Blockchain tech could add almost $2 trillion to global economy, says PwC report

2022-3-7 13:25

Regardless of whatever is happening at the moment, there’s a good reason to be optimistic about the future of blockchain technology. 

That’s what economists from the leading consulting firm, PricewaterCoopers say, as they predict blockchain technology could boost global GDP by $1.76 trillion over the next decade. The prediction is based on assessing its current use cases and potentials.

Blockchain use cases are beyond digital payment

According to the report, blockchain technology might help organizations build trust and transparency. It points out that this can be achieved only through digitization. 

Already, 61% of CEOs consider digital transformation a priority, and blockchain could be the tool to achieve that.

The report further identified the top 5 use cases driving the adoption of blockchain. At the top is provenance, which can add $962 billion to the GDP by 2030. 

Blockchain plays a significant role in helping organizations track and verify goods. Others include payments and financial instruments, identity, contracts and dispute resolution, and customer engagement. 

Each of these use cases is a multi-billion dollar industry with blockchain technology. Already, digital payments have emerged as one of the most popular use cases for blockchain technology, leading to the popularity of crypto assets and decentralized finance.

Per Steve Davies, a blockchain leader at the firm said that blockchain tech:

“will make processes faster and more effective and create greater trust and transparency around any transactions (organizations) carry out.”

China, US to lead major beneficiaries of blockchain tech

However, the adoption of blockchain technology is expected to benefit countries differently. According to the report, the US and China would be the major beneficiaries. 

China has issued a national digital currency and economists believe it’ll reap the reward of over $440 billion over the next decade. This would amount to a 1.7% increase in its GDP. The US comes next with a $407 billion addition to its GDP due to blockchain adoption between now and 2030.

In terms of percentage boosts, Sweden will enjoy a 3% boost to its GDP. Other countries on the top list include Luxembourg with 2.6%, Germany with 2.4%, and the UK with 2.3%. Interestingly, all these countries are in Europe.

Among industries, analysts believe public administration, healthcare, and education sectors will be the biggest beneficiaries. PwC expects them to enjoy benefits worth $547 billion by 2030. 

It further added that for blockchain technology to reach its potential, it’s important to see beyond Bitcoin, look for more collaborations, and prioritize sustainable energy.

The post Blockchain tech could add almost $2 trillion to global economy, says PwC report appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

High Performance Blockchain (HPB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0064459
Капитализация $0 Rank 99999
Цена в час новости $ 0.0910131 (-100%)

blockchain global technology could leading future economists

blockchain global → Результатов: 126


BLOCKCHAIN PROPULSION and KOOPHub partner to support blockchain startups in Turkey

CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceBLOCKCHAIN PROPULSION, a recently launched Swiss-based global accelerator program designed to build blockchain start-ups and enterprises into successful businesses, has announced a new strategic partnership with KOOPHub to support blockchain startups in fundraising, project implementation, and expanding into global markets.

2019-8-7 00:44


Debut Blockchain Conference Slated for April 2019 in Austin, Texas

The Global Block Builders are hosting their debut blockchain conference this upcoming April 10 – 13 in Austin, Texas at the Coppertank Event Center. The Global Block Builders are a group of enthusiastic blockchain leaders from a diverse background, joining together for the purpose of high-level education and intentional collaboration. Back in early 2018, the […]

2019-2-12 12:12


Blockchain Global Summit 2018 объединит блокчейн-сообщество

14 июля в Гонконге пройдёт мощное мероприятие Blockchain Global Summit 2018, которое соберёт руководителей блокчейн-организаций, знаменитостей, экспертов, технических специалистов и крупных инвесторов по всего мира.

2018-7-10 17:36


Global telecom blockchain consortium unveils working group for remittances!

A global blockchain consortium of telecom carriers has announced that six further major international telecoms firms are joining its ranks, CT Japan reports today, July 6. The consortium, dubbed ‘The Carrier Blockchain Study Group’ (CBSG) has also today unveiled the creation of a new blockchain working group that will focus on global remittance services. Launched

2018-7-7 01:17


Global Pay Net ICO

Global Pay Net is an international financial platform that is based on the Blockchain technology. The company has been developing a unified service that allows each of its users to invest their money at interest, take out a loan, exchange funds and cryptocurrencies, keep their savings at a profit, and pay for goods or services using their own GLPN wallet.

2018-6-28 17:51


TAAS Capital and the Era of Institutional Cryptocurrency Investment

The era of institutional investment looms over the global cryptocurrency markets, as market indicators plummet, while SEC is clearing up uncertainties over the future of Bitcoin and Ethereum. After a successful first year of operations, Token-as-a-Service (TaaS) is expanding into an investment vehicle for blockchain wealth called TAAS Capital Fund, aiming to provide an unrivaled […]

2018-6-28 15:30


Facebook blanket ban on crypto ads a “poor approach” to new ideas

Off the back of news that Facebook is reversing its crypto ad ban, see below for commentary from some of the blockchain and crypto industry’s most renowned experts. Iqbal Gandham, UK Managing Director at eToro, global investment platform said: TheDigitalArtist / Pixabay “We have always advocated for a more sophisticated approach to cryptocurrency advertising, as […]

2018-6-28 09:21


An Interview with the Founders of Bitcoin Origin – The World’s First Multi-Fork Blockchain

Cryptocurrencies have certainly gained ground with the mainstream adoption of the technology while making huge strides in the financial and technological spheres of the world. 2017 alone was a year of events where the popularity of cryptocurrencies soared and the world saw the niche industry transforming into a major global industry. Nonetheless, cryptocurrencies and the […]

2018-6-27 02:19


Фото:

Offshoot of Alibaba Tests First Blockchain Remittance to Philippines, Aiming for Global

Alibaba subsidiary Ant Financial has trialled its first blockchain remittances, sending a transaction in three seconds, Bloomberg reports June 25. The company, formerly known as AliPay, completed a funds transfer between its AliPayHK app in Hong Kong and Filipino payment app GCash, its joint project with local telecoms company Globe Telecom. Part of a growing

2018-6-25 17:38


Фото:

AliPay CEO Jack Ma Confirms Successful 3-Second Blockchain Remittance

Jack Ma’s Ant Financial (AliPay) has revealed it has successfully trialled a new Blockchain remittance service which it plans to expand throughout the world. Ma: Blockchain Remittances Will Go Global As online news resource cnLedger reported on Twitter June 25 quoting Chinese cryptocurrency news media, the company formerly known as AliPay developed and piloted its “first blockchain-based electronic wallet cross border remittance service” between Hong Kong and the Philippines.

2018-6-25 13:00


Фото:

China’s government recently backed Crypto Currency Ratings Put EOS in the top spot and BTC at 17th

The second round of China’s state-backed monthly ratings of cryptocurrencies and blockchain projects has been released, Cena News reported June 21. Dubbed the “Global Public Chain Technology Evaluation Index,” this latest round was announced at the Shanghai Science Hall on June 20, and ranks EOS 1st, Ethereum (ETH) 2nd, and Bitcoin (BTC) 17th, out of

2018-6-24 20:34