Unarguably, Blockchain technology is proving to be useful across different sectors of the economy, aside from being the underlying technology for digital currencies. Over the years, the technology has been increasingly deployed to boost business operations, streamline the settlement of government bonds, improve food supply chain management, and many more.
Following these possible applications of the technology, PwC asserted in its latest report asserted that the technology could boost the world’s economy by more than $1 trillion.
Blockchain technology can do more aside cryptos
On a general note, Blockchain is mostly referred to as the technology powering the digital currencies like Bitcoin (BTC), Ether (ETH), etc. However, PwC, one of the Big Four accounting companies, highlighted in a recent analysis that there’s a more important use case for the technology than being the live wire for digital currencies.
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The technology can play a prominent role in securing data and streamlining operations in governance, healthcare, and more.
Particularly, the company analyzed five areas – food and products supply chain management, financial services, identity (ID) management, customer engagement, and dispute settlement – as the major blockchain use cases that can create economic value. Overall, the company estimated that applying the technology in these key areas would boost the world’s GDP (or gross domestic products) by $1.76 trillion within the next ten years.
China could benefit the most from Blockchain
As reported, the Republic of China is likely to benefit the most from the technology, up to $440 billion, followed by the United States at $407 billion. Other countries to benefit from the technology include the United Kingdom, Germany, India, Japan, and France, all of which are expected to generate a net benefit of more than $50 billion.
Meanwhile, the application of blockchain technology may vary based on the economy of the countries. Manufacturing-focused countries like Germany and China could see increased adoption of the technology for traceability management. In contrast, countries like the US could generate mostly from payments, ID verification, securitization, and more.
However, the success of the technology is subject to the countries’ policy environment. A supportive business ecosystem and policy environment will help propel the technology’s adoption.
