The main axes of the blockchain industry would be China and the United States. Product tracking and tracing would be the main uses within 10 years.
Within the next decade, 12 countries would concentrate on the global expansion of the so-called distributed ledger technology (DLT). The most recent distributed ledger report from consulting firm PricewaterhouseCoopers (PwC) gives rise to this claim.
PwC considers that China and the United States would lead the way in adopting this technology within the next 10 years. The Asian country would generate a net profit of USD 440 billion and about 11.4 million jobs. On its part, the North American nation would add USD 407 billion and another 2.2 million jobs.
The countries following them would be Germany, Japan, the United Kingdom, India, and France, all of which would make a profit between USD 50 thousand and USD 100 thousand million. The twelve “big” countries would be complete with: the United Arab Emirates, Sweden, Luxembourg, Spain, and Italy, with revenues of between USD 2 billion and USD 25 billion.
The “world blockchain economy” could generate a total of USD 1.7 trillion, a figure that no one could imagine until just a few years ago. At the time, companies started taking a closer look at distributed cryptographic records, which would be 1.4% of the world´s Gross Domestic Product (GDP).
No country in America has raised high expectations for the firm, which is striking. The rest of the world, about 190 countries, would produce USD 473 billion altogether. The figures would be similar to those of China, which indicates the concentration of services that Asia would enable.
The report highlighted that their “economists expect blockchain technology to provide benefits across a wide range of industry sectors. They will make much of the value behind the scenes. We expect 10-15% of the world’s infrastructure to use blockchain within a decade.”
PwC notes that all blockchains will generate this value, given the potential to reduce costs, accelerate transactions, promote greater financial inclusion, protect identity documents, and improve the flow of commercial agreements, among other benefits. Besides, many companies could develop digital transformations aimed at “Industry 4.0”, which would include blockchains.
“All-Purpose” Blockchains
The main uses that blockchains would have are: tracking and tracing products, payments and financial services, identity, contracts and resolution of disputes, and commitments with customers.
In this respect, “the biggest beneficiaries seem to be the public administration, education and health sectors.” The economists who participated in the report stated that these three areas alone would generate USD 574 billion by 2030.
Blockchains will also benefit those companies that provide corporate services, communications, the media themselves, and construction services. The reason is that they would be able to attract more consumers and “satisfy the demand for provenance and traceability.”
It would be more accurate to refer to DLT as Bitcoin technology since the first cryptocurrency gave rise to the beginning of the analysis of the implications of separately-distributed cryptographic records.
In this system, two or more people can conduct transactions without the need for trusted third parties or intermediaries. The record of the data is immutable and is visible to both the participants and any interested person.
By Alexander Salazar
