Growing the Global Economy by $1.76 USD Trillion with Blockchain Technology – George Levy
Blockchain will add $ 1.76 trillion to the global economy
Blockchain adoption will have the greatest impact on the US and China
The logistics sector can get an economic effect of $ 962 billion
Blockchain will find applications in healthcare, financial sector, media and utilities
The introduction of blockchain technology will stimulate the growth of the global economy by $ 1.76 trillion by 2030. This is the conclusion reached by analysts at PwC, who have studied the impact of blockchain on key sectors, including industry, banking and others..
USA and China will benefit more than others
The latest research by the analytical company PwC “Time to Trust “: The Trillion Dollar Reason to Reimagine the Blockchain” show how blockchain can affect the global economy in the near future. Analysts predict potential financial benefits that could reach $ 1.76 trillion by $ 1.76 trillion by analyzing the five major blockchain applications, ranked by their potential for creating economic value, from healthcare, government and public services to manufacturing, finance, logistics and retail. 2030 year.
As analysts explain, the introduction of blockchain technology will help make the work of companies transparent and eradicate such negative factors holding back economic growth as corruption, money laundering and others..
“Blockchain technology has long been associated with cryptocurrencies like Bitcoin, but it has much more to offer, especially in how public and private organizations protect and use data,” comments Steve Davis, global leader, blockchain and partner. , PwC UK.
The data of the analytical report indicate that a turning point will come in 2025, as blockchain technologies reach the mainstream. Most often, they will be used in the logistics sector, which will allow large and medium-sized businesses to clearly track the supply chain of materials or services. The total economic effect from the use of blockchain in this sector will be about $ 962 billion.
Blockchain technology will also firmly enter the banking sector. Thanks to the introduction of new instruments that open up unhindered access to cross-border payments, the world economy will receive an additional $ 433 billion.
“Blockchain can reduce costs, speed up transactions and promote greater financial inclusion by streamlining cross-border payments and remittances. These powerful innovations will transform the payments infrastructure, ”commented Lucy Gazmarayan, Crypto & Fintech Consultant, PwC Hong Kong.
Also, blockchain technologies will be used in the field of identity management ($ 224 billion), including personal identifiers, professional data and certificates to prevent fraud and identity theft and in jurisprudence and dispute resolution ($ 73 billion), in the sectors of interaction with customers ($ 54 billion), including the use of blockchain in loyalty programs, further expanding the potential of blockchain.
According to experts, the success of blockchain will depend on a supportive policy environment, a business ecosystem ready to take advantage of the new opportunities that technology opens up, and a suitable industry structure..
In terms of individual countries, blockchain has the greatest potential net benefits in China ($ 440 billion) and the US ($ 407 billion). Other countries with high potential benefits include Germany, Japan, UK, India and France..
Blockchain will change jobs
Blockchain technology also has the potential to improve workplaces by making employees more efficient. Blockchain will have a positive impact on 40 million jobs worldwide, according to the report. As mentioned above, first of all, the logistics, banking, legal sectors will benefit from the blockchain implementation. However, modern technology will also affect other industries..
Health care can become one of the main areas for the introduction of technology. The coronavirus epidemic has shown that it is very important to receive timely information about the spread of the epidemic and monitor the work of all health care institutions in the country..
“For healthcare organizations, blockchain will be used to track the supply chain of pharmaceuticals. This can give patients the confidence that the drugs are genuine. ”- Anthony Bruce, Partner, Head of Pharmaceuticals & Life Sciences, PwC, UK.
Also, the blockchain technology will be used by the media, consulting companies and utilities for the rapid exchange of information and data protection from leaks..
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