According to PricewaterhouseCoopers’ (PwC) recently issued Time for Trust study, the firm’s economists are bullish on blockchain technology. According to the estimate, the technology might add $1.76 trillion to the global economy by 2030.
It highlights that the sector is expanding beyond bitcoin and that cryptocurrencies are only one component of the market. It also mentions that public registers, agreements, and other records can all lead to increased trust in organizations by eliminating the need for middlemen.
PwC experts predict that by 2025, the majority of enterprises will be embracing blockchain technology, and that breaking over the mainstream barrier will result in a significant boost in economic advantages. The GDP value of blockchain technology is expected to be $422 billion by 2025.
One of the causes for the popularity of blockchain technology, according to economists, is the COVID-19 epidemic. Companies are rethinking how they function in the aftermath of these changes and how to better protect their future. One such expanding trend is business digital transformation, which is a major goal for 61 percent of CEOs.
PwC cites the top use cases as supply chain provenance, payments and financial instruments, identity, contracts and dispute resolution, and customer engagement. These are some of the most publicized blockchain applications, thus their inclusion in the report is predictable.
Governments are also embracing blockchain technology.
Of fact, blockchain technology is already being widely adopted in a number of countries. According to PwC, China and the United States will benefit the most from this technology in the next years.
It anticipates China’s CBDC will bring $440 billion over the next decade and a 1.7 percent increase in GDP. It goes on to state that the United States may gain $407 billion as a result of “opportunities centered on its huge supply chains, as well as consumer social and ethical demands.”
The United States has yet to establish its own CBDC, while the Federal Reserve Chairman has stated that the authority is looking into the prospect.