Report reveals that of 152 Spanish companies surveyed, 97% consider that blockchain technology can be used in their organization

Report reveals that of 152 Spanish companies surveyed, 97% consider that blockchain technology can be used in their organization

Last week the Cotec Foundation for innovation and the Alastria Association submitted the report “Innovation and the use of Blockchain in Spain”where it was pointed out that small and medium-sized companies lead the use of blockchain technology in Spain.

This new report, in which the technology sector was also identified as the one that invests the most, includes the results of a survey of 152 companies from 21 economic sectors, 26 Spanish universities, interviews with 12 Spanish and international experts and the presentation of 10 use cases in various sectors. Likewise, through these sources, it was possible to measure the use of blockchain by the Spanish business fabric (large companies, SMEs and micro-enterprises) and identify their innovative nature, as well as the role of universities in the generation of knowledge in the context of the decentralized technologies (DLT).

Some of the main results shared through said document have been the following:

59% of Spanish companies have invested less than 25% of their budget in R&D.

60% of micro-enterprises have dedicated more than 50% of their investment to this type of technology and, of these, 40% invest more than 75%.

By sectors, technology is the one that makes the largest investments.

A 97% of the companies involved in the study consider that blockchain can be used in their organization65% of them already have projects underway.

On the other hand, it should be noted that despite the fact that 69% of those surveyed consider blockchain to be a strategic priority, only 23% consider it to be a main line of activity. In this sense, they suggest that according to the data, companies mostly use blockchain technology to innovate and generate new business models, to a lesser extent, to improve existing processes.

In addition, Regarding the uses of blockchain by sectors, banking is the one that stands out for using it to innovate in its sector.

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“If analyzed by size, it is the micro-enterprises that mostly have blockchain as a source of innovation”they affirmed.

The 49% of the blockchain applications developed by the companies surveyed are already in the commercialization phase, while 51% are in the ideation phase, testing or prototype.

According to the report, The main functionalities of blockchain technology in Spain are traceability with 27%, registration with 22% and tokenization with 17%.

Human talent in blockchain

A point that was no less important when it came to highlighting within the report was that of the qualitative development by professionals from the various sectors involved in blockchain. According to the study, 86% of companies that use blockchain have specialized workersmore specifically resulting in 61% in its workforce, or 24% through collaborations.

“68% of companies have had difficulty finding specialized professionals; mainly technical profiles”they affirmed.

“Most companies plan to expand their blockchain team in the immediate future, except for large companies”they underlined from the data obtained in the report.

Finally, Regarding the current situation of blockchain technology in Spain, they affirmed that it is in an intermediate state where it could be considered as an emerging and dynamic sector, to which they suggest that in order to continue growing, and that Spain can lead the first positions in this field, a close public-private collaboration is generated and maintained.

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