Vienna, the capital of Austria, is in the latest digital currency news for developing a blockchain-based token as part of a new incentive program, according to the digital innovation news outlet Trending Topics and its report on Monday 28th.
The coin, which is dubbed “the Vienna token” and was first announced in December 2018 – will right now developed together with the Vienna University of Economics and Business. According to the head of the Vienna-based Research Institute for Cryptoeconomics, Shermin Voshmgir, noted that this token could be granted in return for providing feedback about the city.
The plan centers around an application that is designed to pay for parking within the city or for rewarding citizens for riding their bikes. The tokens might later be exchanged for something valuable such as theater tickets.
As Voshmgir said, the incentive program is not the sole way of the tokens’ implementation and there are some use cases that were already developed. According to her:
“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.”
Moreover, she believes that the tokens could be a “killer application” of blockchain that will provide completely new business models within the next ten years. Voshmgir also mentioned art and real estate blockchain projects, claiming that fractional ownership is a useful way to implement the technology.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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