- Tracking and tracing of products and services has the largest economic potential (US$962bn)
- Public administration, education and healthcare sectors will benefit the most.
- Blockchain could have the highest potential net benefit in China (US$440bn) and the USA (US $407bn).
United Kingdom, Oct. 13, 2020 / AlexaBlockchain/ – According to the latest study by PwC, Blockchain technology could boost global GDP by US$1.76 trillion by 2030.
That is the key finding of a new PwC report Time for trust: The trillion-dollar reason to rethink blockchain, assessing how the technology is being currently used and exploring the impact blockchain could have on the global economy. Through analysis of the top five uses of blockchain, ranked by their potential to generate economic value, the report gauges the technology’s potential to create value across industry, from healthcare, government and public services, to manufacturing, finance, logistics and retail.
Steve Davies, Global Leader, Blockchain and Partner, PwC UK, said, “Blockchain technology has long been associated with cryptocurrencies such as Bitcoin, but there is so much more that it has to offer, particularly in how public and private organisations secure, share and use data.”
“As organisations grapple with the impacts of the COVID-19 pandemic, many disruptive trends have been accelerated. The analysis shows the potential for blockchain to support organisations in how they rebuild and reconfigure their operations underpinned by improvements in trust, transparency and efficiency across organisations and society,” Steve added.
- The report identifies five key application areas of blockchain and assesses their potential to generate economic value using economic analysis and industry research. The analysis suggests a tipping point in 2025 as blockchain technologies are expected to be adopted at scale across the global economy.
- Tracking and tracing of products and services – or provenance – which emerged as a new priority for many companies’ supply chains during the COVID-19 pandemic, has the largest economic potential (US$962bn). Blockchain’s application can be wide ranging and support companies ranging from heavy industries, including mining through to fashion labels, responding to the rise in public and investor scrutiny around sustainable and ethical sourcing.
- Payments and financial services, including use of digital currencies, or supporting financial inclusion through cross border and remittance payments (US$433bn).
- Identity management (US$224bn) including personal IDs, professional credentials and certificates to help curb fraud and identity theft.
- Application of blockchain in contracts and dispute resolution (US$73bn), and customer engagement (US$54bn) including blockchain’s use in loyalty programmes further extends blockchain’s potential into a much wider range of public and private industry sectors.