A research report from PricewaterhouseCoopers (PwC), an accounting firm, unveils blockchain technology’s impact to boost the global economy to $1.76 Trillion by 2030, representing 1.4% of the total gross domestic product (GDP) of the world.
Blockchain’s Highest Impact on Asia
The report titled “Time for Trust” sees that 2025 will be the tipping point for decentralized technologies while highlighting its use cases in key areas such as provenance, payments and financial instruments, identity, contracts, dispute resolution, customer engagement, and how it can deliver value towards building an efficient and solution-oriented industry.
Global Blockchain leader at PwC, Steve Davies says in the report “Serious activity around blockchain is cutting through every industry across the globe right now.”
The report highlights that Asian countries will be most impacted by this revolutionary technology with China leading towards a $440.4 billion growth, Japan’s $72.3 billion increase, and India $62.2 billion, respectively. Meanwhile, the United States is anticipated for a $407.2 billion growth.
Towards Transparency and Traceability
The report has further emphasized blockchain’s role in enhancing transparency and traceability with a projected growth of $$961.6 billion.
Partner, and Pharmaceutical and Life Sciences Leader, PwC U.K, Anthony Bruce have expressed blockchain’s potential on traceability in the booming healthcare industry “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.”
Lucy Gazmararian, Crypto, and FinTech Advisory, PwC Hong Kong says, “Blockchain has the potential to cut costs, speed up transactions and promote greater financial inclusion by streamlining cross-border and remittance payments.”
Currently, the United States is expected to see a global growth of $136.3 billion in GDP growth from blockchain-based payment systems, followed by China at $104.6 billion. Meanwhile, payments and wallet securities services are also pacing up to the bank on $433.2 billion in the coming decade.