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PwC: Blockchain can boost the economy


According to a report by PricewaterhouseCoopers (PwC). Blockchain technology by 2030, in particular, can boost the global economy by $ 1.7 billion.

According to the PwC report, the adoption of Blockchain technology could scale from 2025. For example, in sectors such as healthcare, government, manufacturing, finance, logistics, and retail.

Blockchain and its boost to the economy

Basically, Blockchain technology has been identified as an efficient and effective means of tracking goods and services.

In this way, PwC economists forecast a turning point in 2025. Indeed, if Blockchain technology is adopted at scale, worldwide.

Likewise, they expect Blockchain applications to boost the global Gross Domestic Product (GDP) by 2030. In particular, by 1.76 trillion dollars, (1.4% of world GDP).

Accordingly, Steve Davies, Global Blockchain Leader at PwC stated: “Blockchain has long been associated with cryptocurrencies, such as Bitcoin. But, it has much more to offer, particularly in how public and private organizations protect, share and use your data.«.

For example, you can trace the chain of custody between different parts of a supply chain. Therefore, everyone in the supply chain can see and trust the posted transactions.

As a consequence, Blockchain technology can reduce the time required for reconciliation and enable faster processes.

Impact on the economy

According to the report, Blockchain will have the biggest impact on the Asian economy, with China, India and Japan. Driving adoption in the region.

In this regard, China can make the highest potential net profit at $ 440 billion. Followed by the United States with 407,000 million dollars.

Similarly, it is estimated that Germany, Japan, the United Kingdom, India and France will benefit. Each at more than $ 50 billion, in the same period.

Application areas

In effect, the report has grouped the top Blockchain use cases into five categories. Mainly, with the potential to generate economic value:

  1. Track and trace products ($ 962 billion). Allows you to locate a product, at any time. Including all the information on the date, the place and the person responsible for the supply and manufacture, among others
  2. Financial services and payments ($ 433 billion)
  3. Identity and credential security ($ 224 billion)
  4. Contracts and dispute resolution ($ 73 billion)
  5. Customer Engagement and Reward Programs ($ 54 billion)

In this regard, PwC said that the public administration, education and health sectors could generate benefits worth $ 574 billion by 2030. Due to the efficiencies that Blockchain brings to the management of identities and credentials.

In this sense, Steve Davies indicated: «Blockchain technology has the potential to not only provide the economy with a significant boost. But also to improve the way organizations operate. It will make processes faster and create greater confidence in all the transactions they carry out«.

PwC: Blockchain technology has potential in the aerospace industry

It should be noted that in April, PwC published a report. On the benefits of Blockchain technology for the aerospace sector.

Despite the use of sophisticated technologies in this sector, much of the fundamental data for aircraft flight is collected manually. The downside is that the information is scattered and little is digital.

Therefore, Blockchain technology could cope with this information disorganization. Essential for the aerospace industry. Which would indicate an increase in efficiency. This case would be one of the many uses that Blockchain technology could be given, and thus increase the economy.

In closing, Steve Davies said that Blockchain technology plays an important role in the post-Coronavirus recovery: «As organizations grapple with the impact of COVID-19, we have seen an acceleration in many disruptive trends«.

Furthermore, he added:

«Our report shows the potential of Blockchain to help organizations. Definitely rebuilding operations, backed by improvements in trust, transparency and efficiency«.

Do you think Blockchain technology drives the economy? Leave us your opinion in the comment box.

I say goodbye with this phrase from Mary Pickford: «The past cannot be changed. The future is still in your power«.

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