Global Central Bank FinTech and Societal Control Market Report 2021-2026: What Started in China as a Social Credit System will Evolve and Expand to Other Nations
DUBLIN, April 22, 2021 /PRNewswire/ -- The "Central Bank FinTech and Societal Control Market: Blockchain, Social Credit and Monitoring Systems, and Centrally Controlled Digital Currencies 2021 - 2026" report has been added to ResearchAndMarkets.com's offering.
Central Bank Controlled Digital Currencies to leverage Blockchain Technology and Social Credit Systems
Unlike Bitcoin, which represents a form of decentralized finance, digital currency planned in China is anticipated to leverage both the best and worst aspects of blockchain from an everyday citizen's perspective. It is anticipated that China will leverage its soon to be released currency as a means of controlling the commerce of its population. The sovereign nation may do by way of tracing payments between buyers and sellers via blockchain.
Used in conjunction with the country's social credit system, China will be able to determine who is following its policies, demonstrating favorable behaviors, and receive associated rewards such as minimal restrictions on approved commerce activities. On the other hand, those individuals that are identified as not following policies, or otherwise acting in an unacceptable manner, may be restricted from trade of various types including buying and selling of certain goods and services.
In addition, the combination of digital currencies supported by blockchain technology and social credit systems will allow central banks to completely prohibit certain types of goods and services. This may be used for the betterment of society in some cases, such as preventing the trade of illegal drugs.
However, it may also be used in very draconian ways, such as the immediate restriction of trade for certain products and raw materials from target countries. This brings a whole new meaning to the term trade-war, as central banks could stop the flow of goods from a given country with the press of a button.
Used in conjunction with contact tracing and other societal tracking technologies refined with the introduction of COVID-19, central authorities may also prevent physical contact between target individuals and groups. In this manner, authorities in a central controlled economy may identify, and potentially prevent, meetings in the real world and cyber-world wherein unauthorized trade could potentially occur via barter and/or alternative currencies.
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This is the only research f its type to assess market opportunities for infrastructure support of the social credit market. The report evaluates market drivers, use cases, and consequential impacts/implications (anticipated and likely unanticipated) for social credit market implementation and operation.
This research also evaluates some of the leading companies that are anticipated to drive social credit market evolution. It includes detailed quantitative analysis driven by market needs with forecasting for all major infrastructure elements from 2021 to 2026.
This research also evaluates the ecosystem, solutions and applications comprising the social distancing solutions market. In addition to core technologies such as communications, devices, and sensors, it analyzes smart protective gear, wearable sensing devices, smart physical devices, social distancing software and tools, smart accessories, and assistive communication technologies.
We also assess the factors that will drive a multi-billion-dollar social distancing solutions market in the wake of the COVID-19 pandemic. We see this market opportunity evolving in a post-vaccine world to also focus on tracking citizens for a variety of other purposes including central bank digital currency control.
This research also analyzes the technology, leading companies, and solutions in the evolving blockchain ecosystem. It evaluates current and anticipated use cases for blockchain and assesses the market potential globally, regionally, and segmented by deployment type and industry vertical.
We also evaluate key players, solutions, and use cases. This includes an assessment of the prospect of integrating blockchain with other technologies including IoT and artificial intelligence. The research includes detailed forecasts by use case, application, and industry verticals from 2021 to 2026.
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For more information about this report visit https://www.researchandmarkets.com/r/dhkail
Research and Markets
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SOURCE Research and Markets