Swiss-based fintech company Cryptix has launched a research project, Project Pallas, to examine the limitations and opportunities of blockchain technology. Project Pallas is managed by Armin Reiter, CIO at Cryptix, and is headquartered at Cryptix Labs in Vienna, Austria. The Austrian Blockchain Center is a collaborating partner that supports parts of the project.
Cryptix is building on its expertise as a full-service provider for creating and implementing digital payment solutions and disruptive fintech ideas: In a new research project, the Swiss-based fintech company will explore the most pressing challenges of blockchain technology, including topics such as privacy, compliance and sustainability. The aim of Project Pallas is to find new application fields that combine these three elements and fulfils the following requirements:
- Access for everyone and not just experts and specialists
- Anonymous transactions to protect privacy
- Compliance with the law to create a global acceptance (mass adoption)
- Prevention of illegal activities to protect citizens and users while facilitating access to blockchain technology and levelling the playing field in a secure ecosystem
- A decentralised platform with a decentralised management (integrated governance) so that all active users have a voice
The Austrian Blockchain Center is a collaborating partner
The Austrian Blockchain Center is a research and development workgroup that includes universities, research institutes and consultants. Currently, four researchers from the RIAT Institute for Future Cryptoeconomics are working at Cryptix Labs to research the technologies and support Project Pallas. The researchers are currently evaluating different, existing blockchain technologies and have created a testing framework to get measurable results from those technologies. “We are excited about this collaboration that aims to bridge a critical gap. By collaborating with researchers, we will be able to explore new perspectives and find a comprehensive solution to the current challenges the blockchain technology faces”, explains Armin Reiter, Cryptix CIO.
Publishing the results of Project Pallas
The results of Project Pallas will be published on the Cryptix website and shared with the Austrian Blockchain Center so that anyone who is interested – no matter their location, industry or background – can benefit from Project Pallas. “In the spirit of blockchain, the results of Project Pallas will be decentralised, so to speak. We see this as a starting point that inspires new blockchain projects and industry developments”, says Bernhard Koch, Cryptix CEO and initiator of the project.
The Cryptix Group is a full-service provider of IT, business development, legal and marketing services and supports SMEs in the development of digital payment solutions and the realisation of ideas based on blockchain and DLT. The fintech startup – headquartered in the Crypto Valley in Zug, Switzerland – also develops blockchain-based payment options and its own licensed products and platforms aligned with their mission of ‘Shaping the future of money and financial products’.
About the Austrian Blockchain Center
The Center’s mission is to be the one-stop-shop Austrian Research Center for Blockchain (and related) technologies to be applied in industrial applications like industry 4.0 / IoT as well as financial, energy, logistics, government and administrative applications. Those new applications and business models resulting from collaborations between established players, innovative startups and top R&D institutes will be the key for the creation of new jobs and establishing Austria among the top ten innovative countries in Europe.