Germany Reportedly Began Researching the Potential of Blockchain Technology

After 10 years in the block, cryptocurrency and its underlying technology blockchain boast a vast range of application across different sectors. The technology which started out as a response to a financially inequitable world has grown into an economic growth vehicle.

Cryptocurrencies alongside blockchain technology are now employed to skirt everywhere from retail shops to large companies including government establishments and everything in between. Look how far it has come. This makes it not so much of a shocker that the governments of several countries have now turned to crypto and blockchain as a tool to bolster their economy. The governments of Malta, Britain, Gibraltar, and Singapore – to mention a few – have long been open to exploring the potential that blockchain technology holds.

Germany is now reportedly the latest country to join the blocks. The German government apparently has initiated a consultation process to learn of the various means that it can leverage blockchain technology to foster economic growth in the country.

It is no doubt that the German capital Berlin is a business hub, attracting tons of startup companies from far and wide. The report has it that a good number of these startup companies are beginning to gain interest in distributed ledger technology which by extension is the crypto sphere and blockchain technology.

Prior to a strategy presentation by summer, the German government announced on Monday that the floor is open for companies and industry investors who are interested in partnering with them to explore the potential locked inside blockchain technology. Interested partners are asked to begin submitting recommendations as soon as possible.

Sources claim that the government has already noticed a wave of interest from investors across a wide spectrum of industries. This includes big industry players from the pharmaceutical, automobile, and energy industry. Investors from the public sector administration were also noted as part of the would-be participants. The partnerships, according to Germany’s government, is proposed to help revolutionize mass market processes in the country, which would ultimately bolster the growth of the economy.

At press time, it was yet unclear whether or not the government has any legal structures in place. Blockchain startups emphasized that the lack of a legal framework would be a huge deterrent factor for participants and investors who are looking to explore the idea with them.