The Austrian government declared its support for a blockchain research effort with the intent of creating blockchain based business apps.

The crypto-economy research will be done at the University of Vienna. Four days ago, more than 500 people met there including the Minister of Science, research, and economy, Herald Mahrer.

He told the people that everyone in the community is an essential part of integrating entrepreneurship into the agenda of the next administration. “Austria is leading in the implementation of the blockchain in Europe. As such, we need to take the next step to promote real applications in business otherwise we risk being sidestepped,” said Mahrer.

The ministry made a statement in which it stated support for research projects about the blockchain by giving €8 million in research funds. The money will also look to develop other digital services.

Wien Energie, one of the leading suppliers of energy in the country’s private sector had shown interest in the same issue which pushed the government’s move. The government demonstrated a willingness to support reforms in the blockchain regulations to allow blockchain’s application in the energy business.

“The blockchain gives a myriad of possibilities for innovation,” said Wien Energie, “It is crucial that we explore those options without the limitation of regulations.”