PwC Taiwan has published a report predicting blockchain technology will add a total of US$1.76 trillion to GDP of all countries around the world during the 2021-2030 decade.
According to the "Time for Trust: The Trillion-dollar Reason to Rethink Blockchain" report, China will see the largest addition of US$440 billion to its GDP arising from blockchain applications in the decade, followed by the US (US$407 billion), Germany (US$95 billion), Japan and the UK (US$72 billion each), India (US$62 billion) and France (US$59 billion).
Among the five main areas for blockchain application, traceability of products and services rank first with total GDP contribution of US$962 billion, followed by payment and other financial services (US$433 billion), personal identification and professional certificates (US$224 billion), contracts and dispute settlement (US$73 billion) and strengthening of customer relationship management (US$54 billion).
The government sector, education and medical care will benefit the most from blockchain, the report said.
Successful development and application of blockchain technology hinges on supporting policies, technology ecosystems, and a suitable mix of industries, PwC indicated.
IDC projects that global spending on blockchain application is increasing at a CAGR of 55.3% to US$14.4 billion in 2023 from 2018, and the spending in 2020 is estimated at US$4.3 billion, hiking 57.7% from 2019.