German Blockchain Index

Ever since the bull-run on crypto markets and the rapid price rise of the bitcoin in 2017, „blockchain“ has reached the mainstream conversation. Experts around the globe agree: The technology has the potential to change almost every existing industry fundamentally. Together with the most read German publication about blockchain topics we at BlockState wondered how the German blockchain developed ever since and what the state of the ecosystem is after the hype year 2017.

This was of particular interest since German companies have a reputation of being late followers in the digital technology space. So, what is the state of developments in the German blockchain ecosystem? How large is the sector and do German companies have the potential to be leaders in the establishment and shaping of the Economy of the future? The German Blockchain Index shows a cross section of the current state.

The study included a secondary online research on more than 180 companies in the space as well as a survey among more than 100 representatives of German based blockchain projects. We started by gathering general data about the companies like location, industries and business model. In addition, we tried to find out more details like the size of teams, maturity stage, type and size of funding and revenues. We found the latter to be particularly interesting as the public perception often seems to revolve around ICOs and cryptocurrencies, not making a distinction to those projects using the technology to build actual products and that many companies do not use the technology to only push their own funding.


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The cities where the companies are located

Team sizes (excluding contractors)

The states where the companies are located

The industries in which the companies are active

Founding years

Percentage of ICOs conducted, by founding year

-> Companies that were founded in 2016 conducted the highest percentage of ICOs. 2017 saw the most incorporations.

Current phase of the companies

The „layers“ in which the companies are active

Size of the ICOs

Type of funding

Revenues (2018)

Revenue by company phase (2018)

Revenue by „layers“ (2018)

Revenue by sectors (2018)


Data sources
This study was based on a survey among 103 companies as well as a secondary online research on 195 companies. The secondary research included data from the following sources:,,,,, as well as the companies‘ corporate websites.

The survey included questions about the companies‘ location, industry, sector, revenues, founding dates, team sizes, and size and types of funding. The survey was created and distributed using Google Forms.

As some companies were incorporated outside of Germany but are active participants in the German ecosystem, all companies were included that run an office in Germany.

Quantitative methods
The numbers and charts above are based on usable answers. Not in all cases did all companies provide useful answers. Where no percentage symbol is shown, the charts display all the entire set of usable answers given by the respondents.

Data cleansing
In a few exceptions, unclear or incomplete answers had to be cleaned from the dataset. In some cases – where noted – multiple answers were allowed.

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