<

Blockchain technology will make up 1.4% of the global GDP in 2030, PwC report

A PwC report estimates that blockchain technology stands to boost the global economy by $1.7 trillion in the next decade with Asia seeing the most economic benefit. It would make 1.4% of the global GDP in 2030.

According to PwC, blockchain will help organizations verify contracts, identity documents, certificates, records and agreements.

According to the report, blockchain will make the biggest impact on Asia’s economy with China, India and Japan driving adoption in the region.

By 2030, China and the United States are expected to add $440 billion and $407 billion to their GDP through the expansion of the use of blockchain, while Germany, India, Japan and the United Kingdom will be the other top hubs of blockchain innovation.

Anthony Bruce, Partner and Pharmaceutical and Life Sciences Leader, PwC UK said:

“Blockchain can be a real differentiator, a new technology with the potential to be a force for good.

Take retailers – they can track the provenance of products, enabling them to build customer loyalty and trust through transparency. If they want to demonstrate that a product is environmentally friendly, or that everyone involved in its production was paid and treated fairly, they can. Counterfeit, stolen or contaminated goods can be flagged within seconds. The technology provides a safe and transparent journey for goods, allowing organisations to prove they live up to their values”.

Blockchain’s use for provenance alone is expected to add $962 billion to the global GDP. Payments and financial instruments may potentially add $433 billion while the other three are expected to have an impact of $224 billion, $73 billion and $54 billion, respectively, over a decade.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS