Blockchain technology has the potential to boost the global economy by US$1.7 trillion over the next decade, according to a recent report by PwC.

It suggests a tipping point will be reached in 2025 when blockchain technologies are expected to be adopted at scale across the global economy.

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

He adds that C-suite support is required ‘to identify the strategic opportunity and value, and to facilitate the right level of collaboration within an industry.

‘Establishing proof-of-concept uses that 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.’