AP NEWS
ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Global Central Bank FinTech and Societal Control Market Report 2021: Social Tracking Solutions Market as a Whole will Reach $33.1 Billion by 2026 - ResearchAndMarkets.com

April 19, 2021 GMT

DUBLIN--(BUSINESS WIRE)--Apr 19, 2021--

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.

ADVERTISEMENT

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.

ADVERTISEMENT

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.

Select Research Findings:

  • Non-anonymized tracking will predominate through 2026
  • The social tracking solutions market as a whole will reach $33.1B by 2026
  • Blockchain will be adopted by certain sovereign nations as a means to provide a view into citizen behaviors and control transactions
  • The largest segment by so far is enterprise, driven by corporate spending to ensure compliance, but government use is anticipated to grow rapidly
  • What started in China as a social credit system will evolve and expand to other nations as governments see the need to observe, track, and intervene with respect to the citizenry

This is the only research of 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.

Target Audience:

  • Application Developers
  • Artificial Intelligence Companies
  • Big Data and Analytics Companies
  • Communications Services Providers
  • Cloud and Internet of Things Companies
  • Governmental Organizations and NGOs
  • Research and Development Organizations

Select Research Benefits:

  • Understand the government, business, and societal drivers for social credit systems
  • Identify leading company strategies, technologies, applications, services and solutions
  • Identify opportunities for infrastructure and services support of the social credit market
  • Understand the role and importance of cloud-based service delivery models for blockchain
  • Understand the overall and specific implications for implementing and operating social credit systems
  • Understand the use of blacklists, whitelists, and gray listing gradation system approach for social credit

For more information about this report visit https://www.researchandmarkets.com/r/bw7wme

View source version on businesswire.com:https://www.businesswire.com/news/home/20210419005448/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

KEYWORD:

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Research and Markets

Copyright Business Wire 2021.

PUB: 04/19/2021 07:07 AM/DISC: 04/19/2021 07:07 AM

http://www.businesswire.com/news/home/20210419005448/en