German Companies Are Skeptical Regarding Blockchain Technology And Cryptocurrencies, A PwC Survey Showed

Hardly any German financial services provider intends to move forward as a pioneer in blockchain and cryptocurrencies. These are the results of a PwC survey among managers of 300 banks, insurers and asset managers published this month.

Half of the managers surveyed consider the blockchain technology to be of little or no relevance

Moreover, every second company has little or no knowledge of the blockchain. Technology plays no role in the strategic plan at more than two-thirds of companies. Also, three-quarters of those surveyed invest practically no money or less than 10,000 Euros, in this technology.

In summary, it can be said that the blockchain technology is not a part of the plans of the German companies.

On the other hand, only three percent of German financial service providers already use blockchain technology or want to do so shortly.

With the blockchain, there is a noticeable gap between the public hype and the question of how far the financial service providers are actually already with their plans for a real application.

Dr. Thomas Schonfeld, the PwC Director in Germany

The blockchain technology will change the banking and financial industries within ten years from now

But the blockchain will change the financial sector within ten years from now, especially on issues such as improving information security and fraud detection. One in three companies admits this, according to the PwC survey.

In practice, however, only two percent of those surveyed want to be the first to use the technology productively. Almost half of all managers surveyed are satisfied if they introduce the blockchain at the same time as their main competitors.

Financial service providers are also skeptical about cryptocurrencies

Only two percent of the managers surveyed stated that their company is already dealing with cryptocurrencies. The vast majority want to keep their hands off these digital assets.

However, Dr. Thomas Schonfeld is convinced that companies should already get involved in the topic of the blockchain technology.

The blockchain will change the financial industry – there can be little doubt about that. In this respect, companies are required to gradually set the strategic course for the blockchain era. If you want to be there in five or ten years, you have to start formulating your strategic goals now.

Dr. Thomas Schonfeld, the PwC Director in Germany

Jackson Bey

Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.

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