12 Countries Set to Dominate Blockchain Industry Reveals PWC Report

News / 14.10.2020

Global consulting firm PowerhouseCooper (PwC) has revealed 12 countries set to dominate the next decade’s blockchain sector.

As per a report on distributed ledgers, PwC stated its projections for the next decade, which had some interesting observations.

Familiar Countries lead the way

The United States and China unsurprisingly lead the way and are expected to dominate the scene for another decade. Both nations have made conscious efforts towards blockchain regulations and creating a good ecosystem for developers.

China is expected to earn $440 billion in profits in the next 10 years, with the United States behind with $407 billion. This could partly be because the Chinese government has begun a state-run policy on blockchain development.

Germany comes in third on the list with the European giants expected to generate around $93 billion in revenue with the United Kingdom, Japan, India, and France not far behind. Sweden, United Arab Emirates, Luxembourg, Spain, and Italy complete the list with a $1.6 billion revenue range to $25 billion.

Global blockchain revenues are expected to hit the $1.7 trillion mark by 2030, as blockchain adoption continues to grow.

Source: PWC Report

Australia surprisingly does not make a list, while Africa and South American nations are also left out from the list. PwC projects that $473 billion will be generated by the rest of the world, similar to China’s figures.

This shows the concentration of blockchain development in Asia with China, Japan, and India’s key players.

Blockchain to become an integral aspect of different sectors

Blockchain technology is expected to deliver solutions within a wide range of industries in the coming decade. PwC estimates that about 10-15% of the world’s infrastructure will use blockchain technology in the next few years.

Blockchain has shown its potential to reduce costs, accelerate transactions, seamless cross-border payments, and promote financial inclusion. Furthermore, it has been integrated into supply management systems for transparent and accurate traceability of products.

Central banks worldwide are also contemplating developing Central Bank Digital Currencies (CBDC) backed by blockchain technology. There has also been the massive implementation of blockchain technology within the food and health industry.

Blockchain would also consist of about 1.4% of the world’s Gross Domestic Product (GDP).

Source: PWC report

The next decade will be a huge one for the blockchain industry, as more solutions are created using different blockchain platforms.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.