Spanish SMEs are leading the adoption of blockchain technology

The EAE Business School, together with the „Blockchain Catalunya” association, has presented a study showing that only 1 in 10 companies in Spain currently work with blockchain. Despite this, Spain is the second country in Europe with a significant number of blockchain projects and is a pioneer in terms of decentralized digital identity, which ensures the authenticity of digital information created by the right provider.

As an interesting point, the study highlights that small and medium-sized Spanish companies are leading the adoption of blockchain technology. This is because 59% of companies have allocated less than 25% of their total budget R&D for this technology.

Besides, 60% of micro businesses have invested more than 50% of their budget in blockchain, and 40% of these allocate more than 75% of their investment to this technology. Companies mainly use blockchain to innovate, create new business models and, to a lesser extent, improve existing processes.

All over the world, The blockchain market is expected to grow by 52% by 2025, with high application in fields such as digital security, digital currency, digital identity, tokenization, logistics, digital payments, internal control and technologies to prevent counterfeiting of products or goods. Blockchain technology is used in various fields due to its transparency, security and decentralization aspects. For example, in supply chain the use of companies such as Walmart, IBM Food Trust and FedEx stand out, while in health IBM Health and MedicalChain stand out.

In the financial sector, Companies like Jp Morgan Chase, Santander, BBVA Y Visa accepts this technology. In terms of blockchain patents in Europe, Ant Group leads with 364 patents, followed by nChain, Siemens, Germany, Visa, Nokia, Sony, Microsoft, NEC and Accenture.

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Finally, Blockchain Takes Place in Spanish CompaniesIt exhibits the potential to change the way information is shared and transactions are carried out, with significant global impact across a range of sectors.

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