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Blockchain has now become a fact of life. In our “Time for Trust” report, we predict and show how the blockchain technology will accelerate growth in industry and economy in the near future. It is one of the most exciting technologies to arrive after the internet. Blockchain has the potential to bring fundamental changes in the corporate world, in economic processes and even in society as a whole. The possibilities are diverse and the potential applications encompass many sectors.
According to the assessment of PwC economists, blockchain has the potential to boost global economic output by US$ 1.76 billion by 2030. Furthermore, experts anticipate that the technology will be used by the majority of companies around the world in the next five years.
The blockchain technology may have initially emerged from cryptocurrencies and spread to the financial services sector, but today it is changing business models, from supply chains and the retail sector through to healthcare. This technology can solve problems that affect all organizations as it enhances major topics that are also key areas of focus for PwC: transparency, security and trust in transactions.
Are you already dealing with this innovative technology? What is your next step? The experts from PwC will assist you in determining the various opportunities offered by blockchain.
Crypto blockchain focuses on the implementation of blockchain in finance-related sectors, e.g. financial services, capital markets and insurance companies. In this area, PwC offers a wide range of services such as the implementation of digital currencies (CBDC), ICO advisory services, crypto audit and crypto taxation, blockchain risk management and many more.
Blockchain is relevant to multiple areas along the financial services value chain, e.g. trade finance, know your customer, peer-to-peer payments, information security, crypto custody, anti-money laundering and many more. PwC has profound expertise in dealing with legal and regulatory topics relating to banking law, securities law, the regulation of payment services and investment law.
The focus here is on the implementation of blockchain technology across various sectors with application scenarios such as track and trace in supply chains and logistics, secure identity management, improving customer retention, loyalty management and much more.
Blockchain serves as a key enabler for sharing data across multiple companies and will be an integral part of IT infrastructure of companies in near future. Blockchain will work in harmony with existing IT systems and be linked to ERP platforms in order to rationalize processes, automate transactions using intelligent contracts and eliminate intermediaries with the additional advantages of fast execution times, increased security and lower costs.
A modular solution for tracing (“track and trace”) the origin of products and documents. The platform developed by PwC supports third party integration and can be used for various situations in a wide range of sectors.
A blockchain platform developed by PwC for providing trustworthy and secure credentials in real time. This means that verified, secure and trustworthy authorizations can be issued and access can be shared or revoked.
PwC Europe Blockchain Lead, PwC Germany
Partnerin und Head of Technology Transformation for Advisory, PwC Germany