In the beginning of December the first meeting of invited experts took place at University of Vienna. The event was graced by the presence of Austrian Minister of Science, Research and Economy Harald Mahrer. The main effort of the gathering was establishment of a new Research Institute for Cryptoeconomy, which will be headquartered in Vienna.
The newly created institute will focus on development of new implementations of blockchain technology in digital services. Austrian private sector expressed great interest in blockchain technology usage to regulate different aspects of existing and emerging business ventures. One of the major Austrian energy suppliers, Wien Energie, is interested in several possible applications of blockchain, including regulation of peer-to-peer energy transfer. In turn, Austrian government indicates, that it will support the new regulations that will legally enable such uses of blockchain.
During the meeting Mahrer announced, that Austrian Government will support the Institute by allocating €8 million research fund. He stated, that the business will greatly benefit from using blockchain technology and that it's essential to explore this possibilities without restrictions from regulatory efforts.