The technology behind bitcoin is only halfway through its evolution

The hype around bitcoin, and its underpinning blockchain technology, is real. But we are still a ways off from blockchain reaching full maturity.

Blockchain, which is best explained as a decentralized ledger, is best known for being the technology behind red-hot bitcoin. But its potential use-cases do not just reside in the world for digital currencies or financial services, according to a wide-ranging report by Credit Suisse, the Switzerland-based bank.

According to the bank, a survey conducted by the World Economic Forum found 58% of executives anticipate 10% of global GDP to “be stored on the blockchain before 2025.”

That’s the year Credit Suisse expects the technology to reach full maturity. At the moment, the technology is in the middle of the prototype and pilot stage.

Market watchers can expect 2018 to be a year in which “certain products go viral” and “new providers/models emerge,” according to the bank.

Here’s a chart illustrating blockchain’s development timeline:

Screen Shot 2018 01 11 at 1.32.33 PMCredit Suisse

2017 saw a lot of blockchain partnerships come to fruition. In financial services for instance, a number of banks launched collaborative ventures to test out the blockchain…

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