The Future of Blockchain
A Report on the Blockchain Summit 2021 of the St. Pölten UAS
Blockchain technology is among the most important drivers of innovation in the digital transition today. At the St. Pölten UAS, two of the most prominent blockchain centres in Austria are engaged in research and development on this topic: the Austrian Blockchain Center (ABC) and the Josef Ressel Center for Blockchain Technologies & Security Management.
At the Blockchain Summit, researchers from both centres provided insights into their work and explained how companies can apply and profit from the blockchain technology.
From Big Hype to Practical Application
Franz Fidler, Head of the Department of Media and Digital Technologies at the St. Pölten UAS, and Peter Kieseberg, Head of the Josef Ressel Center for Blockchain Technologies & Security Management, introduced the two centres and presented the state of the art in research.
“For a company, it is important not to focus too strongly on the technology but to keep sight of new application possibilities of the blockchain technology. We at the Austrian Blockchain Center are pleased to serve as a point of contact in this regard”, says Fidler.
“Blockchain has moved past the large-scale initial hype and evolved into a highly applicable and valuable technology. Now is the phase when trendsetting new applications are developed. At the Josef Ressel Center for Blockchain Technologies & Security Management, we therefore conduct research on the necessary underlying technologies together with out partner companies in order to make blockchains applicable in traditional IT settings as well”, explains Kieseberg.
The Future of Blockchain: Greener and More Effective
In his lecture “Quo Vadis Blockchain?”, Alfred Taudes of the Vienna University of Economics and Business, who is Head of the Austrian Blockchain Center (ABC), provided a glance into the future. According to the expert, the next generation of blockchains will be more effective and environmentally friendly, as a number of new application areas show.
“New applications will position the Web 3.0 as a veritable alternative to the current Web 2.0. Decentralised finance and non-fungible tokens will revolutionise the worlds of finance and art, while tokenisation and digital central bank currencies will offer attractive innovation opportunities for established players. Decentralised identities and data verification are important blockchain applications in the public domain. And last but not least, blockchains will make supply chains greener and more transparent”, states Taudes.
Panel Discussion and Networking
A discussion panel was dedicated to the topics of Distributed Ledger Technologies (DLT) and blockchain platforms including their new applications, security management and new DLT technologies in existing IT applications. The external specialists Annemarie Monschein of Future Verification Technology and Andreas Petersson of Capacity Blockchain Solutions joined the discussion.
The participants were encouraged to ask their questions in the chat and the experts answered them live. The event was concluded by an opportunity for open online exchange, questions and networking.
Blockchain Research Centre at the St. Pölten UAS
The Austrian Blockchain Center (ABC) under the auspices of the Vienna University of Economics and Business is committed to the scientifically substantiated further development of the technology and its application in different sectors of the economy. The St. Pölten UAS is in charge of one of these sectors: that on the topic of “Emerging Industries & Blockchain in Industry 4.0”.
At the Josef Ressel Center for Blockchain Technologies & Security Management, the St. Pölten UAS conducts research on IT security aspects in blockchain application together with its partner companies SEC Consult, Capacity Blockchain Solutions, and CPB Software (Austria), develops new application areas for the technology and advises companies during its introduction.
“With its unique consortium, the Austrian Blockchain Center combines top research on blockchain and its industrial application in Austria”, says Fidler. “Thanks to their strong protection against forgery, blockchains allow the design of highly decentralised systems. This means that data are distributed over many computers instead of being centrally managed. Our research helps improve the underlying principles, increases system security, and supports companies in using the technology”, describes Kieseberg.
Blockchain Summit 2021, 26/05/2021
The Blockchain Summit 2021 was held in cooperation with the Digital Innovation Hub Ost (DIHOST), the SMARTUP initiative, and their partners. The DIHOST – Digital Innovation Hub Lower Austria/Vienna/Burgenland is subsidised by the Federal Ministry for Digital and Economic Affairs within the framework of the programme “Digital Innovation Hub in Austria”.
FH-Prof. Dipl.-Ing. Dr. Franz Fidler
Head of Faculty of Engineering and Business Academic Director Digital Design (MA) Academic Director Digital Media Management* (MA) Academic Director Digital Media Production (MA) Academic Director Interactive Technologies (MA) Member Extended University Leadership Course Leader Digital Future Management (certif.) Member of the UAS Board from 2023 to 2026 Department of Media and Digital Technologies