Blockchain technology is set to boost the global economy over the next decade by $1.7 trln, according to a new report from PricewaterhouseCoopers (PwC). If blockchain technologies are widely adopted around the world, PwC economists predict that the tipping point will come in 2025.
Experts expect blockchain applications to increase the global GDP by $1.76 trln by 2030, which is roughly 1.4% of global GDP. The PwC report also notes that blockchain will have the biggest impact on the Asian economy, as China, India and Japan will drive adoption in the region. China has the highest potential net benefit of $440 bln and the US – $407 bln. It is estimated that Germany, Japan, Britain, India and France will benefit more than $50 bln over the same period.
The report gives five key blockchain applications fields with the potential to create economic value: product tracking, financial services and payments, identity and credential security, contracts and dispute resolution, customer engagement, and reward programs. The government, education and health sectors will benefit the most in growth of $574 bln by 2030 by capitalizing on the efficiency that blockchain brings to identity and credential security.
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