In this report PwC explores the impact blockchain technology can have on the global economy. We look at how practical, everyday uses are creating an opportunity for organizations 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 figures, looking at how organizations can benefit from blockchain technology and what steps they can take to get started today. Why blockchain is more than Bitcoin Blockchain technology has long been associated with cryptocurrencies such as Bitcoin, but there is so much more that it has to offer. The technology, as we’ll 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.
There’s no need for a third-party, such as a bank or a regulator, to verify such actions because it’s a shared process, secured by cryptography. This cuts out intermediaries and puts blockchain in an important position for improving trust, transparency and efficiency across organizations.
