In this PwC report, the consultancy explores the impact of blockchain technology on the overall global economy. The following are excerpts from the report.
Blockchain technology has the potential to boost global gross domestic product (GDP) by US$1.76 trillion over the next decade. That is the key finding of PwC economists, who have assessed how the technology is currently being used and gauged its potential to create value across every industry, from healthcare, government and public services, to manufacturing, finance, logistics and retail.
Organisations are rethinking the way they operate as they grapple with the impacts of COVID-19 and the way the pandemic has accelerated many disruptive trends – such as the shift towards more digital ways of working, communicating and transacting with customers.
PwC economists expect China and the United States to benefit the most from blockchain technology over the next decade.
Our economists expect blockchain technology to bring benefits across a wide range of industry sectors.
Much of the value will be realised behind the scenes. We expect between 10% and 15% of worldwide infrastructure to be using blockchain within a decade.
The biggest beneficiaries look set to be the public administration, education and healthcare sectors.
PwC economists expect these sectors to benefit to the tune of $574bn by 2030, by capitalising on the efficiencies blockchain will bring to the world of identity and credentials.
Meanwhile, there will be broader benefits for business services, communications and media, while wholesalers, retailers, manufacturers and construction services will benefit from using blockchain to engage consumers and meet demand for provenance and traceability.
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