World Economic Forum survey predicts: Blockchain will transform by 2023

According to a survey conducted by the World Economic Forum, it may take at least eight years for blockchain technology to reach the so-called tipping point. In a report titled " The Great Revolution: Technology Tipping Points and Societal Impacts ," the organization said it believes that blockchain, or the ledger of bitcoin transactions, will be one of the six major trends that will change the digital world.

The report was compiled by the World Economic Forum's Global Agenda Council on ' The Future of Software and Society ' , which surveyed more than 800 information and communications executives and experts.

The potential of blockchain

The report believes that blockchain is " an emerging technology that no longer requires third-party institutions to guarantee financial, contractual and voting activities . " Indeed, large financial institutions and governments are also exploring the potential application of blockchain technology in record keeping, trade settlement and other aspects.

When asked when blockchain will reach the “ tipping point ” in terms of mainstream adoption , answers varied from “ it’s already happened ” to “ it’s never going to happen . ” However, the survey results suggest that blockchain will reach mainstream adoption by 2027 , with the World Economic Forum noting that governments could prioritize leveraging the technology by 2023 .

The report states that “ blockchain technology creates both opportunities and challenges for countries . ” On the one hand, it is not regulated or supervised by any central bank, which means that there is less control over monetary policy. On the other hand, it creates the ability for new tax mechanisms to be built into the blockchain itself (for example, a small transaction tax ) .

The report also predicts that the roles of traditional government agencies will be restructured as blockchain technology becomes mainstream. Of course, it also brings up potential drawbacks to blockchain-based governments, such as corruption.
The World Economic Forum report also features implantable technologies, among other things.