According to a recent report conducted by The World Economic Forum (WEF), 73.1% of respondents reported by that taxes would first be collected using a blockchain by 2025, while 57.9% affirmed they believe 10% of global gross domestic product (GDP) would be stored on a blockchain by this time. By comparison, 91.2% of survey-takers indicated 10% of people would wear clothes connected to the internet by that year.
The WEF also indicates that, should blockchain technology become mainstream, it would be likely that the traditional role of government and institutions would need to be reimagined.
While 58% of survey-takers expect Bitcoin and the blockchain to hit mainstream, accounting for 10% of global GDP, by 2025, WEF forecasted the expected date as 2027.
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