In this report PwC explores the impact blockchain technology can have on the global economy. We look at how practical, everyday uses are creating an opportunity for organisations to deliver value by building trust and improving efficiency.
Throughout, we present the findings of PwC economists as well as the views and opinions of our global blockchain specialists and industry figures, looking at how organisations can benefit from blockchain technology and what steps they can take to get started today.
Why blockchain is more than Bitcoin
Blockchain technology has
long been associated with cryptocurrencies such as Bitcoin, but there is so much more that it has to offer. The technology, as we’ll see in this report, creates digital records – such as
certificates, public registers or agreements – which are stored, shared and amended online. Transactions are quickly validated, documented and encrypted for security: from amendments made, to who sent or exchanged them. There’s no need for a third-party, such
as a bank or a regulator, to verify such actions because it’s a shared process, secured by cryptography.
This cuts out intermediaries and puts blockchain in an important position for improving trust, transparency and efficiency across organisations.
Blockchain technology has the potential to boost global gross domestic product (GDP) by US$1.76 trillion over the next decade.
That is the key finding of PwC economists, who have assessed how the technology is currently being used and gauged its potential to create value across every industry, from healthcare, government and public services, to manufacturing, finance, logistics and retail.
There is an opportunity for all; our economists expect the majority of businesses to be using the technology in some form by 2025. Once it has hit the mainstream, the economic benefits are expected to rise steeply.