14 Oct 2020 Anthony Lehrman
Blockchain Technology To Boost Global GDP By $1.76 Trillion In Ten Years, PwC Reports
One of the largest accounting companies worldwide, PricewaterhouseCoopers (PwC), reported that by 2030, blockchain technology would see massive growth, estimated to boost the global economy by $1.76 trillion, which represents 1.4% of the global gross domestic product (GDP).
The PwC report emphasizes on five key areas - payments and financial instruments, customer engagement, provenance, contracts and dispute resolution, and identity. The report also shows how these areas bring value in developing transparent and efficient blockchain solutions across multiple industries and have a global impact.
PwC reported that Asian countries are going to have the greatest impact on blockchain technology growth. The accounting firm estimated that China will get around $440.4 billion GDP increase projection in the next ten years. Japan and India follow china with a $72.3 billion and $62.2 billion GDP increase, respectively.
The United States is expected to see a $407.2 billion GDP increase through blockchain technology innovations and growth over the next 10 years.
The report further notes that the role of blockchain technology in boosting traceability and transparency is crucial for the sector’s massive growth potential. PwC predicts that blockchain technology could enhance around 40 million jobs globally by 2030.
PwC U.K’s Pharmaceutical and Life Sciences Leader, Anthony Bruce, highlighted the potential of blockchain in improving providence and traceability in the healthcare sector. “For healthcare organizations, blockchain can ensure patient safety is at the heart of the pharmaceutical supply chain. It has the potential to give patients confidence in the authenticity and origin of drugs.” Bruce stated.
Meanwhile, payment and wallets' securitization sub-sectors are also increasing in popularity, with PwC predicting that those would grow by $433.2 billion by 2030. This time the United States is expected to lead the growth race, accounting for an estimate of $136.3 billion GDP increase from blockchain-based payment systems, while China would see a GDP boost of around $104.6 billion.
Lucy Gazmararian, Crypto, and FinTech Advisory at PwC’s Hong Kong office stated that these powerful innovations would transform the payments sector's core infrastructure. “Blockchain has the potential to cut costs, speed up transactions and promote greater financial inclusion by streamlining cross-border and remittance payments” Gazmararian added.Blockchain Cryptocurrency Blockchain Development Blockchain Application Blockchain News Blockchain technology