- Financial sector and digital identities at the forefront of blockchain application areas
- Promising combination of blockchain and artificial intelligence
Berlin, Germany – The results of the W3NOW study show that the financial services sector is the largest area of application for blockchain technologies in Germany.
The study, which was conducted in collaboration between the Hanseatic Blockchain Institute and Statista and commissioned by the Federal Ministry for Economic Affairs and Climate Protection, examined the introduction and use of blockchain technology in the German economy over a period of 18 months.
Financial services as a blockchain pioneer
W3MNOW shows significant progress in the integration of blockchain technology across various sectors of the economy. In particular, the use of digital identities stands out, underlining the central role of blockchain technology in modernizing and securing financial transactions.
Tom Haverland, project manager of the W3NOW study, comments on the results:
“The study shows that blockchain technology is a decisive factor for the digital transformation of the German economy. In particular, the willingness to invest and the creation of synergies between blockchain and AI are promising signs for the future.”
Increase in Investment Readiness
A clear majority of the companies surveyed (72%) indicate that they plan to increase their investments in blockchain technology. This reflects growing confidence in the technology and its diverse applications.
Synergies with AI and IoT
Another important focus of the study is on the combination of blockchain technology with artificial intelligence and the Internet of Things. The creation of trustworthy AI systems and intelligent networks is at the forefront.
Public-Permissionless Blockchains in Focus
The study reveals that companies predominantly favor public-permissionless blockchains, with smart contracts as a central element. This demonstrates the trend towards the use of open, decentralized blockchain systems.
Bitcoin as an Investment Object
Interestingly, Bitcoin is primarily used as an investment object and less as a means of payment, highlighting the role of cryptocurrencies in the German economy.
Challenges and Solutions
Despite the progress, the study also identifies challenges, particularly technical complexity and a lack of expertise. Proposed solutions include the creation of experimental and regulatory spaces, increased public education about blockchain, and the promotion of collaborations between startups and SMEs.
Bottom Line
In summary, the W3NOW study impressively shows that the German economy is making significant strides in the adoption and integration of blockchain technology, with a strong focus on the financial sector and innovative approaches in combination with AI and IoT. Despite existing challenges, the willingness to invest and further develop in this area is clearly evident.