According to PwC, PricewaterCoopers, analysis, blockchain technology can help build trust and transparency among organizations. The future of blockchain technology looks bright. According to PwC experts, the next decade is likely to see an increase of $1.76 trillion in global GDP. This promising increase in GDP is due to the use of blockchain technology. However, predictions first assess current and future use cases for the technology.
The document claims that blockchain technology can help companies establish a foundation of trust and transparency. But, as stated in the report, this can only be done through digital technology.
Subsequently, a large percentage of CEOs (61%) identify digital transformation as a primary goal. Accordingly, blockchain could be the technology they need to achieve this goal. Diving into the report, it highlights the top five use cases for blockchain. Adding $962 billion to GDP by 2030 tops the list. Additionally, blockchain has a huge impact on item tracking and verification. These include financial instruments, identities, contracts and consumer participation.
With blockchain technology, each of these use cases has the potential to become a multi-billion dollar business. Additionally, the widespread use of blockchain technology for digital payments has also been affected. The beneficiaries of this utility are the decentralized financial system and crypto-assets.
Steve Davis, one of the company’s blockchain leaders, shares his thoughts on blockchain technology. He added that all transactions made with blockchain technology will be accelerated and improved. In addition, it will also increase the level of trust and transparency around these transactions.
China and the United States will be the main beneficiaries of blockchain technology
Blockchain technology is expected to impact countries around the world. As a result, the United States and China stand to benefit from the use of this technology.
Economists predict that China’s national digital currency will generate more than $440 billion in revenue over the next decade. As a result, its GDP will increase by 1.7%. On the other hand, it is expected that by 2030, blockchain adoption in the United States will contribute $407 billion to the country’s GDP.
In addition, Sweden’s GDP is expected to grow by 3%. In second place are Luxembourg with 2.6%, Germany with 2.4% and the United Kingdom with 2.3%. All these countries are located in Europe.
Additionally, experts say government, health care and education will be rewarded the most. According to PwC’s estimates, these sectors will benefit $547 billion by 2030.
Taking all these points into account, the analysis emphasizes the full potential of blockchain technology. However, its potential will be realized only when we move beyond bitcoin to other forms of collaboration. The important point is to place greater value on renewable energy sources.
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