A new study by PricewaterhouseCoopers found that blockchain technology, through its wide range of use cases, may add 1.76 trillion US dollars to global GDP in the next 10 years. By 2030, blockchain technology will account for 1.4% of global GDP.
The report pointed out that people’s increasing interest in blockchain technology is mainly because people need a more effective system that can integrate trust into the intermediary-based transaction process. PwC found in another survey that more than 50% of CEOs believe that lack of trust in business processes is affecting their organizations.
According to PricewaterhouseCoopers, blockchain will help organizations verify contracts, identity documents, certificates, files and agreements.
Economists at PricewaterhouseCoopers assessed the potential of blockchain in multiple industries including healthcare, government and public services, manufacturing, finance, retail, and logistics. They predict that by 2025, most companies in these industries will use blockchain technology in different forms.
They found that in the next 10 years, traceability, payment and financial instruments, identity, contracts and dispute resolution, and customer participation will become the five major use cases of blockchain.
The use of blockchain for traceability alone is expected to increase global GDP by US$962 billion. Payments and financial instruments may add 433 billion U.S. dollars, while the remaining three use cases may increase global GDP by 224 billion U.S. dollars, 73 billion U.S. dollars, and 54 billion U.S. dollars, respectively, within a decade.
By the end of 2021, blockchain will add 66 billion US dollars to the global economy. The report estimates that by 2025, the impact of blockchain will increase by 6.5 times, and its valuation will reach 442 billion US dollars.
It is expected that by 2030, China and the United States will increase their GDP by US$440 billion and US$407 billion respectively by expanding the use of blockchain. At the same time, Germany, India, Japan and the United Kingdom will also become top regions. Blockchain Innovation Center.
