A recent study revealed weak adoption of blockchain technologies in German business despite their potential application.
Study on Technology Usage
The study, conducted by the Hanseatic Blockchain Institute and the German Federal Ministry for Economic Affairs and Climate Action, surveyed 9,000 companies and 204 experts. In 2023, 74% of companies surveyed and 72% in 2024 expressed disinterest in adopting blockchain technology. In contrast, the adoption of artificial intelligence doubled, from 13% in 2023 to 27% in 2024, while cloud computing remains the most widely adopted technology, utilized by 46% of companies.
Successful Blockchain Applications
Some sectors are seeing growth in blockchain adoption. The financial services sector leads blockchain use, with 54% of companies already implementing it, primarily due to investment opportunities. The Deutsche Bundesbank has joined Singapore’s Project Guardian to explore asset tokenization and advance financial markets. Additionally, 31% of companies now use blockchain for secure digital identity management, with another 23% planning to adopt it.
Challenges and Development Paths
The study highlighted several challenges hindering blockchain adoption in Germany, including regulatory uncertainty, a lack of user-friendly applications, and negative media coverage. These challenges, combined with a shortage of skilled professionals, contribute to public scepticism. The study recommends fostering closer collaboration between universities and businesses, developing clear regulations, and conducting targeted research on blockchain's potential in industries, particularly those focused on ESG compliance and the intersection of blockchain and AI.
Despite existing challenges, blockchain technologies retain potential for growth in various sectors of the German economy, particularly in finance and digital identity management.
