Trust, transparency, efficiency: The trillion-dollar reasons to rethink blockchain

by Steve Davies Partner, Global Blockchain Leader, PwC United Kingdom

Blockchain technology is on track to deliver a US $1.76 trillion boost to the global economy by 2030, by helping organisations improve efficiency, cut costs and build greater trust and loyalty among customers, staff and business partners.

That is the headline finding of PwC economists who have assessed how the technology is currently being used across every industry - from healthcare to manufacturing, finance, and retail - and analysed its potential future uptake.

Our ‘Time for trust’ report provides a timely reminder that there is so much more to blockchain than cryptocurrencies.

Trust is fragile in a digital world, and it continues to be stress-tested to the extreme. It is hard won, and easily lost. PwC’s annual CEO Survey revealed more than half of CEOs believe faltering trust in business poses a threat to their organisation. Consumers have heightened expectations of the companies they buy from and engage with. They want transparency into issues ranging from sustainability to ethical sourcing, and certainty in the information they are accessing and sharing online. As our report explores, blockchain can help significantly in these regards, while also giving organisations greater confidence in areas of the business such as supply chains, recruitment and financial transactions.

Our report states the majority of businesses will be using blockchain technology by 2025. And we have ranked the top five uses for blockchain, by their potential to generate economic value, from creating, storing and authenticating information - such as birth certificates, driving licences and degree certificates - to tracking the journey and provenance of goods from fresh produce to raw materials.

Read our ‘Time for trust’ report to find out more about how blockchain is being used right now, and which industries and countries are set to reap the biggest rewards from the technology. Explore our research and read the insights from our global industry experts.

And please, to find out more about how blockchain can create value for your organisation, get in touch.

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by Steve Davies Partner, Global Blockchain Leader, PwC United Kingdom

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