The World Economic Forum predicts that Bitcoin and blockchain technology will enter the mainstream market by 2027

The World Economic Forum (WEF) released a survey this month, analyzing the tipping points of future technologies and their impact on global development. Notably, the report also pointed out that "Bitcoin blockchain technology" will enter the mainstream market in 2027. The survey was completed by more than 800 executives and experts in the economic field. They conducted a detailed investigation and research on Bitcoin and blockchain technology, and listed the positive impacts of Bitcoin blockchain technology in the report.

Blockchain Technology

The report states:

“Bitcoin and other digital currencies are based on a distributed trust mechanism called a blockchain, where transactions are tracked in a distributed manner.”

WEF believes that innovative technologies like Bitcoin will bring great changes to the lives of people around the world, and this innovative concept has only appeared in science fiction movies before. WEF said that the sharing economy is promoting a phenomenon, but it is usually only applicable to technology-supported entities such as enterprises and governments. Blockchain technology can help emerging markets quickly rise and develop in the traditional financial field.

WEF believes that Bitcoin and blockchain technology have had many positive impacts on today's financial system. By removing barriers, blockchain technology can not only allow more people to participate in the global economy, but also make the distribution of wealth more democratic.

In other words, blockchain technology promotes financial disintermediation and reduces reliance on humans (who often make mistakes) through mathematical calculations and their own capabilities. It also promotes the formation of more and more tradable assets, because anything valuable can be stored in this distributed ledger.

In addition, blockchain technology has also set off the application of smart contracts and asset records in emerging markets. WEF believes that everyone can have their own smart contracts and custody agreements through blockchain technology, and because blockchain is open to everyone, it can increase transparency.

Sharing Economy

WEF has conducted a lot of research on emerging economies around the world. One of these emerging economies is the "sharing economy". WEF noted that this economy is now expanding at a rate that was almost impossible in the past. WEF pointed out that these applications and innovations have greatly reduced transaction costs in the financial system, bringing considerable economic benefits to all those involved.

In addition, the survey report also mentioned several implementation cases based on the "sharing economy", such as Uber and Lyft .

WEF believes that technological inventions and the distribution of invention results are the main characteristics of the sharing economy. The report also analyzes the reasons for the emergence of blockchain technology, Bitcoin, 3D printing technology, etc. around the world, and concludes that this is the result of "collaborative consumption" of global wealth.

WEF:

“The sharing economy not only improves efficiency, but also establishes a new business model and creates opportunities for social self-organization. Blockchain, an emerging technology, eliminates the need for third-party institutions to intervene in contracts, voting and other financial activities.”

WEF believes that the development of these emerging technologies will eventually reach their tipping point. Currently, the value of Bitcoin stored in the blockchain is about 20 billion US dollars, accounting for 0.025% of the global GDP. WEF expects that by 2027, everyone will be able to enjoy the fruits of distributed financial technology such as Bitcoin blockchain.