Thursday, June 20, 2019

33% of Big German Businesses Regard the Blockchain as Influential as the Internet

Results from a recent survey have indicated that over a third of major German businesses think the blockchain can cause a disruption in the tech world as the internet did. The study noted that the Blockchain was grouped as one of three sectors that have incredible potential alongside Artificial Intelligence and the Internet of Things (IoT).

Blockchain’s Impact on Society

The survey was carried out by the German Federal Association for Information Technology, Telecommunications and New Media (Bitkom) and it gave showed that 15 out of every 100 German companies have the idea that the blockchain will impact daily lives just like the internet did. Companies that had 500 or more employees tended to believe the ‘blockchain revolutionary idea’ with a rate of 36%.

Out of all the companies surveyed, about 46% believed that Germany was behind in adopting the blockchain technology, and several other nations were already ahead in terms of blockchain adoption. About 40% also suggested that Germany would simply be like any average country when it comes to the development of the blockchain and was unlikely to be a leader.


In respect to digital currency, Bitkom has organized several polls to get a hold of opinions of crypto by the German public and businesses and how cryptocurrency is being thought of by the general populace. Late last month, one of Bitkom’s numerous surveys showed that as much as 60% of companies are reluctant about discussing the blockchain, most possibly stemming from the companies thinking the blockchain is of irrelevance.

How Popular is Bitcoin among Germans?

Earlier this year, in February, a survey conducted by Bitkom revealed that 64% of the German population knew about Bitcoin. The study further showed that since 2016, more people had known about Bitcoin in Germany. According to the survey, 4% of those surveyed owned some amount of Bitcoin, 19% said that they had an idea of how to buy the dominating cryptocurrency and 72% indicated that they were neither interested in buying nor owning any cryptocurrency. Bitkom’s CEO, Bernhard Rohleder noted on the potential impact of crypto on the economy that;

“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.”

The impact of the blockchain has been felt in several countries on the globe with some central banks creating their own cryptocurrencies and others suggesting digital currency as a method for making cross-border payments. Global financial services firm, JPMorgan now has a blockchain program despite criticisms of Bitcoin by its CEO, Jamie Dimon. IBM, Eastman Kodak and Spotify are all working on using the blockchain to improve one or more of their already existing services.

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