March 28, 2019, | AtoZ Markets - Blockchain technology continues to conquer the European market of innovations and financing from the local investors continues to grow. According to the latest report the International Data Corporation (IDC) released, Europe blockchain investments in 2019 will reach more than $ 800 million.
The recently published Cisco blockchain report voiced the idea that the blockchain technology could contain up to 10 percent of global GDP. In other words, by 2027, the value of several trillion dollars can be stored on decentralized and open source blockchain platforms. Since its inception, blockchain technology continues to penetrate into all possible areas of human activity - from supply chains to the energy management network. Last year IDC reported, that by 2021, the blockchain spending global market will increase to $ 9.7 billion a year. This is four times more than was spent in 2018 when 2.1 billion dollars was spent on blockchain projects.
Of all projected expenditures, 83% of the Europe blockchain investments come from Western Europe and the rest from Central and Eastern Europe. Germany, a country with one of the biggest economies was among the first players that stepped into a growing blockchain arena. On February 19, 2019, the German government revealed its plans to start consulting corporations and industry groups that may be interested in developing blockchain projects.
Seems that Berlin is turning into another blockchain hub having about 170 startups being involved in blockchain or distributed ledger (DLT) technologies. The startup representatives emphasize that "without a legislative basis, there are big obstacles to" market entry.
The blockchain technology and investment in the market exceeded all expectations, according to experts. The widespread introduction of this technology has made it possible to optimize several sectors and industries. Western Europe will undoubtedly become a first-class direction for the development of blockchains and new applications of the technology itself. As Atozmarketz reported earlier, 62% of auto executives surveyed by the IBM Institute for Business Value believe that blockchain will be a disruptive force by 2021. The German auto giant Porsche has been testing blockchain applications in its vehicles since February 2018, as IBM reported. Because all transactions are recorded on a distributed ledger, car owners would be able to monitor who used their vehicle and when.