The Use of Blockchain Technology by Spanish Businesses Grows By 11%

The Use of Blockchain Technology by Spanish Businesses Grows By 11%

Research conducted by IDC Spain, a business consulting firm, noted that the rate at which businesses use blockchain tech is growing rapidly. Spain is witnessing a surge in the use of decentralized technologies. The advancement is not limited to cryptocurrencies but the general blockchain usage, particularly for commercial use. Various entities, such as educational institutions, multinational corporations, and organizations cutting across socio-economic sectors, have adopted the blockchain technology, either directly or indirectly, to enhance the acceptance and universality of the sector.

Blockchain Technology usage is Thriving in Spain

IDC Spain, a business consulting firm, recently conducted a study on the use and acceptance of the blockchain technology. The firm reported that 46% of large Spanish firms support integrating blockchain and cryptographic technology into businesses to boost their businesses and enhance security.

The IDC, in collaboration with REALSEC, stated in a statement titled, “State of the Art of Blockchain and Cryptographic Technology in Spain,” assesses the evolution of blockchain technology in Spanish firms and gives higher prospects than the outcome of the first version of its release. Furthermore, the study indicates that 25% of Spanish firms have access to blockchain technology.

Also, 11% of businesses are using a blockchain–a considerable improvement compared with the 1% reported over a year ago. Furthermore, the study found that 17% of logistics firms are predicted to be linked to a blockchain company or deliver IoT services.

According to Jesús Rodriguez in a statement published on the firm’s website, while blockchain use in Spain is gathering momentum, it is imperative to improve its efficiency and present it as a possible alternative to the mainstream and centralized payment solutions. The development introduces innovative digital business models. Now, blockchain is seen as a creative technology that decreases risks and costs as a major technological operation that intends to integrate a considerable number of companies.

Spain likes Blockchain but dislikes cryptocurrencies

Spain embraces blockchain technology. For instance, the Spanish government has endorsed a regulatory framework to promote blockchain businesses in different sectors. Also, the Spanish Central Bank supported inquiries about CBDC.

But the Spanish government dislikes crypto services and has made several moves to impose taxes on crypto trading, including using AI to discover crypto traders. Furthermore, the government has instituted some legal frameworks in a bid to regulate the holding and trading of cryptocurrencies.

Not long ago, the Spanish regulatory authorities informed about 15,000 registered traders and holders of cryptocurrencies of their tax obligations. The government agencies had earlier ordered local exchanges and financial service providers to supply the governement information on the various ways users do businesses with their cryptocurrencies. Spain seems to be a country that loves blockchain and not Bitcoin.

In October last year, the Spanish Central Bank published its 2020-2024 Strategy Plan to enhance its economic growth and integrate it with contemporary needs. The country included CBDC as one of its top five priorities. Spain is eager to catch up with the digital world. This has prompted the Central Bank to consider the legal, technological and financial systems to facilitate its banking operations.