The Austrian government supports the establishment of a new blockchain institute

nRunaway commentary: Recently, the Austrian government set up a blockchain Institute, aimed at developing the commercial application of the technology. It is reported that the institute is headquartered at the University of Vienna and will bring together the expertise of the entire community to bring the needs of our entrepreneurship into the agenda of the new government and enhance the competitiveness of Austrian private-sector enterprises.n
nTranslation: Clovern
The Austrian government is promoting a new blockchain research effort to develop commercial applications of the technology.n
The new Institute of Encryption Economics will be headquartered at the University of Vienna. The new research institute organized an event on December 5 with more than 500 people attending the event, including Harald Mahrer, Austrian Federal Minister for Scientific Research and Economics.n
Mahrer told attendees:n
n”We will bring together the expertise of the entire community so that the needs of our entrepreneurs can be integrated into the agenda of the new government. In Europe, Austria has played a leading role in the area of ​​blockchain and has embarked on an ambitious road map Now we need to make sure that we take the next step in creating sandboxes to promote real business applications, otherwise the competitiveness of our business sector will be hindered. “n
nIn the statement, the department said it will allocate a research fund of 8 million euros to support the blockchain research project, and will also invest in research to enhance different types of digital services.n
Prior to the Austrian public sector push for this move, Wien Energie, the private sector in Austria, including one of his major energy suppliers, also showed interest in the technology. The government said it will support regulatory reforms to support the use of blockchain technology in energy applications such as point-to-point transfers.n
“It offers great possibilities for a new business idea,” Mahrer said: “Now it is essential to explore these possibilities in areas where there is no taboos in the regulation of sandboxes.”n

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