Vienna steps into the future with blockchain

Vienna Token is an incentive blockchain system that has been put into play for improving the ecological status of the city. By optimizing it into an app, participants can earn credit points and trade while distributing data for the advancement of the study.

Before the end of 2018, Vienna has been taking great leaps towards the crypto space. No longer after a month, the capital of Austria announced a new project in developing blockchain technology. It was then stated that it will be called as Vienna Token, a cryptocurrency as a part of incentive program which will be used by the citizens for social and economic integration.

The project was being implemented with the help of the city administration and the University of Economics and Business of Vienna.

Ensuring Vienna Token

Shermin Voshmgir, the local head of Research Institute for Cryptoeconomics that the token in mentioned will be sustainable by contributing constructive feedbacks about the citizens’ experiences in the city. It is an app designed to be used in daily necessities such as paying for parking fees or receiving incentive rewards by riding bikes.

The app is also being planned to be intuitive enough that it can be used for trading tokens such as paying for theater tickets. However, Voshmgir stated that Vienna token isn’t yet ready for its release.

“We are in a very early design phase in which we are considering together with the City of Vienna what such a Vienna token could look like. It’s about understanding how we can generate a token that adds value for the city.”

A small closed group of users will test it while under the monitoring and evaluation of the University of Konstanz, an institution based in Germany.

Voshmgir further emphasizes that they expect it to be a “killer application” of the tech. The new tech will provide a robust foundation that could entail promising business ventures in fields of art and real estate.

Sustaining growth in Vienna

The Austrian government recognized the need for elevating education by providing necessary funds for blockchain tech development. On November 29, the officials came to an agreement with companies, specialists and scientific institutions by approving to establish the Austrian Blockchain Center (ABC) in the heart of the city.

There are still a lot of skeptics and uncertain variables that may pop anytime soon particularly in the fintech market. This must be the reason why the stock market is evasive in the rapid development of technology.

However, as a famous quote once written by Marc Andreessen, “software is eating the world.”

Blockchain technology with Vienna token will act as a “social scorecard” – a term which is also used in China. The new system will tighten the bolt in managing data which aims to be “well secured and well explained.” 

The research is currently still at the starting line. But with the plan laid out and gradually proven to be effective, this can resolve issues such as reducing electrical consumption and waste distribution. 

The city councilor announced that this can pave the way to attain the goal for making Vienna “as the center of Digital Humanism.”