More to blockchain tech than Bitcoin as Covid-19 highlights its potential
Blockchain technology has the potential to boost the global economy by $1.7 trillion over the next decade, according to PwC.
It predicts that blockchain technologies will be adopted at scale across the world by 2025, with tracking and tracing products and services leading the way.
Steve Davies, Global Blockchain Leader at PwC, says: “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.”
“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.”
Davies adds: “One of the biggest mistakes organisations can make with implementing emerging technologies is to leave it in the realm of the enthusiast in the team. It needs C-suite support to identify the strategic opportunity and value, and to facilitate the right level of collaboration within an industry.”
“Establishing proof of concept uses which can be scaled up if successful will enable businesses to identify the potential usages of blockchain, while building confidence and trust in its ability to deliver.”
PwC also warns that if blockchain’s economic impact potential is to be realised, its energy overhead must be managed.
Growing business and government action on climate change, including commitments to Net Zero transformation, will mean that organisations need to consider new models for consolidating and sharing infrastructure resources, to reduce reliance on traditional datacentres, and their overall technology-related energy consumption.
