Blockchain can add $1.76 trillion to global GDP by 2030: PwC

A PwC report estimates that blockchain technology will account for 1.4% of the global economy.

Blockchain could add $1.76 trillion to global GDP by 2030: PwCNOTÍCIAS
A new PwC study found that blockchain technology through its wide range of use cases has the potential to add $1.76 trillion to global gross domestic product over the next 10 years. This would represent 1.4% of global GDP by 2030.

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The report states that the growing interest in blockchain technology is mainly due to the need for a more efficient system that can integrate confidence in processes that rely on intermediaries. In another survey, PwC found that more than 50% of CEOs believed that vacillating trust in the business process was affecting their organization.

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According to PwC, the blockchain will help organizations check contracts, identity documents, certificates, registrations

PwC economists have assessed the potential of blockchaining in a number of sectors, from health care, government and utilities, manufacturing and finance to retail and logistics. They expect most companies in these sectors to use blockchain technology in one form or another by 2025.

They have found that provenance, payments and financial instruments, identity, contracts and dispute resolution, and customer involvement will be the top five cases of blockchain use in the next 10 years.

The use of blockchain for provenance alone should add $962 billion to global GDP. Payments and financial instruments can potentially add $433 billion, while the other three are expected to have an impact of $224 billion, $73 billion and $54 billion, respectively, over a decade.

By the end of 2021, the blockchain will add $66 billion to the global economy. The report estimates that the impact of the blockchain will increase 6.5 times by 2025, bringing the assessment to $422 billion.

By 2030, China and the United States are expected to add $440 billion and $407 billion to GDP through the expansion of blockchain use, while Germany, India, Japan and the United Kingdom will be the other major centres of blockchain innovation.

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