WEF Report: The World Economic Forum believes that blockchain is the future of the Internet financial industry (download the full text)

Baozou Comment : The World Economic Forum is an unofficial international organization that aims to promote global leaders in politics, business and other fields to jointly improve the global, regional and industry environment. Its survey reports have great global influence. This year, the World Economic Forum began to discuss blockchain technology many times. Its latest research report clearly puts blockchain at the center of the future Internet financial industry for the first time. It has greatly increased the confidence of participants in this field.

Translation: Annie_Xu

The latest report from the World Economic Forum states that blockchain will take center stage in the global financial system.

The report, titled "The future of financial infrastructure: An ambitious look at how blockchain can reshape financial services," examined the impact of implementing distributed ledger technology in nine financial services industries and found that blockchain can and will reshape financial services, provided that it works closely with other emerging technologies, regulators, and traditional and existing stakeholders.

Follow the WeChat public account “区块链笔Blockchain” and the keyword “WEF” to view and download the full text of this report.

Key findings include:

1. Distributed ledger technology (blockchain) can build new financial services infrastructure and processes, with the potential to improve efficiency and simplicity.

2. Distributed ledger technology can work together with other existing and emerging technologies to lay the foundation for the next generation of financial services infrastructure.

3. As with past technological developments, new financial services infrastructure will challenge and transform the traditional theories of existing business models.

4. The most powerful applications of distributed ledger technology will inevitably require existing participants, innovators, and regulators to deepen cooperation, increasing the complexity and time required for technical implementation.

Giancarlo Bruno, Head of Financial Services Industry at the World Economic Forum, said:

"Blockchain will become the heart of the financial industry, rather than lingering on its fringes."

This technology will help achieve cross-industry deployment of innovative solutions; just like hosting, communication services, e-commerce, etc. in the past, it will gradually merge with the financial services system.

Widely used

The report predicts the application scenarios of blockchain in the future financial market and finds that this future is not far away. 80% of the banks surveyed are implementing blockchain projects. Large central banks are also studying how blockchain will change the global flow of funds.

The report repeatedly reiterated the widely held belief within the industry that blockchain will revolutionize the financial industry and that many people have already invested in it. After the technology gradually developed in 2015, the amount of funding raised by blockchain companies also gradually increased.

Regardless, the World Economic Forum's endorsement adds to the industry's confidence.