However, at the same time the continuous further development and establishment of networks are also leading to uncertainties about the right way of handling these platforms.

More news All blog posts