Germany’s Bitkom Publishes Blockchain Research Report

The latest blockchain survey shows that more than a third of large enterprises deem that blockchain is as sweeping as the Internet. The study was conducted by the German Federal Association for Information Technology, Telecommunications and New Media (Bitkom).

It has revealed that 15% of German companies think that blockchain will revolutionize the social order and the economy to a great extent as the Internet. Companies with 500 or more workforce were more than twice as likely to have 36 percent of this outlook. Companies with 500 or more workforce were extremely confident in their conviction.

Along with artificial intelligence (AI) and the Internet of Things (IoT), blockchain technology is one of the three existing innovation areas with “extremely significant potential,” reports the survey. Having said that, it should be noted that about 46% of the surveyed companies classified Germany as a “latecomer” in blockchain adoption, limping at the back of other nations.

Notably, 40% of respondents said that they did not perceive the country as a pioneer, but somewhere in the middle, as far as blockchain is concerned.

Bitkom conducted elaborate studies on cryptocurrencies, blockchain and how they are seen by businesses and the German community. A Bitkom study in late November exposed that roughly 60 percent of domestic companies hesitate to come close to the blockchain issue, primarily due to the apparent lack of feasible applications.

One more Bitkom survey in February 2018 discovered that 64% of Germans knew Bitcoin (BTC). According to the report, volatility has doubled since 2016. In fact, 4% of survey participants owned Bitcoin, while 19% had a plan of how to purchase the cryptocurrency, and 72% opined they had no interest in cryptol currency.

Regarding the economic significance of Blockchain and cryptocurrencies, Bitkom CEO Bernhard Rohleder said:

“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.”