The report “State of the Art of Blockchain in the Spanish Company, 2nd Edition” by IDC Research Spain was recently presented in collaboration with Realsec, accessed by Cointelegraph in Spain. In the document, they found IDC’s forecast that 20% of consumer credit will be carried over in a CBDC by 2025.
Blockchain technology and distributed ledger technology (DLT) have developed rapidly over the past two years. Not only did we envision the transformative power of blockchain, but we also saw the technology actually being applied to multiple disruptive applications.
There is still considerable development to be done for blockchain to reach its full potential, but IDC has made some predictions.
In this context, they stated: The concept of a central bank digital currency (CBDC) has been around for more than a decade. Recently, however, CBDCs have gained momentum.
They reminded that central banks like China, Sweden or the United States Federal Reserve are working on various projects to create digital currencies. The last entry was the European Central Bank.
“The central banks must respond to the needs of the future digital economy and offer the digital economy a modern means of payment” They pointed out.
A CBDC is still in development and will vary from market to market. However, IDC expects a CBDC to be a partially decentralized payment method in most cases. “Will offer a peer-to-peer service similar to cash,” they confirmed.
In IDC’s prediction, they noted, “CBDCs will include encrypted and partially encrypted currencies to address privacy concerns and give users more control over their personal information. The CBDCs will also be programmable and allow designated authorities to enforce measures against money laundering or the fight against terrorist financing. While a CBDC has often been viewed as a cryptocurrency, most central banks state that they do not intend to use blockchain as the underlying technology. However, many central banks will use some of the features of DLT such as smart contracts technology.
In conclusion, they found that The mass adoption of CBDC will take at least three to five years, so IDC expects 20% of consumer credit to be paid out in a central bank digital currency by 2025.
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