
3 Major Industry-Specific Blockchain Trends Striding in Europe
Blockchain is expected to transform all the major European industries beyond recognition.
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CIO Applications Europe | Wednesday, December 18, 2019

Blockchain is expected to transform all the major European industries beyond recognition.
FREMONT, CA: The growing trend of blockchain adoption is transforming the European industries throughout. The decentralised ledger system offered by the blockchain technology is gaining popularity in an unprecedented manner. The number of active Bitcoin members is growing exponentially, and the major firms across Europe are investing in the technology as well. Here are some of the primary industry-specific applications of blockchain.
• Blockchain Applications for Bankers
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Almost every bank in Europe is eyeing to implement blockchain technology in one way or the other. There are a number of European banks as well as other financial institutions that are currently engaged in several international blockchain projects. Financial institutions across Europe are also eyeing blockchain to minimise fraud cases and to streamline internal processes as well.
• Blockchain for Policy Management
Technology is rapidly transforming European industries. However, insurance is one such sector that has been among the slowest to adapt as per the modern customer demands. However, the industry is eyeing blockchain as a perfect match that can address insurance’s complex business requirements. Some of the developments have already been made in the above regard. For instance, the major German firm Allianz has revealed about the successful development of a prototype for the captive insurance market that is driven by blockchain technology.
• Blockchain and Currency
According to the report by the European Parliament's policy department for scientific, economic, and quality of life processes, cryptocurrency could potentially disrupt the financial sector throughout and may even replace conventional currencies. For instance, Sweden is working on “e-krona” which is based on the major cryptocurrency IOTA and is expected to be an official medium of exchange. Switzerland is also a prime example of blockchain adoption, as the country offers unique blockchain-friendly legislation and accepts Bitcoins for official transactions occasionally.
Though blockchain technology is relatively new in the European market sphere, the continuous efforts to bring it into the mainline economy will soon reap fruitful results in the near future.
Check Out : Top Blockchain Startups
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