London and Paris-based venture capital firm LeadBlock Partners says Ethereum is emerging as the number one choice among blockchain startups in Europe.
Leadblock says Ethereum, Hyperledger and Corda are the three most popular blockchain protocols in the region. All three represent over 65% of the protocols used by enterprise blockchain startups.
The report, which used data from a survey of more than 200 startups, reveals that 27% of enterprise blockchain startups and corporations in the EU that work on decentralized solutions rely on Ethereum. 20% use Hyperledger and 16% leverage Corda.
In addition, the report shows the suitability of blockchain protocols depends on the industry. Ethereum is more suited for firms in real estate and arts and culture as tokenization of assets in these sectors offers numerous uses cases.
Meanwhile, the report says Hyperledger excels in the healthcare, food and agriculture industries while Corda stands out in the financial services industry. LeadBlock Partners note that interoperability between protocols will be crucial in the long term.
When asked why they decided to use blockchain in their operations, over 40% of the startup founders polled say the technology helps them reduce costs. Nearly 30% claim that the blockchain’s immutable feature drove them to use technology that underpins cryptocurrencies.
You can read the complete report here.