Deep Shift

[fractalhedge]

Deep Shift

Deep Shift | Technology Tipping Points and Societal Impact
http://kazonomics.com/deep-shift

Shift 16: Bitcoin and the Blockchain

– The tipping point: 10% of global gross domestic product (GDP) stored on blockchain technology
– Expected date: 2027
– By 2025: 58% of respondents expected this tipping point to have occurred

Bitcoin and digital currencies are based on the idea of a distributed trust mechanism called the “blockchain”, a way of keeping track of trusted transactions in a distributed fashion. Currently, the total worth of bitcoin in the blockchain is around $20 billion, or about 0.025% of global GDP of around $80 trillion.

Positive impacts
– Increased financial inclusion in emerging markets, as financial services on the blockchain gain critical mass
– Disintermediation of financial institutions, as new services and value exchanges are created directly on the blockchain
– An explosion in tradable assets, as all kinds of value exchange can be hosted on the blockchain
– Better property records in emerging markets, and the ability to make everything a tradable asset
– Contacts and legal services increasingly tied to code linked to the blockchain, to be used as unbreakable escrow or programmatically designed smart contracts
– Increased transparency, as the blockchain is essentially a global ledger storing all transactions

The shift in action
Smartcontracts.com provides programmable contracts that do payouts between two parties once certain criteria have been met, without involving a middleman. These contracts are secured in the blockchain as “self-executing contractual states”, which eliminate the risk of relying on others to follow through on their commitments.

[LiteCoinGuy]

"blockchain technology"

that does not mean that the bitcoin blockchain will be the only one but i guess the biggest one

[fractalhedge]

Yup there might be more blockchain technologies that are going to be used.

Bitcoin is a good candidate to the main player tho.