Blockchain is going to bring a new dawn for Austria’s export market. The distributed ledger technology has the capacity to make exports safer and free from uncertainty. Also, exporters could also reduce the cost for processing export guarantees, opines Austrian expert Bernhard Dachs.
Bernhard Dachs’s report on the possible effect of digitization has drawn positive images of Blockchain. His report says that both Blockchain and AI can act as a major growth driver for Austrian companies. The report briefly describes the possible positive momentum that Blockchain can provide to the export industry.
As per him, the distributed ledger technology can make transactions secure and free from uncertainties. Needless to say that the distributed ledger technology maintains high-class security through private and public keys. The encryption of information makes it difficult more trustable amongst industries.
However, Bernhard suggests that first the technology must be widely accepted by the banking sector. Then, it will create a hassle-free transaction process for export and import industries in the country.
The Austrian Research Center International Economics (FIW) has conducted this research. The motive was to study the effect of digitization, including blockchain and AI on the export industry. As of now, Austria ranks 11th among member states of the E.U. on the Digital Economy and Society Index. So, it is exploring every possible angle of technology and science to take a lead position in the future.