Blockchain Technology: Boost UK Economy £57bn by 2030

by Zazz December 31, 2020 Time to Read Blog: 3 minutes

A new analysis shows that blockchain technology could increase UK gross domestic product by £57 billion over the next decade. Do professional services company economists assess and currently how to use this technology? 

Also, it measures potential to create value in every industry, from finance, retail, manufacturing services and healthcare. The analysis predicts a tipping point in 2025  expects adoption of Blockchain technology on a large scale across the global economy. Tracking and tracing products and services – or their origin – emerged as a new priority for many corporate supply chains during the pandemic. Also, it offered the most significant economic potential, as per PwC.

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Glimpse on Blockchain Could Boost UK Economy By £57bn By 2030

There are five main application areas of Blockchain and assessing their potential for generating value using economic analysis and industry research. The study points to a tipping point in 2025 expects adoption of Blockchain technology worldwide throughout the global economy.

Financial payments and services, including digital currency. And supporting financial inclusion through cross-border payments and remittances, £13 billion increased by 2030. Additionally, identity management includes personal IDs, professional credentials. Also, consists of certificates to help curb fraud and identity theft, £ 8 billion increase by 2030.

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The adoption of Blockchain in contracts and dispute resolution is £3.0 billion. And customer engagement increases by £1.8 billion by 2030. However, including the use of Blockchain in loyalty programs. Further expands its potential to a broader range of public and private industry sectors.

Blockchain‘s success will completely depend on an environment of supportive policy. A business ecosystem is assured to exploit the new opportunities opened up by technology and adopted across all industrial sectors.

Which Region is Expected To Benefit The Most

We can expect that Blockchain will boost the economy by $1.7 trillion by 2030 globally and on all continents. In terms of individual countries, Blockchain could have the highest net profit potential in China ($440 billion by 2030) and the US ($407 billion by 2030). Five other countries such as – Germany, Japan, Britain, India and France – expect to benefit more than $50 billion by 2030.

 PwC research  underlines the potential of Blockchain. It revealed nearly two-thirds of global business leaders (61%) ranked digital transformation of core operations and business processes among their top three priorities. However, as they rebuild from Covid-19.

The report warns that if Blockchain’s potential economic impact realizes, it must manage energy overhead. A leading mobile app development company noted, growing business and government action against climate change. It includes a commitment to Net Zero transformation, which means that organizations need to consider new models for consolidating and sharing infrastructure resources. Also, to reduce reliance on traditional data centres and overall technology-related energy consumption.

Public Administration Got The Biggest Improvement

The biggest beneficiaries of Blockchain technology will likely be the public administration, education and health care sectors in the UK. As per a dedicated Blockchain app development agency expect these sectors to earn £22 billion in profits by 2030. Moreover, taking advantage of Blockchain’s efficiencies will bring to the world of identities and credentials.

Meanwhile, there will be broader benefits for business services £15 billion, wholesale and retail £ 13 billion, and communications and media sectors £5.3 billion by 2030. They will benefit from using Blockchain to engage consumers and meet the demand for origin and traceability.

Final Verdict

Zazz‘s report looks at the GDP impact of Blockchain, which is the net added value of goods and services in an economy due to Blockchain technology. This study provides a scenario of Blockchain technology’s impact on the global economy in 2030. if the absorption and quality of available products and services develop as expected. In this report, we do not model the impact of Covid-19 separately.

However, given how Covid-19 has driven remote work and technology solutions across sectors. This blog is part of a series that examines the economic impact and practical use cases for new technologies including AI, Augmented & Virtual Reality, and Blockchain. So, if you want to stay updated with technologies, get in touch with us.

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