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- PricewaterhouseCoopers’ (PwC) ‘s Time for Trust report revealed that the company’s economists forecast a bright future for blockchain technology.
- PwC’s economists believe that the mainstream adoption of blockchain will provide economic benefits for all. The GDP value of the blockchain industry is expected to hit the mark of $422 billion by 2025.
- In the coming years, the United States and China are expected to gain the most from blockchain technology, according to PwC.
In their Time for Trust report, PricewaterhouseCoopers’ (PwC) suggests that the economists in the companies are quite optimistic regarding blockchain technology. According to the analysis, the technology is expected to add $1.76 trillion to the global economy by 2030.
It also pointed out that the blockchain industry is evolving beyond Bitcoin and altcoins, and cryptocurrencies are not the only aspect of the market. Moreover, it emphasizes that the need for an intermediary or middleman can also be eliminated by increased trust in the organization, which can be done with public registers, agreements, and other records.
GDP Value Of Blockchain To Reach $422 Billion By 2025
The economists at PwC predict that by 2025, most businesses will be using blockchain technology in one way or another. As blockchain technology will become more mainstream, it will reap economic benefits for organizations and nations. Furthermore, it expects the GDP value of blockchain tech to reach around $422 billion by 2025.
PwC’s economists and many other crypto experts highlight that the pandemic has played a major role in the broader adoption of cryptocurrencies. Firms are searching for ways to secure their future as they find how the disruption affects their business. Digital transformation of business is an ongoing trend, and 61% of CEOs have made it their priority.
Supply chain provenance, contracts and dispute resolution, customer engagement, payments, and financial instruments and identity, are listed among the top use cases of blockchain technology by PwC. It was quite surprising to see these applications listed in the report as they are the most touted applications of blockchain.
As blockchain technology is becoming mainstream, it could be seen as being adopted by various countries around the world. According to PwC, the United States and China will benefit the most from the technology in the coming years.
In the next decade, it expects China’s CBDC to gain $440 billion and a potential increase of 1.7% to its GDP. On the other hand, the U.S can bring $407 billion because of the opportunity around its vast supply chains, along with the ethical and social demands of consumers.
The Federal Reserve Chairman revealed the United States government is still examining the possibility of its own CBDC but has not yet disclosed much about it.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
