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Blockchain technology may add over $2 trillion to the global economy :PwC analysis

PricewaterCoopers economists believe that blockchain technology's application helps enterprises develop trust and transparency.

According to economists at PricewaterCoopers, blockchain technology has the potential to improve global GDP by $1.76 trillion over the next decade. The forecast is based on an evaluation of its present use cases and potential. According to the report, blockchain technology has the potential to help enterprises develop trust and transparency. It emphasises that this can only be accomplished through digitisation. Already, 61 percent of CEOs regard digital transformation as a top goal, and blockchain might be the technology to help them achieve it.

The report also highlighted the top five use cases driving blockchain adoption. At the top of the list is provenance, which has the potential to add $962 billion to the GDP by 2030. Blockchain plays an important function in assisting enterprises in tracking and verifying items. With blockchain technology, each of these use cases represents a multibillion-dollar business. Digital payments have already emerged as one of the most prominent use cases for blockchain technology, contributing to the rise of crypto assets and decentralised finance.

According to Steve Davies, a blockchain leader at the organisation, stated that blockchain technology makes procedures quicker and more effective, while also increasing confidence and transparency in whatever transactions organisations carry out. However, various nations are anticipated to profit differently from the deployment of blockchain technology. According to the analysis, the United States and China would benefit the most. 

China has established a national digital currency, which experts think will provide a profit of more than $440 billion over the next decade. This would imply a 1.7 percent growth in GDP. The United States ranks second, with a $407 billion increase in GDP attributable to blockchain use between now and 2030.

Analysts anticipate that the public administration, healthcare, and education sectors will benefit the most. According to PwC, they will get $547 billion in benefits by 2030.It went on to say that for blockchain technology to realise its full potential, it must go beyond Bitcoin, seek out new alliances, and promote renewable energy.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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