German economy: everyone thinks blockchain is important, but nobody does anything

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Almost two-thirds of German companies believe blockchain is one of the most important future technologies – and that it is still vastly underestimated. This is the result of a representative survey carried out by the Bitkom industrial association.

The larger the company, the more importance respondents attach to blockchain. However, this assessment is offset by the fact that only 43% have ever used the technology – while a third see it as critical or negative.

It also matches the fact that nine out of ten companies have yet to address practical use in their own operations. Only one percent uses blockchain technology in their own projects, the rest are stuck in planning and discussions.

Almost all respondents (87%) cite lack of knowledge of technology as a barrier. 81 percent also cannot find qualified staff. Additionally, 79% believe there is no reliable use case for blockchain.

When companies tackle the practice of blockchain, they typically do so in the areas of finance, accounting, and control (73%). Logistics, warehouse and shipping as well as purchasing and production, manufacturing and project management are far behind, each with around a third of the shares.

As a result, nine out of ten companies see themselves as blockchain laggards. And none of those polled see the German economy as a whole as a world leader – 49% put it in the middle, a third behind and 14% even see local businesses as lagging behind.

According to a majority, the state should change course: 77% think the federal government should pay more attention to standardization, nearly two-thirds would like more involvement in training. And 60% recommend that the authorities be pioneers in the practical use of blockchain.

57% consider that the blockchain strategy presented by the federal government in 2019 is correct. However, this is contradicted by the fact that 73% believe that German politicians do not yet understand blockchain. This corresponds to the fact that the strategy has so far yielded little results. All survey figures can be found at Bitkom.

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