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19/02/19 09:00 UTC-4

Blockchain for industrial companies will be tested in Germany

The German government is looking for feedback from local industrial companies to create and develop a blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology implementation strategy, as reported by Reuters.

On February 18, an article was published in Reuters referring to anonymous sources. The material reports that the German government is going to establish feedback with the country's industrial companies in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details
to begin testing blockchain technology by the summer of this year.

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Blockchain in Germany – government interest

"Those companies and some industry groups that would be interested in developing and testing blockchain strategies are being selected now (...). It was proposed to collaborate, as well as recommendations and implementation strategies" – Reuters, citing an anonymous source.

Now, it is unclear whether the "proposed recommendations" will lead to changes in German legislation (as was the case with several other European countries). But, given the statistics, in Berlin by the beginning of 2019, there were more than 170 startups and ICOICO
(Initial Coin Offerings) is an acronym, which means a primary currency offer. Details
, which are associated with the blockchain and cryptocurrency. According to a message from Reuters, there is a "great interest" in the country to exploring blockchain technologies in various sectors, including the automotive industry, pharmaceuticals, the energy industry, and public administration.

Recall that last June, Felix Hufeld, the President of the German Financial Supervisory Authority, declared a positive attitude towards blockchain and cryptocurrency.

Interesting in the section: Crypto Mining "Farms"

"The blockchain technology is revolutionary (...) Its implementation and proper use can turn the entire financial sector of the world (...) The German economy is strong, and we will consider all options for its improvement" – Felix Hufeld.

Blockchain technology for industry will begin testing in Germany. Today, this is already common. Increased interest in the blockchain is observed around the world. For example, last week in Luxembourg, a bill was passed that provides a legal and regulatory framework for tokens and securities launched through blockchain.

Editor: Yuliya Soroka

See also: "HSBC saves a quarter of foreign currency exchange costs thanks to Blockchain"

#blockchain #cryptocurrency #Germany #blockchain #testing #industry

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