HANNOVER MESSE 2019, 01 - 05 April
switch to:
Digital Factory

German companies shy away from blockchain technology

Although blockchain is the buzzword on everyone’s lips, the potential of disruptive technology has not been exploited much in the industrial context to date. Companies have no examples of possible applications and lack expertise and legal security.

04 Dec. 2018
HMI-ID11-055kt_Bitkom_02
German companies shy away from blockchain technology (Picture: Bitkom)

A Bitkom survey of 1,004 German companies with 50 employees or more reveals great interest in blockchain. Apart from a few pilot projects, however, there has been a lack of applications suitable for everyday use: 60% of the participants in the survey have not yet even addressed the issue and only 12% are open to the new technology in principle. The findings are more positive in companies with at least 500 employees: over half have already considered blockchain technologies and a good quarter are currently in the planning or test phase of a specific project.

The survey also identifies reasons for the reticence to date: the majority of respondents see no practical applications and there is also a lack of technical personnel to undertake a blockchain project. The companies cite legal insecurity, a lack of standards, high data protection and IT security requirements, the immaturity of the technology, and excessive investment costs as further obstacles. Of those who have decided to implement blockchain, 63% are relying on cooperation with partner companies, although only 8% have turned to innovative startups. Timely development of a blockchain strategy could pay off in the medium term, however: according to a forecast by the consultancy company Capgemini, the technology will be suitable for mass application by 2025, especially in the area of digital supply chains.