Almost two-thirds of legal executives predict a ‘banking revolution’ where digital currencies and blockchain technology become the norm.
Almost two-thirds of legal executives predict a ‘banking revolution’ where digital currencies and blockchain technology become the norm. Read More
Senior legal advisers from multi-billion dollar companies have revealed their views on the global trends set to transform industries over the coming decades.
International law firm Simmons & Simmons surveyed 500 legal heads from businesses in sectors such as technology, financial services, and telecommunications to find out what they expect in 2050 and beyond, including from AI, biometric currencies, and nanorobotic medicine.
The study found that almost two-thirds of all respondents (64%) anticipate a future ‘banking revolution’, where digital currencies and blockchain create a seamless financial system boosting international trade, cooperation and prosperity.
A possible future where biometric data is used as currency was considered plausible by most respondents (58%), with only slightly less believing that AI would one day be involved in global policymaking (52%).
More than half of those in the UK (53%) were most convinced by a future of ‘fiscal fusion’, where the integration of regulations would make financial markets more transparent, resilient and inclusive, enabling investors to participate in previously inaccessible markets.
Globally, the possibility of decentralised identity networks, where blockchain secures personal data and transactions, ranked highly (53%), as did the use of predictive commuting (50%), with governments tracking habits and autonomous vehicles to optimise travel networks.
Overall, around half (55%) were also convinced by the likelihood of a future in which smart digital ecosystems manage water, electricity and food resources, with 63% agreeing that a ‘clean water revolution’ using purification and desalination technologies to eliminate water scarcity is likely.
A similar number (62%) thought that the future would see an overreliance on AI for environmental management, while 57% thought zero-waste societies would become the norm.
Those in the UK were most convinced by the idea of a clean water revolution (65%), while legal heads based in Asia were the most accepting of zero waste societies (64%), with European respondents the most likely to think AI would be used for environmental management (71%).
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“Our future-facing survey reveals that many global businesses regard their industries as on the verge of being reshaped and upended by rapidly advancing technological developments,” said Julian Taylor, senior partner at Simmons & Simmons.
“Legal heads of leading companies display optimism about our ability to harness technology to improve global outcomes, particularly for the financial system, the environment and our health.
“But this is coupled with a note of caution. Common across all industries is the concern about the implications for data protection, privacy and security. For their positive outlook on the future to be realised, businesses must ensure they are well-equipped to deal with these looming legal risks.”
Future Tech
