PwC Reports That Blockchain Tech Will Generate $3 Trillion by 2030
PriceWaterhouseCoopers (PwC), a Big Four auditing firm, cited research by business analytics firm Gartner which claims that blockchain technology will generate $3 trillion in business value by 2030.
In a recently published blockchain report, PwC conducted a survey of 600 executives in major global companies and found that 84 percent “have at least some involvement with blockchain technology,” while 15 percent of survey respondents said that their corporate blockchain projects were already live.
Of the 600 executives, who hailed from 15 countries including the U.S., India, China, Africa and Sweden, only 14 percent claimed to have “no involvement in blockchain technology.”
The PwC report also cited research into blockchain technology by business analytics company Gartner published in July which found that “blockchain’s business value-add will grow to slightly over $360 billion by 2026, then surge to more than $3.1 trillion by 2030.” PwC added that “it’s possible to imagine that 10% to 20% of global economic infrastructure will be running on blockchain-based systems by that same year.”
According to the PwC report, the top three barriers cited by respondents to blockchain adoption are regulatory concerns, lack of trust among users, and questions about the ability to bring users together.
46 percent of survey respondents predicted that financial services would continue to be the leading industry for blockchain adoption and use cases, while 12 percent voted for industrial products and manufacturing, a further 12 percent voted for energy and utilities, and 11 percent voted for healthcare as the leading blockchain sector.
PwC released a report in July in which they showed that initial coin offering (ICO) projects had raised $13.7 billion in the first five months of 2018.