If the trend expands more broadly, any person with access to the internet can use the blockchain for transactions. According to the World Economic Forum’s Global Agenda Council, only a minority of global GDP (approximately 0.025% or $20 billion) is embedded in the blockchain. However, the research suggests a vast increase in the next decade, since banks (for example Bank of Canada), tech companies (such as UBS, Microsoft and IBM) and insurances are convinced that the trend accelerates settlements and cuts costs, thus consider adapting the new technology. The estimated bank spending on blockchain trend has also increased since 2014 and are predicted to rise up to $400 million per year.
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