Blockchain can add $1.76 trillion to global GDP by 2030, says report

Blockchain can add $1.76 trillion to global GDP by 2030, says report


A new PwC study found that blockchain technology through its wide range of use cases will potentially add $1.76 trillion to the global gross domestic product in the next 10 years. It would make 1.4% of the global GDP in 2030.

The report states that increasing interest in blockchain technology is primarily due to the need for a more efficient system that can integrate trust in processes that depend on intermediaries. In another survey, PwC found that more than 50% of the CEOs believed the faltering trust in the business process was affecting their organization.

According to PwC, blockchain will help organizations verify contracts, identity documents, certificates, records and agreements.

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PwC economists assessed the potential of blockchain across various industries ranging from healthcare, government and public services, manufacturing, finance, retail and logistics. They expect that a majority of businesses in these industries will use blockchain technology in one form or the other by 2025.

They found that provenance, payments

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