Security News > 2020 > October > How will blockchain impact the global economy?

An analysis by PwC shows blockchain technology has the potential to boost global gross domestic product by $1.76 trillion over the next decade.

That is the key finding of a report assessing how the technology is being currently used and exploring the impact blockchain could have on the global economy.

"Blockchain technology has long been associated with cryptocurrencies such as Bitcoin, but there is so much more that it has to offer, particularly in how public and private organizations secure, share and use data," comments Steve Davies, Global Leader, Blockchain and Partner, PwC UK. "As organizations grapple with the impacts of the COVID-19 pandemic, many disruptive trends have been accelerated. The analysis shows the potential for blockchain to support organizations in how they rebuild and reconfigure their operations underpinned by improvements in trust, transparency and efficiency across organizations and society."

The analysis suggests a tipping point in 2025 as blockchain technologies are expected to be adopted at scale across the global economy.

Application of blockchain in contracts and dispute resolution, and customer engagement including blockchain's use in loyalty programmes further extends blockchain's potential into a much wider range of public and private industry sectors.

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