A new PwC study found this Blockchain technology, through its wide range of use cases, will potentially add $ 1.76 trillion to global gross domestic product over the next 10 years. In 2030 it would be 1.4% of global GDP.
The report states that The growing interest in blockchain technology is mainly due to the need for a more efficient system that can incorporate trust into processes that depend on intermediaries. In another survey, PwC found that more than 50% of CEOs felt that inconsistent trust in the business process affects their organization.
According to PwC The blockchain helps organizations review contracts, identification documents, certificates, records and agreements.
The economists of PwC assessed the potential of blockchain in a variety of industries including healthcare, government and utilities, manufacturing, finance, retail, and logistics. They expect the majority of companies in these industries to adopt blockchain technology in one form or another by 2025.
They discovered that Origin, payment and financial instruments, identity, contracts and dispute resolution as well as customer loyalty will be the five most important blockchain use cases over the next 10 years.
Blockchain usage by origin alone is expected to add $ 962 billion to global GDP. Payments and financial instruments can potentially add $ 433 billion, while the other three are projected to add $ 224,000, 73,000, and 54 billion, respectively, over a decade.
By the end of 2021, blockchain will add $ 66 billion to the global economy. The report estimates that the blockchain’s impact will increase 6.5x by 2025, bringing the valuation to $ 422 billion.
By 2030, China and the United States are projected to add $ 440 billion and $ 407 billion to their GDP, respectively, by expanding blockchain use.Germany, India, Japan and the UK will be the other major blockchain innovation hubs.
Don’t stop reading: