Big Business Minds in Germany are All Praise for Blockchain Technology

Kathleen Jordan
By Kathleen Jordan
Posted on Dec. 6, 2018
Big Business Minds in Germany are All Praise for Blockchain Technology

According to a survey conducted by the German Federal Association for Information Technology, Telecommunications and New Media, big business minds appraised blockchain as a breakthrough technology. As reported, they believe that blockchain holds the scope of traversing the development after Artificial Intelligence and Internet of Things (IoT) in Germany.  

The survey revealed that overall, 15 percent of German companies think blockchain will change society and the economy as much as the Internet.” Larger companies, with 500 or more employees, were more than twice as likely to hold that opinion, at 36 percent.

At the same time, about 46 percent of the surveyed companies classified Germany a “latecomer” in blockchain adoption, lagging behind other nations. A large swathe of respondents, 40 percent, said they see the country not as a leader, but somewhere in the middle, in terms of blockchain development.

Bitkom has conducted extensive polls of businesses and the German public in regard to cryptocurrencies, blockchain, and how they are perceived. In late November, a Bitkom survey revealed that about 60 percent of local companies are hesitant about approaching the topic of blockchain, mainly due to a perceived lack of practical applications.

In February 2018, another Bitkom survey found that 64 percent of Germans were aware of Bitcoin (BTC). Per the report, awareness had doubled since 2016. 4 percent of respondents actually held Bitcoin coin, while 19 percent they have an idea of how to purchase the seminal cryptocurrency and 72 percent stated that they had no interest in digital currency.

"Bitcoin and other cryptocurrencies are a good example of how the digital age is able to change the financial world. This is not so much about the individual currency itself as it is about the underlying blockchain technology. It will have an impact on the whole economy.” Bitkom CEO, Bernhard Rohleder said quoting the economic significance of cryptocurrencies & Blockchain.

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