In a slide presentation this month, Christian Nolting, also the bank’s global head of wealth, and Marcus Muller, global head of the CIO office, explained how digital currencies and blockchains work and predicted where they would go in the future.
According to the presentation, the “opportunities associated with blockchain technologies are huge,” and could be fully put into practice within the next few years.
The bankers predicted that roughly 10% of the global gross domestic product (GDP) would be tracked or otherwise “regulated” by a blockchain by 2027.
The presentation said:
“We expect that the blockchain will change the business model of companies in a sustained way. The blockchain technology enables a faster and cheaper exchange of assets and financial products between individuals without an [intermediary], which reduces the asymmetry of information between the individuals.”