Blockchain Tech Can Add $2T To The Global Economy: PwC Report

Time Stamp: March 7, 2022 10:25 AM
Source Node: 1203908

Blockchain Tech can add up to $2 trillion to the global economy according to an analysis from economists at PwC who also believe that the technology can help organizations build trust and transparency so let’s read more in today’s latest blockchain news.

Regardless of what Is happening right now with the geopolitical tensions, there’s a good reason to be optimistic about the future of blockchain technology. This is what economists from PwC say as they predict that Blockchain tech can add up to $2 trillion in the global GDP by the next 10 years. The prediction is based on assessing its current potentials and use cases. The blockchain use cases on the other hand are much more than just digital payments.

According to the report, blockchain technology could help organizations build trust and transparency and pointed out that this can be achieved through digitization. 61% of the CEOs consider that a digital transformation is a property and blockchain can be the tool to achieve that. The report also indicated that the top 5 use cases are driving the adoption of the blockchain and at the top is the provenance that can add $962 billion to the GDP by 2030.

Blockchains play a huge role in helping organizations track goods and also verify them. Others include payments and financial instruments, contracts and dispute resolutions as well as customer engagement. Each of the use cases is a multi-billion dollar industry with blockchain technology and already as we can see, payments emerged as one of the main use cases of this technology which lead to the popularity of decentralized finance and cryptocurrencies. According to Steve Davies who is a blockchain leader at PwC said that blockchain technology:

“will make processes faster and more effective and create greater trust and transparency around any transactions (organizations) carry out.”

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However, the adoption of blockchain technology can benefit countries in various ways. According to the report, China and US will be the biggest beneficiaries. China already issued a national digital currency and the economists think it will reap the rewards of over $440 billion in the next 10 years. This will amount to a 1.7% increase in the GDP and the US comes next with $407 billion in addition to the GDP because of the blockchain adoption between now and 2030.

In terms of percentage boosts, Sweden will see a 3% boost to its GPD and other countries including Germany with 2.4%, Luxembourg with 2.6%, and the UK with 2.3%. Among other industries, the analysts believe the public administration, education, and healthcare sectors will be the biggest beneficiaries. PwC expects them to enjoy the benefits worth $547 billion in ten years’ time.

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