How will blockchain impact the global economy?

An analysis by PwC shows blockchain technology has the potential to boost global gross domestic product (GDP) by $1.76 trillion over the next decade. That is the key finding of a report assessing how the technology is being currently used and exploring the impact blockchain could have on the global economy.

Through analysis of the top five uses of blockchain, ranked by their potential to generate economic value, the report gauges the technology’s potential to create value across industries, from healthcare, government and public services, to manufacturing, finance, logistics and retail.

“Blockchain technology has long been associated with cryptocurrencies such as Bitcoin, but there is so much more that it has to offer, particularly in how public and private organizations secure, share and use data,” comments from Steve Davies, a global leader and partner of blockchain, PwC, UK.

[Source: https://www.helpnetsecurity.com/2020/10/16/blockchain-impact-global-economy/]

The financial sharing model has gradually been developed with the rise of group companies, but in the process of development, many problems such as unreasonable overall structure and centralized power have emerged. As a brand-new accounting information application technology, blockchain technology has the characteristics of being distributed, decentralized, anti-counterfeiting and traceability, and it can be widely used in many fields.

The article published in the journal of Probe - Accounting, Auditing and Taxation started from the basic architecture of the blockchain, established an infrastructure model for the financial sharing model and a specific optimization path, and it finally designed an internal and external “dual chain” structure based on the financial sharing model using the blockchain technology, hoping to be a financial sharing model.

The author thought that through the application of blockchain technology, core information such as corporate transactions can become more open and transparent, and the financial sharing center will make unified decisions, enhance the value of financial support for strategic decisions and business support, and eliminate the gap between business and finance.

This research established a specific model for financial sharing, hoping to provide reference value for the future research and development of financial sharing model.

Read the full paper at:

http://probe.usp-pl.com/index.php/AAT/article/view/1338