According to the Worldwide Semiannual Blockchain Spending Guide for H1 2018 that was published by IDC in February, the total amount on blockchain that Europe would be spending will go over £605.8 million in 2019.

Western Europe alone will cover 83% of the total spending, the analyst house added, while Central and Eastern Europe will cover 17%. By 2022, the total spending will reach £2.72 billion in Europe, with a compound annual growth rate (CAGR) of 73.2%.

Carla La Croce, senior research analyst for customer insights and analysis at IDC, said: “In terms of technologies, IT services, such as consulting, outsourcing, deployment and support, and education and training, will drive spending, accounting for nearly 63% of European spending in 2019, growing at a 2018–2022 CAGR of 76.6%. This is because blockchain needs to step up and demonstrate its production-readiness, and businesses need to ensure they take a long-term strategic view of their overarching blockchain initiatives. Interest in blockchain among supply chain industries is seen in the increasing number of use cases for tracking products, such as lot lineage provenance and asset/goods management, from food to luxury goods.”

When it comes to Switzerland, the Federal Council has already started consulting on the adaptation of federal law for the development of blockchain. As reported by this publication earlier this month, the aim is to take out the problems for distributed ledger technology-based applications that will eventually better the regulatory framework in Switzerland’s DLT sector. There has been also clarification that the council is seeking in regards to the legislation that blocks terrorist financing and money laundering. The consultation is expected to go on until June.

Interested in hearing more about subjects like this? Find out more at the Blockchain Expo World Series, Global, Europe and North America