A new study by PwC shows that blockchain technology, thanks to a wide range of applications, could save $ 1.76 trillion in global GDP over the next 10 years. By 2030, this will reach 1.4% of global GDP.
The report says the growing interest in blockchain technology is primarily driven by the need for a more efficient system that can incorporate trust into operations that rely on intermediaries. In another survey, PwC found that more than 50% of executives believe that fragile confidence in business processes affects their organizations.
According to PwC, blockchain will help organizations verify contracts, identity documents, certificates, records, and agreements.
Economists at PwC have assessed the potential of the blockchain across industries ranging from healthcare, government and public services, manufacturing, finance, retail and logistics. They predict that by 2025, most companies in these industries will be using blockchain technology in one form or another.
They found that the source, payments, financial instruments, identity, contracts, dispute resolution, and customer interactions will be the top five blockchain issues over the next 10 years.
Ancestral blockchain use is only expected to add $ 962 billion to global GDP. Payments and financial instruments have the potential to add $ 433 billion, while the other three are expected to have an impact of $ 224 billion, $ 73 billion and $ 54 billion over the decade, respectively.
By the end of 2021, the blockchain will add $ 66 billion to the global economy. The report estimates that the blockchain impact will increase 6.5 times by 2025, bringing the estimate to $ 422 billion.
By 2030, China and the United States are expected to add $ 440 billion and $ 407 billion to GDP through increased use of blockchain, while Germany, India, Japan and the United Kingdom will become other major centers of blockchain innovation.