Industry stakeholders in Germany opened to discuss blockchains potential

Tuesday 19 February 2019 10:25 CET | News

Germany has opened a consultation process on how to develop the potential of blockchain tech ahead of presenting a strategy by the 2019 summer.

Participants and investors across a raft of industries including cars, pharmaceuticals, energy and public sector administration have shown great interest for this emerging tech, hoping to transform mass market processes via blockchain, according to Reuters.

Moreover, companies and industry groups that could become stakeholders in a blockchain deployment process in Germany were invited to supply recommendations. Berlin is a hub for startup companies of which around 170 in one way or another look at blockchain, the online publication added.

However, blockchain startups have said that without a legal framework, there are high entrance hurdles. So far Britain and Singapore have allowed blockchain startups limited freedom to experiment with innovative applications of blockchain in the financial sector. Other smaller jurisdictions, notably Malta and Gibraltar, have tried to lure young companies by creating laws designed to encourage their growth.

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Keywords: Germany, startups, blockchain, automotive, pharmaceuticals, innovation, Consultation Paper, distributed ledger technology
Countries: World