On 11 February 2020, five months after the German federal government adopted a blockchain strategy, the Bavarian state government implemented a blockchain strategy of its own, acknowledging that blockchain is a key digitalization technology. The Bavarian strategy paper highlights that blockchain technology could lead to the new, disruptive business models and to administrative processes that are more efficient.
Among other things, the Bavarian government sets out that there are a myriad of applications for blockchain technology beyond transacting in cryptocurrencies through the "tokenization" of illiquid goods. For example, blockchain technology could be used to divide a large property that is legally difficult to separate into digital and tradable units. Blockchain technology could also be used in, inter alia, the energy and health care industries and public administration (e-government).
The Bavarian blockchain strategy has three main goals:
- Bayern.Block: Establishing Bavaria as one of the world's leading locations for blockchain companies.
- Bayern.Chain: Strengthening Bavaria's own competencies by developing blockchain applications for use by the government sector itself.
- Bayern.Trust: Enabling citizens to use the technology and its applications in a pragmatic and informed way.
We will keep you updated on any new legal developments related to blockchain in Bavaria—and beyond.
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