Auditing giant PwC has announced through its recent Time for Trust analysis that blockchain technology can transform and increase the world’s financial economy to about $1.76 trillion before 2030 ends.
PwC made the assessment based on how blockchain is rapidly moving the world by storm. Looking at the various angles where it is effectively utilized, the applications of the technology are providing several opportunities in both government sectors and NGOs.
PwC’s Global Leader and Blockchain Partner Steve Davies said,
Blockchain technology has long been associated with cryptocurrencies such as Bitcoin, but there is so much more that it has to offer, particularly in how public and private organizations secure, share and use data.
According to the firm, blockchain plans to redefine tech innovations that will drive its mainstream adoption a year forward.
Such innovations include peer-to-peer (P2P) instant payment, contracts and dispute resolution, and customer engagement. Another point to consider is how it processes cross-border financial inclusion as well as remittance services through cryptocurrencies and fintech innovations.
Despite its earlier functions and services, blockchain has expanded and made its services more available and environmentally-friendly.
Also, industries such as education, supply chains, healthcare, and human resource management use blockchain to increase and improve customers’ demand.
Blockchain will continue to add value as it even sheds more light on artificial intelligence (AI) learning; not only in the UK but to the entire world.
Davies further explained that as organizations and companies “grapple” with the effects of the COVID-19 pandemic, “many disruptive trends have been accelerated.”
The report reveals blockchain’s potential to support organizations “in how they rebuild and reconfigure their operations underpinned by improvements in trust, transparency, and efficiency across organizations and society,” he added.