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Blockchain To Bring $3 Trillion Into Global Economy — WTO

14:17 28/11/2018

The World Trade Organization (WTO) published a report about the impact of blockchain on the global economy. It states that using the technology in various branches of international trade can bring $3 trillion over the next two decades.

 

According to the WTO forecast, the profit of the blockchain-related business at the global scale will reach $1 trillion in 2030. However, some exceptionally successful projects can enrich the global economy by more than $3 trillion.

The research proves that blockchain deployment in such areas as finance, logistics, transport, and others, automates processes and significantly reduces the cost of services. Decentralization will have a positive effect on exchange rates and the work of financial intermediaries, and the low cost of the technology will provide new opportunities for small and medium businesses.

 

The study also mentions the risks associated with the adoption of blockchain technologies in business. These include energy consumption, cybersecurity issues, and a pre-set block size, which leads to the scalability problem. The analysts concluded that, despite its resilient decentralized nature and cryptographic protection, blockchain is quite vulnerable to traditional security challenges, such as hacking.

According to WTO, “paperless trade” on blockchain will be possible, provided there are legal certainty and cooperation — by creating a favorable ecosystem for the technology development, the world community will change international trade radically in 10–15 years.

 

Previously, Vitalik Buterin, co-founder of the Ethereum network, claimed that many companies misapply blockchain.

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