Blockchain will boost the global economy by $ 1.76 trillion over the next decade, with the greatest economic impact going to be seen in Asia, according to a new report from consultancy PwC.
PwC economists predict that a tipping point will come in 2025 if blockchain is widely deployed around the world. In addition, blockchain applications are expected to drive global gross domestic product (GDP) growth of $ 1.76 trillion (1.4%) by 2030.
Blockchain will have the biggest impact on the Asian economy as China, India and Japan drive technology adoption across the region, according to the report. China could get the highest net profit of $ 440 billion, and the US $ 407 billion. According to analysts, the economies of Germany, Japan, the UK, India and France can expect to grow to $ 50 billion over the same period.
The report identifies five key blockchain applications with economic value potential: product supply chain tracking ($ 962 billion), financial services and payments ($ 433 billion), identity and credential security ($ 224 billion), contracts and dispute resolution ($ 73 billion). , customer acquisition and reward programs ($ 54 billion).
The government, education and healthcare sectors will benefit the most ($ 574 billion) by “capitalizing on the efficiency that blockchain brings to the world of identity and credentials.” A PwC survey found that 61% of CEOs worldwide make digital transformation of their core business operations one of their top three priorities.
“Serious blockchain activities are now affecting industries around the world,” PwC Blockchain Leader Steve Davies said in a report. He also added that the acceleration of the introduction of revolutionary technologies in business is caused by the coronavirus pandemic.
Recall that in the summer, PwC, RFID solutions provider Temera, blockchain company Luxochain and Italian IT firm Var Group created a blockchain-based platform for authenticating luxury goods.
