New Study: 11% of Businesses in Spain Use Blockchain Technology

New Study: 11% of Businesses in Spain Use Blockchain Technology

According to a recent study conducted by IDC Spain, a consulting company, businesses in Spain are adopting and using blockchain technology now more than ever.

Across sectors like municipalities and public universities to corporations and industries, business organizations are adopting blockchain technology at unprecedented levels, thereby increasing the diversity and activity in the ecosystem.

Based on the study by IDC, 46% of all large-cap companies in Spain are all for the incorporation of blockchain and cryptographic technologies to bolster corporate security.

The study, titled “State of the Art of Blockchain and Cryptographic Technologies in Spain,” got published by IDC in conjunction with REALSEC, a tech-based company. The research assesses how blockchain technologies have evolved in the Spanish business ecosystem and display the dramatic growth recorded since the first edition of its release.

The study noted that 1 in 4 companies in Spain has exposure to blockchain technologies, while 11% of the business sector actively uses a blockchain, which is a marked increase from the 1% recorded in mid-2019.

The report also stated that about 17% of all logistics companies in Spain have ties with a blockchain company or provide IoT services.

More Room for Blockchain Tech Growth in Spain
REALSEC CEO Jesús Rodríguez stated in an interview published on the company’s official website that although blockchain technology use has seen significant growth in the Spanish business industry, there is still a lot of work to be done to get the tech to become a competition against the traditional centralized solutions industry.

Rodríguez noted that:

“The new economy imposes adopting new business models based on digital innovation. In this context, in 2020, blockchain has begun to be perceived as an efficient technology that contributes to reducing costs and risks and as one of the main technological strategies that want to incorporate a large number of companies.”

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.