Introduced in 2009, Bitcoin adoption has gradually increased across the world. However, the levels of adoption hasn’t reached the threshold numbers to reach mainstream yet.
In order to enter mainstream economy, the bitcoin user base has to touch the threshold level. According to a recent survey conducted by the World Economic Forum, bitcoin will reach its tipping point by year 2027. The survey focuses on six different trends, referred to as Megatrends. These six different categories include:
- Software and Services
- People and Internet
- Computing, communications and storage
- Internet of Things
- Artificial Intelligence and Big Data
- Sharing Economy and Distributed Trust
The World Economic Forum’s report titled “Deep Shift: Technology Tipping Points and Societal Impact “says,
“The blockchain, an emerging technology, replaces the need for third-party institutions to provide trust for financial contract and voting activities.”
When asked about the possible tipping point for Bitcoin and Blockchain Technology, about 58 percent of respondents mentioned 2027 to be the year when it is expected to reach a tipping point by gaining the critical mass required to become mainstream currency and technology. By 2025, Bitcoin and Blockchain Technology would have gained wide spread adoption in governments and traditional financial industry.
The report says that over 10 percent of global GDP and would possibly be stored on blockchain by 2025. Even tax collection and other government services are expected to go the blockchain way by that time. More than 70 percent of World Economic Forum’s survey respondents concurred that governments will be extensively using blockchain by 2025.
The transparency and data integrity ensured by blockchain technology will be very useful for government institutions to collect, maintain records and keep track of its expenditures. Blockchain technology will also help governments to bring down their operational costs significantly, thereby putting taxpayers’ dollars to good use.
The report is available at the following link – World Economic Forum Survey Report
Reported on – Econotimes