Blockchain technology stands to boost the global economy by $1.76 trillion in the next decade. Across all continents, Asia will likely see the most economic benefits from blockchain technology.

As Bloomchain.ru reports, this is stated in the new report by PwC consulting company - “Time for trust: How blockchain will transform business and the economy”.

PwC experts analyzed five key application areas of blockchain and assessed their potential to generate economic value using economic analysis and industry research. The analysis suggests a tipping point in 2025 as blockchain technologies are expected to be adopted at scale across the global economy.

Blockchain technology is expected to boost the global economy by $1.76 trillion, which is 1.4% of global GDP, by 2030. China stands to gain the highest potential net benefit at $440 billion, which, along with India and Japan, will become a driver of technology development in the Asian region.

U.S. is following China at $407 billion. Germany, UK, France, as well as India and Japan, are each estimated to benefit a lot by more than $50 billion in the same period.

As it was mentioned above, PwC has singled out top five uses of blockchain. Tracking and tracing of products and services, which emerged as a new priority for many companies’ supply chains during the COVID-19 pandemic, has the largest economic potential - $962 billion.

Payments and financial services are areas of blockchain that may generate $433 billion; identity management -$224 billion; contracts and dispute resolution - $73 billion; customer engagement - $54 billion.

At a sector level, the biggest beneficiaries look set to be the public administration, education and healthcare sectors. PwC expects these sectors to benefit approximately $574 billion by 2030.

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