PwC report: blockchain will lead to the growth of the world economy by $1.76 trillion to 2030 year

According to a new report from the consulting company PwC, in the next decade, blockchain will lead to the growth of the world economy by $1.76 trillion, and the greatest economic effect will be noticeable in Asia.

PwC economists predict, that the turning point will come in 2025 year, if blockchain is widely implemented all over the world. Besides, expected, that blockchain applications will lead to an increase in the global gross domestic product (GDP) on $1.76 trillion (1.4%) to 2030 year.

According to the report, blockchain will have the greatest impact on the Asian economy, since China, India and Japan will stimulate the introduction of technology in the region. China can get the highest pure benefit in size $440 billion, and the USA - $407 billion. Analysts estimate, German economy, Of Japan, UK, India and France can expect growth to $50 billion for the same period.

The report identifies five key blockchain applications with potential to create economic value: tracking product supply chains ($962 billion), financial services and payments ($433 billion), security of identity and credentials ($224 billion), contracts and dispute resolution ($73 billion), customer acquisition and reward programs ($54 billion).

Government sectors, education and health care will benefit the most ($574 billion) by “capitalizing on efficiency, which blockchain brings to the world of identity and credentials ". PwC's survey showed, what 61% leaders around the world are making digital transformation of their core business operations a top three priority.

"Serious activity, blockchain related, is now affecting industries around the world ", - Steve Davis, head of blockchain at PwC, said in the report (Steve Davies). He also added, that the acceleration of the introduction of revolutionary technologies in business is caused by the coronavirus pandemic.

Recall, that in summer PwC, RFID solution provider Temera, blockchain company Luxochain and Italian IT firm Var Group have created a blockchain platform for authenticating luxury goods.