Blockchain to boost UK economy

Blockchain technology has the potential to boost the UK’s gross domestic product (GDP) by £57 billion over the next decade, new analysis by PwC shows.

PwC’s global blockchain leader, Steve Davies, said blockchain has long been associated with cryptocurrencies such as Bitcoin, but it has much more to offer, particularly in how public and private organisations secure, share and use data.

He explained:“As organisations grapple with the impact of Covid-19, we have seen an acceleration in many disruptive trends. Our analysis shows the potential for Blockchain to support UK organisations in how they rebuild and reconfigure their operations, underpinned by improvements in trust, transparency and efficiency.”

The study suggests a tipping point in 2025 as blockchain technologies are expected to be adopted at scale across the global economy.

The biggest beneficiaries from blockchain technology look set to be the public administration, education and healthcare sectors in the UK, says the report. PwC economists expect these sectors to benefit to the tune of £22bn by 2030, by capitalising on the efficiencies blockchain will bring to the world of identity and credentials.