WEF: Blockchain Worth $1 Trillion by 2025

The World Economic Forum (WEF) has released a report stating blockchain technology could generate US$1 trillion by 2025.

The findings were release in a new paper entitled: ‘Trade Tech – A New Age for Trade and Supply Chain Finance’ which foresees import and export times being cut by 44%.

The Middle East economies could be set to benefit as they are emerging economies that allow greater digital implementation, thus helping them get access to credit.

In Asia and the wider Pacific, smart technologies could increase exports by as much as $257 billion annually.

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The WEF stated: “Individual firms and governments are starting to digitalize and automate their trade and supply chain processes by deploying relatively new technologies.

“This includes distributed ledger technology, often referred to as blockchain, which is associated with the protocol for the digital currency bitcoin.

“As one area of trade and supply chains, financing would reap huge benefits from emerging technologies.

“Globally, demand is strong for supply chain finance. Bain & Company estimates that demand is expanding by 5-15% a year in the Americas and Western Europe, and 10-25% in Asia, with food and retailing among the most active industries.”

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