A new PwC report shows that blockchain has the potential to add over $1.76 trillion to the global economy by 2030.
The report – dubbed, “Time for Trust’ – explores the value blockchain can add to the economy by 2030.
It looks at the practical, everyday uses that are creating an opportunity for organizations to deliver value by building trust and improving efficiency across industries, from healthcare, government, and public services, to manufacturing, finance, logistics, and retail.
The report says:
“There is an opportunity for all; our economists expect the majority of businesses to be using the technology in some form by 2025. Once it has hit the mainstream, the economic benefits are expected to rise steeply.
Trust is fragile in a digital world. Building trust and transparency by investing in digitization is a priority that has gathered pace during COVID-19.
Now an increasing number of organizations are recognizing that blockchain technology provides an opportunity to change for the better. Using blockchain, organizations can build greater trust and transparency in areas such as certification, recruitment, commercial transactions and the way they secure, share and use data.”
The report groups the major use cases for blockchain into 5 categories, and analyzed the contribution each could potentially make by 2030.
These are:
- Provenance ($962 billion) – verify the source of goods and strengthen transparency in any supply chain thus building customer loyalty and trust
- Payments and financial instruments ($433 billion) – stablecoins enable low remittance fees and near instantaneous transactions and improve transactional security and transparency against illicit activity, fraud, and money laundering
- Identity ($224 billion) – safeguard personal and professional credentials and qualifications anywhere, anytime curbing fraud and identity theft
- Contracts and dispute resolution ($73 billion) – bring together ledgers, contracts, and payments, improving the flow of commercial agreements and flagging disputes thereby removing friction in commercial agreements
- Customer engagement ($54 billion) – boost engagement with card-based loyalty and reward programmes through integration with CRM platforms by allowing customers to check, consolidate, and spend points online
You can access the full report here.
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