Germany Is Exploring A Blockchain Strategy Across Various Industries

The largest economy in Europe is in today’s crypto news for its initiative to deploy blockchain across various industries. Germany – or the German government – has recently launched a consultation process in an attempt to formulate a comprehensive blockchain strategy before the summer begins.

What’s interesting is the fact that Berlin, the country’s capital city, is a growing tech hub and home to 170 startups that could use blockchain. According to info from Reuters that cites government sources, industry groups and companies have been invited to offer their recommendations for incorporating blockchain in order to bolster the German economy.

As sources say, there is keen interest from tech investors and market participants from a wide range of industries including the automobile industry, the energy sector and many pharmaceutical companies.

Even though there is no formal crypto-centric regulatory framework in Germany, the interest in crypto investing has spiked – especially among young adults. As one survey noted, 28% of young Germans (aged from 18 to 29) expressed interest in purchasing cryptocurrencies such as Bitcoin.

Meanwhile, there is a big competition among European nations in terms of blockchain and the burgeoning marketplace, starting with the automobile industry. Auto executives are ones to lead the market – especially since Germany is known for many reputable brands. According to them, blockchain could bring a secure and traceable transactions to supply chain management.