1、Time for trust The trillion-dollar reasons torethinkblockchain October 2020 2 | PwC 2020 | Time for trust Serious activity around blockchain is cutting through everyindustry across the globe right now. Its driven by anacute need to win trust in the digital world. Businessesare rethinking their opera

2、tions and are discovering not only is blockchain technology key to delivering trust, but its an opportunity open to all.” Steve Davies, Partner and Blockchain Leader, PwC UK 3 | PwC 2020 | Time for trust Time for trust In this report PwC explores the impact blockchain technology can have on the glob

3、al economy. We look at how practical, everyday uses are creating an opportunity fororganisations to deliver value by building trust and improving efficiency. Throughout, we present the findings of PwC economists as well as the views and opinions of our global blockchain specialists and industry figu

4、res, looking at how organisations can benefit from blockchain technology and what steps they can take to get started today. Why blockchain is more thanBitcoin Blockchain technology has long been associated with cryptocurrencies such as Bitcoin, but there is so much more that it has to offer. The tec

5、hnology, as well see in this report, creates digital records such as certificates, public registers or agreements which are stored, shared and amended online. Transactions are quickly validated, documented and encrypted for security: from amendments made, to who sent or exchanged them. Theresno need

6、 for a third-party, such as a bank or a regulator, to verify such actions because its a shared process, secured bycryptography. This cuts out intermediaries and puts blockchain in an important position for improving trust, transparency and efficiency across organisations. Blockchain technology has t

7、he potential to boost global gross domestic product (GDP) by US$1.76trillion over the next decade. That is the key finding of PwC economists, who have assessed how the technology is currently being usedand gauged its potential to create value across every industry, from healthcare, government and pu

8、blic services, to manufacturing, finance, logistics and retail. There is an opportunity for all; oureconomists expect the majority of businesses to be using the technology in some form by 2025. Once it has hit the mainstream, theeconomic benefits are expected to rise steeply. Blockchains trillion do

9、llar opportunity Blockchains global economic impact PwC economists expect blockchain to boost global GDP by US$1.76 trillion which is 1.4% of global GDP by 2030. * This report looks at GDP (in US$, 2019 prices) which is the net additional valuecreatedbyblockchain. 202120252030 US$66bn US$422bn US$1.

10、76 trillion 5 | PwC 2020 | Time for trust Organisations are rethinking the way they operate as they grapple with the impacts of COVID-19 and the way the pandemic has accelerated many disruptive trends such as the shift towards more digital ways of working, communicating andtransacting with customers

11、. Business priorities Trust is fragile in a digital world. Building trust and transparency by investing in digitisation is a priority that has gathered pace during COVID-19. As CEOs across the globe look to reconfigure their operations, some 61% are placing the digital transformation of core busines

12、s operations and processes among their top three priorities, accordingtoPwC research1. Evenbefore the onset of COVID-19, more than half of CEOs believed faltering trust in business was a threat to theirorganisation2. Organisations have clearly recognised the role of their reputation in building trus

13、t with their people, customers and business partners and have begun to pay far greater attention to the risks that undermine trust online, from issues such as fraud and other forms of cyber crimeto data loss or misuse. Now an increasing number of organisations are recognising that blockchain technol

14、ogy provides an opportunity to change for the better. Using blockchain, organisations can build greater trust and transparency in areas such as certification, recruitment, commercial transactions and the way they secure, share and use data. Blockchain also helps companies from heavy industries, such

15、 as mining, through to fashion labels, demonstrate their credentials in areas such as sustainability and ethical sourcing to satisfy the rise inpublic and investor scrutiny around these issues. 1PwC CEO Panel Survey, August 2020 2PwC 23rd Annual CEO Survey, January 2020 Winning trust: Why now? 6 | P

16、wC 2020 | Time for trust 61% of CEOs put digital transformation in their topthreepriorities Business benefits As organisations start to reimagine their futures, they have the opportunity to explore ways blockchain technology candrivegrowth. One of the major benefits of blockchain is its potential to

17、 create, store and share sensitive information online. Contracts,identity documents, certificates, official records and agreements can all beverified in a safe and secure way. For example, personal records such as birth certificates or driving licences can be generated and viewed on mobile apps for

18、instant, reliable proof of identity. Universities and other awarding bodies can create degree and qualification certificates that can be shared by graduates with prospective employers at the touch of a button. They can be instantly verified, withno need to run a credentials check witha third party.

19、This saves time and money, improves efficiencies which can bea deterrent to fraud. Technology today allows you to trace the origins and follow the journey of just about anything, but blockchain enables far greater confidence and trust than othertechnologies. Forexample, used in supply chains it can

20、prove the provenance of goods ranging from fresh produce to raw materials, or even diamonds. As these goods change hands, records can be added, inspectionsand deliveries can be logged, and payments can be released automatically, all in a secure, verifiable and trusted manner. Food retailers have cre

21、ated source to shelf solutions using blockchain which track the journey of produce as it moves through a supply chain. It helps them provide proof of origin and of environmental and manufacturing credentials, as well as allowing them to spot fake goods, orcontaminants, with speed and accuracy. Thete

22、chnology can also be used to trigger warnings around quality issues, orautomatically issue proceedings in theevent of adispute. Blockchain streamlines processes by consolidating records, automatically, online. Thisspells an end to inefficient paper trails, reducing the related risk of manual error a

23、ndoversight, and the reputational damagethat canfollow. 7 | PwC 2020 | Time for trust Set for success: The top five usesdriving blockchain adoption PwC economists have identified the top five uses of blockchain, ranked by their potential togenerate economic value. 1. Provenance (potential boost to g

24、lobal GDP by2030: US$962bn) Blockchain has enormous potential to help organisations verify the sources of their goods and track their movement at every step, strengthening transparency in any supply chain. Fraud, contaminations or counterfeits can be pinpointed immediately, ensuring customer safety

25、and enhancing efforts to be socially and ethically responsible. Earlier in my career I took the mystique out of barcodes and I feel reinvigorated as I face similar challenges getting businesses excited by, and educated on, the opportunities blockchain presents them and partners in their supply chain

26、. Theres a competitive advantage to be gained in adopting blockchain technology early because its going to change the world like barcodes did in the 70s and 80s creating even greater trust in all of your businesstransactions.” Brian Marcel, Chairman, IBCSGroup 8 | PwC 2020 | Time for trust Blockchai

27、n can be a real differentiator, a new technology with the potential to be a force forgood. Take retailers they can track theprovenance of products, enabling them to build customer loyalty and trust through transparency. Ifthey want to demonstrate that a product is environmentally friendly, orthat ev

28、eryone involved in its production was paid and treated fairly, they can. Counterfeit, stolen or contaminated goods can be flagged within seconds. Thetechnology provides a safe and transparent journey for goods, allowing organisations to prove they live up to their values. There is also potential for

29、 healthcare organisations. Forhealthcare organisations, blockchain can ensure patient safety is at the heart of the pharmaceutical supply chain. Ithas the potential to give patients confidence in the authenticity and origin of drugs, medical products and provides transparency around medical supplies

30、 and therapies. Itsearly days but the need isthere. Blockchains ability to offer such transparency around life changing treatments can build confidence and propel the industry forward.” Anthony Bruce, Partner and Pharmaceutical and Life Sciences Leader, PwC UK 9 | PwC 2020 | Time for trust 2. Paymen

31、ts and Financial Instruments (US$433bn) Central Banks around the world have been exploring how blockchain can improve their nations payments infrastructure through central bank-issued digital currencies (CBDCs). Wholesale CBDCs can facilitate more efficient clearing operations between central banks

32、and their member banks, while retail CBDCs would effectively be the equivalent of a bank note, in digital form, for public use. Financial institutions have also been experimenting, for example by using stable coins as new digital instruments to transform cross border payments by lowering remittance

33、fees and enabling near instantaneous transactions. Stablecoins are tokens that are typicallybacked by fiat money (whichisa government-issued currency), or other real-world assets and can operate on a blockchain. By comparison, cryptocurrencies such as Bitcoin are not backed by fiat money, nor do the

34、y represent fiat money in a digital format, but they can be used for payments. However, unlike CBDCs (which are legal tender) and regulated stable coins, cryptocurrencies are not a regulated means of payment in many jurisdictions and their use is even illegal in certain countries. Blockchain is tran

35、sforming the investment and asset management market and is improving transactional security and transparency. Its increasingly protecting the market from illicit activity, fraud and money laundering because we can quickly identify behavioural changes, trace reported illicit funds, get alerted to pot

36、ential associated risk and get deeper insights into the risk patterns of all transaction parties.” Pawel Kuskowski, CEO spending byconsumers on goods; investment decisions, and dynamics in the marketsuch as demand for factors like capital andlabour, trade, employmentandwageeffects. In this report, w

37、e did not modelthe impacts of COVID-19 separately. However, given how COVID-19 has encouraged remote working and technological solutions across sectors, we consider that we have taken a prudent approach in estimating blockchains economic impact. Research methodology 22 | PwC 2020 | Time for trust Ou

38、r teams of emerging technologies andeconomic specialists have produced a series of reports exploring how to balance business understanding and human insight with technology innovation. Theseries includes the following reports: Seeing is believing: How VR and AR will transform business andthe economy

39、 Sizing the prize: Whats the real value of AI for your business and how can you capitalise? The impact of drones on the UK economy www.pwc.co.uk/dronesreport More from PwC About PwC At PwC, our purpose is to build trust in society and solve important problems. Wereanetwork of firms in 157 countries

40、with over 276,000 people who are committed todelivering quality in assurance, advisory and tax services. Find out more and tellus what matters to you by visiting us at . This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 2020 PwC. All rights reserved. Definition: PwC refers to the PwC network and/or one or more of its member firms, eachof which is a separate legal entity. Please see for further details.