PwC report: blockchain could add $1.76tn to global GDP by 2030
13 Oct 2020
A study carried out by PwC has revealed that blockchain technology has the potential to add $1.76 trillion to global GDP over the next decade.
Should this be the case, blockchain, the technology underpinning cryptocurrencies, would make 1.4% of global GDP by 2030.
The report unveiled mounting interest in blockchain technology is predominantly down to the necessity for a more effective system that can incorporate trust in processes relying on intermediaries, reports Cointelegraph.
In addition, as part of another survey, PwC found that over half of CEOs were of the opinion that wavering trust in the business process was impacting their organisation.
Blockchain will assist businesses to verify contracts, ID documents, records and agreements, according to PwC.
Economists analysed blockchain’s potential across numerous sectors such as manufacturing, finance, healthcare and government and public services, and forecast the majority of businesses will utilise blockchain technology by 2025.
The report found that the top five use cases of blockchain over the next 10 years would be provenance, payments and financial instruments, identity, contracts and disputes resolution and customer engagement.
It is predicted that blockchain’s use for provenance will add $962 billion to global GDP; a potential $433 billion could be added by payments and financial instruments; with the remaining three adding $224 billion, $73 billion and $54 billion, respectively, over 10 years.
Furthermore, by the end of next year, blockchain will add $66 billion to the global economy, the Cointelegraph report goes on to add. The PwC forecasts that the impact of blockchain will increase 6.5 times by 2025, bringing the valuation to $422 billion.
By 2030, China and the U.S. are predicted to add $440 billion and $407 billion to their GDP through increased blockchain use, with other top blockchain innovation hubs being Germany, India, Japan and the UK.
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