Blockchain technology is one of the biggest stimulus that can increase global gross domestic product (GDP) by $ 1.76 trillion over the next ten years.
PwC has recently released a new and comprehensive analysis that demonstrates the importance of Blockchain technology for the global economy. One of the most important findings is that Blockchain has the potential to increase global GDP by $ 1.76 trillion by 2030.
The analysis focused on five key areas of Blockchain use and the impact on economic value creation. According to this report, the turning point is expected to come in 2025, when the Blockchain should be adopted in full within the global economy.
Five key application areas of Blockchain:
- Tracking and tracing of products and services – has the greatest economic potential of $ 962B, during the COVID-19 pandemic it was one of the priorities in the supply chains of many companies
- Payments and financial services – the use of digital currencies as well as cross-border transfers are in second place with a potential of $ 433B
- Identity management – digital identity and protection of personal, professional data or certificates is also one of the priorities, to help fighting fraud and theft, estimated benefit of $ 224B
- Application of Blockchain in contracts and dispute resolution and customer engagement including Blockchain’s use in loyalty programmes – the last area has the potential to expand the Blockchain even more into the public and private sectors, estimated at $ 127B
As organisations grapple with the impacts of the COVID-19 pandemic, many disruptive trends have been accelerated. The analysis shows the potential for Blockchain to support organisations in how they rebuild and reconfigure their operations underpinned by improvements in trust, transparency and efficiency across organisations and society.
said Steve Davies, Global Leader, Blockchain and Partner, PwC UK
In terms of specific countries, China ($ 440B) and the US ($ 407B) are expected to have the greatest potential net benefit of Blockchain technology. Other countries should be Germany, Japan, the UK, India, and France with an estimated benefit of over $ 50B.
However, countries and their benefits vary according to the focus of the economy, for example China and Germany are more production-oriented and thus benefit more from provenance and traceability, while the US would benefit the most from its application in security and payments, as well as identity and credentials.
The largest beneficiaries within the sectors are the public administration, education and healthcare sectors and are expected to benefit by $ 574B by 2030.
The benefits will be felt in almost all sectors and will benefit also business services, communication media, wholesalers, retailers, as well as manufacturers and construction services, which will benefit mainly from consumer involvement and demand satisfaction for provenance and traceability.
Read also: The Biggest Peer to Peer Borderless Blockchain Education Initiative in the World
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