Austria on the Rise

Austria: Innovation Leader and Blockchain Capital

| Editor: Isabell Page

By 2020, Austria not only wants to be the innovation leader in Europe, but is also building the world's largest Blockchain innovation centre in Vienna. Learn more about the ambitious goals of the Austrians.

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There is also a lot going on in the capital, where the world's largest Blockchain competence center is being built.
There is also a lot going on in the capital, where the world's largest Blockchain competence center is being built.
( Source: Pexels / CC PEXELS NaN )

If one believes a research strategy of the Austrian federal government, Austria is to become a so-called innovation leader in Europe as early as next year. 1 According to Jeff Baumgartner, an innovative leader does not necessarily have to create an innovation, but shows a way in which the innovation can be implemented. 2 With a doubling of the research efforts in the last twenty years, the country of 8.8 million inhabitants has indeed developed particularly successfully. This outstanding dynamic is thus one of the strongest in Europe.

With the "Industry 4.0" project, the government is making a further contribution to advancing the country's technology. Because a timely investment in technological development increases competitiveness and possibly even creates new jobs. According to the CEO of Platform Industry 4.0 Austria, the project should "anchor digitization firmly in people's minds" by fostering important issues for the future viability of the domestic production. "With the Technology Roadmap for Industry 4.0, we want to set the course for this," Kurt Hofstädter continues. 3

There is also a lot going on in the capital, where the world's largest Blockchain competence center is being built. With the COMET Center (K1) Austrian Blockchain Center (ABC), the interdisciplinary competencies in the field of the fundamentals and application of Blockchain technologies are now to be bundled at one address.

Austria is one of those countries in which Blockchain know-how was built up at a very early stage. The COMET Center (K1) Austrian Blockchain Center (ABC) comprises 21 scientific institutions, 54 companies and 17 associated participants, including 16 international institutions and companies. The research focus of the centre ranges from industry 4.0 (Internet of Things) through the financial, energy and logistics sectors to applications in the public sector and in administration. The goal of the COMET Center (K1) Austrian Blockchain Center (ABC) is the scientifically founded (further) advancement of applications based on Blockchain technologies. The center's diverse research and development topics are pursued in five areas: "Cryptography, Technology & Security" (coordinated by SBA Research), "Cryptoeconomic Modelling & Blockchain Applications for Business" (coordination), "Emerging Industries & Blockchains in Manufacturing" (coordinated by FH St. Gallen) and "Blockchain Technology" (coordinated by SBA Research). Pölten), "Data Science Methods for Blockchain Analytics & PredictWU Wienions" (Coordination AIT and RIAT) and "Legal and Political Implications" (Coordination WU Vienna) and deal with economic, technological, application-related as well as political and legal issues. 4

Blockchain technology promises to completely transform money, intermediaries and trust. Traditional industries will be faced with large-scale restructuring demands. Fields such as e-commerce, legal transactions and ownership will face major changes as a result of cost-effective, Blockchain-based services.

Ultimately, the foundry industry also benefits from all these developments. Austrian light metal foundries are even expected to achieve steadily rising sales by 2019. An increase from 896.15 million euros in 2018 to 971 million euros in 2023 is expected. 5

References

1) https://investinaustria.at/de/forschung-entwicklung/)

2) http://www.innovationmanagement.se/imtool-articles/what-is-innovative-leadership/

3) https://plattformindustrie40.at/ergebnispapier-forschung-entwicklung-innovation-in-der-industrie-4-0-praesentiert/

4) https://www.industry-of-things.de/wien-soll-blockchain-welthauptstadt-werden-a-780423/

5) https://de.statista.com/prognosen/923100/giessereien-umsatz-in-oesterreich

Original: Isabell Page / Translation: Alexander Stark

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