In their latest blockchain report, FinTech research group the International Data Corporation (IDC) says Europe is the leader in the growth of this technology. They largely attribute the development to the EU’s interconnected industries. Additionally, IBM plays a big part in providing the technology behind this development.
The report describes “Six Reasons Why Blockchain Will Follow a Unique Adoption Pattern in Europe” in the next few years. The IDC says that the blockchain had a slow start in Europe, but is now growing rapidly. According to them, Europe is the second largest investor in the blockchain so far in 2018, just behind the U.S. And currently, in Europe the blockchain is experiencing a 81% compound annual growth rate, expecting to reach $2.2 billion in spending by 2022.
Blockchain technology powers the largest European banks according to the IDC
The IDC report highlights the substantial role that banking consortiums play in Europe’s blockchain momentum. The largest of these is the Digital Trade Chain, formed in January of 2017. It consists of eight of the continent’s largest banks, powered by IBM’s blockchain technology. In fact, IBM is a major contributor to Europe’s rising success. As Andrew Darley of IBM Blockchain Platform Europe states, “From large enterprises to start-ups, across multiple industries, businesses across Europe are selecting IBM Blockchain”.
And indeed, the technology is spreading fast and wide, as even the large banking consortiums tend to offer their services primarily to small businesses. Considering how Europe is a vast network of interconnected countries, the blockchain greatly facilitates exchange. The IDC also reports that many businesses want to adopt the new technology and are looking for a reliable, established means of doing so. As Darley elaborates, “Clients are attracted by the production-readiness of the IBM Blockchain Platform, allowing them to run highly secure networks in any environment of their choosing”.
IBM recently joined with Telefónica, one of the largest private telecom companies in the world
Blockchain technology is helping them to verify data when connecting different services for international calls. The old method of the cross-provider matching of information is fraught with challenges that the blockchain is able to solve.
IBM has also partners with the giant food distributor S-Group in Finland. They package fresh fish with QR codes in order to trace the product as it travels along the supply chain.
These are only a few examples of the rapid expansion of blockchain technology in Europe. If the IDC predictions are accurate, we can expect much more in the future.
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