A recent study has revealed that German businesses still significantly underutilize blockchain technology, claiming it is irrelevant to business operations.
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. 74% of companies surveyed in 2023 and 72% in 2024 expressed disinterest in adopting the technology.
In stark contrast, artificial intelligence (AI) adoption has doubled, rising from 13% in 2023 to 27% in 2024, while cloud computing remains the most widely adopted technology, utilized by 46% of companies as of mid-2023. Blockchain adoption lags at just 3% during the same period.
The study did highlight some areas where blockchain adoption is gaining traction. The financial services sector leads blockchain adoption, with 54% of companies already implementing it, driven by investment opportunities. Notably, the Deutsche Bundesbank has joined Singapore’s Project Guardian, an initiative exploring asset tokenization to advance financial markets. The German Central Bank aims to test an interoperable blockchain platform to help standardize and improve the cross-border interoperability of digital assets.
In addition, 31% of companies are now using blockchain for secure digital identity management, with another 23% planning to adopt it. However, blockchain’s application in marketing is limited, with only 28% of companies utilizing it and a mere 10% planning future adoption.
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, along with a shortage of skilled professionals, have contributed to public scepticism and limited blockchain’s broader appeal. The study also pointed out that many blockchain applications operate in the background, reducing their visibility to end-users and, in turn, perceived importance.
To encourage greater blockchain adoption, the study recommends closer collaboration between universities and businesses, clearer regulations, and targeted research on blockchain’s potential in specific industries, particularly those focused on ESG compliance and the intersection of blockchain and AI.
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