Blockchain Technology augments the global economy by $1.7trillion in the upcoming decade
New analysis shows that blockchain technology explores a huge impact on the global economy up to trillion dollars. So it’s time to amend this technology in future perspective. Blockchain Technology typically connects with digital or cryptocurrencies but there are more other applications that can be used with this technology. Economist predicts a milestone in 2025 if blockchain embrace across the world, then its applications uplift the global economy of gross domestic product (GDP) by $1.76 trillion by 2030.
Blockchain in Other Applications
Blockchain technology is usually known for its business transactions. But there are several applications considered to be more potential to develop the Economic growth. They are Medical transcriptions, Real-time IoT, Original content creation, voting system, Organization monitoring, Personal identity, and so on… And it can be used across organizations, Healthcare, Government, Public or Private sectors, Manufacturing, Banks, Logistics, and Retail.
Impact of Blockchain on Global Economy
According to the reports, Blockchain will have its massive impact on Asia’s Economy, where china to gain a potential benefit of $440 billion followed by the U.S with $407 billion. Germany, Japan, U.K, India, and France are expected to benefit by more than $50 billion. Studies pointed out some sectors which potentially boost up the economic value if its productivity, planning, and efficiencies are capitalized to the world of identity and credentials.
• Tracking and tracing - $962 billion
• Financial services and payments - $433 billion
• Identity, security, and credentials - $224 billion
• Contracts and dispute resolutions - $73 billion
• Customer engagement and reward programs - $54 billion
• Public, administration, education and health care benefits the most - $574 billion by 2030
Even though this start of a new normal period, Organizations are still struggling with the impact of Pandemic disruptive trends. The analysis shows the potential of Blockchain to support organizations on how they reconstructing their functioning technology underpinned by improving its transparency and coherence. “Make hay while the sun shines”. As it is a better time to portray this blockchain technology to put into effect.
A survey report revealed that almost two thirds (61%) of CEO’s from different organizations said they were given top priorities in placing transformation of their business operations into digital level because they consider the potential for blockchain as a part of organizations’ future strategy –research analysis from business leaders.
Implementing Blockchain Technology
“The oversight of organizations in implementing the emerging technologies is departing it to the domain authority of the team. This technology needs C-Suits support to engage, recognize the strategic moment and value, and to facilitate the right level of collaboration with industry”
A recent report of PwC is focusing on the GDP impact of blockchain, which is a subsidiary value of goods and services within an economy as an outcome of blockchain technology. This research provides a synopsis of the impact of blockchain technology could have on the global economy by 2030 if consumption and the quality of products and services available as expected.
This research reported that this pandemic encouraged in remote working and technological solutions across sectors, it justifies in estimating blockchain’s economic impact in the upcoming future.