The growth of investments in blockchain by Spanish companies continues

The use and adoption of blockchain technology is growing more and more. The innovative uses and applications of this technology attract more companies to implement blockchain within their systems and operations. 

Reciente en un report published by the Ametic association, it is estimated that investments in blockchain will grow by approximately 54% by 2023. Likewise, it is expected that the estimated increase will come mainly from the financial, industrial, services and food sectors. In terms of the financial sector being the one that will contribute the largest volume of investment, while the industrial, services and food sectors will be where the greatest growth and adoption of technology will be perceived. 

Likewise, in monetary terms, the Ametic report indicates that investment in blockchain for 2020 is estimated at around 103 million dollars. While it is expected that by 2023 this number will exceed 378 million dollars in investment. 

The Multisectorial Association of Information Technology, Communications and Electronics Companies of Spain, known as Ametic, represents a key sector for the country's economic development. Its focus, which is mainly on the area of ​​technologies, information and communications, has led Ametic to become a pioneer in the digital industry. 

For this reason, the association is highly committed to technological developments and advances, constantly presenting reports, analyses and studies that provide a clear view of the technological industry in Spain. 

In this regard, the report entitled “State of the Art of Blockchain in Spanish companies” is intended to provide a detailed analysis of the adoption of blockchain and its potential in Spanish industries. Although it should be noted that this report also provides an outlook on the current and future positioning of this technology within European and Latin American industries, which can obtain great benefits from the adoption and integration of blockchain. 

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State of the Art of Blockchain in Spanish companies

This report mainly highlights the position and importance that blockchain technology enjoys in current industries. At the same time, it points out the potential that this technology has and that will be of great benefit to companies worldwide. 

According to the report, in Spain alone 1 in 10 companies have adopted blockchain, integrating it into their digital processes. Highlighting that the use of this technology is mainly due to the benefits it provides in terms of security, reliability and protection of digital identity. Also mentioning that these are the most valued and highlighted benefits by users of the technology. 

Likewise, the study mentions that Blockchain is a technology capable of providing integrity and traceability to the data cycle.. Highlighting that its importance in the consolidation of digital strategies will make this technology grow by 50% in a homogeneous and constant way within the main industrial sectors. 

Growth and development of technology in Western Europe

It is estimated that by the end of 2020, investments in blockchain technology will close at around 1.169 million dollars. With an average growth of 53%. This will remain constant until 2023, where the investment will exceed 4.148 million dollars. 

As reflected in the graph, the industrial sector is expected to experience a 54% increase in technology adoption, while the financial sector is expected to experience a 50% increase. 

The report also highlights that:

Aligned with investments in digital transformation in Western Europe, Blockchain investment will reach all sectors and consolidate a strategic technological trend for any organization that wants to consolidate its position in the new digital scenario.

Growth and development of technology in the LATAM region

The expansion that blockchain is currently experiencing and will continue to experience in the future in Latin America shows that it has no geographical limits. 

In Latin American countries, blockchain growth and adoption is expected to exceed 77 million dollars by the end of 2020. While for 2023, an increase in investment is estimated with an amount close to 233 million dollars. This will reflect a sustained growth in the use of the technology of 45%. 

With the current development and boom in technology, it is expected that in the coming years industries and companies will be able to adapt to the new digital development environment, adjusting their industrial processes to the new market form. 

Therefore, it is estimated that the greatest growth in the use and adoption of blockchain will be mainly reflected in the industrial and financial sectors, with 49% growth. Followed by the distribution and services sector. Which will complement the transformation of the Industry 4.0 in this region. 

Growth and development of technology in Spain

In Spain, it is estimated that by 2023, technology will have achieved sustained growth of 54%. Integrating an investment of more than 377 million dollars in the financial, distribution and services sectors. 

The report also notes that blockchain investment in this country will be one of the most representative in Western Europe in 2023. 

The report also points out the current levels of adoption and implementation of technology in Spain. To do so, it conducted a digital and telephone survey of more than 400 Spanish companies from all areas. Including education, health, tourism, construction, energy and of course, the areas of commerce, banking, technology, industry, telecommunications and information.  

From the analysis of the results obtained during the survey, Ametic points out that 1 in 10 companies have adopted blockchain, of which:

• 68,2% have done so through pilot projects that are still in the design phase (embryonic);
• 22,7% have done so through various projects under development;
• Only 9,1% have a clear project defined based on blockchain. 

Meanwhile, it is estimated that among the 89,1% of companies that still do not use the technology, only 41% said they have not implemented blockchain because they do not know how the use of this technology can help them. Meanwhile, 32% said that their current processes are already defined without including Blockchain in their systems. 

Blockchain development and implementation plan in Spanish companies

As a result of the analyses and studies carried out by Ametic, the association proposes the implementation of a development plan to encourage the use and adoption of blockchain within companies. The aim is for companies to be aware of all the potential and benefits they can achieve with the use of this technology. 

For example, in the financial and industrial sectors, the implementation of blockchain will allow for improved traceability in supply chains, which will be able to keep an exact and precise control of each of the products they acquire and manage. Likewise, the use of blockchain in these sectors will help industries improve file management, knowing exactly the origins, manufacturing and status of each product. 

In terms of management and audits, blockchain plays an important role that will provide industries with transparency and reliability in their cross-border operations. 

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