One of the fastest growing technology in the field of trade and marketing is the blockchain technology. However, it is a recently introduced strategy in the world of business; investors and businessmen are still in a state of dilemma about its potential. Many questions are raised about the global impact of blockchain technology on the future of employment by the year 2030. People are also concerned about its effects on the economic situation of the world or specifically the annual GDP of France.
Apart from all the confusions about the progressive influence of blockchain technology, investors are hoping positive results in the next ten years. Recent studies reveal promising developments in most of the sectors by adopting this technology as their primary operating system. Blockchain technology may ensure optimization of businesses in a variety of sectors including industry, medical, education, etc. This recent technology promises secure digital identity, traceability, global accessibility, complete authority due to decentralization, and many other benefits to investors and businessmen.
Along with all these benefits that blockchain offers to an individual, it can have a profound influence on the collective progress of economies and financial conditions of a country. In this article, I will give you a deep insight into why blockchain is a technology of the future, to help you realize its importance and the revolutionary changes it can bring to our economies.
So, there you go!
Impact of Blockchain Technology on Annual GDP
Keeping in view the growing popularity of blockchain technology, researches and studies have been conducted to find out what and how this revolutionizing technology can influence the GDP of a country. A recent study conducted in the same reference for the annual GDP of France indicated that implementation of blockchain technology has the potential to increase the annual GDP of France by $ 58.5 billion by the year 2030. The partner in charge of Blockchain Activity, France, has said that blockchain technology is becoming more accessible with the time and better economic improvements are expected. He said that this technology is extremely helpful for the solution of complex problems.
Other Financial Impacts of Blockchain Technology
If we look around us, there are many underdeveloped countries where people are unable to access banking services or other online monetary services. Blockchain can serve as a landmark in solving this problem. The global accessibility to blockchain technology can make it easy to help people all around the world to utilize the digital currency with easy and fast transactions at minimum cost.
Blockchain Technology Can Serve as A Driver of Job Creation
This technology can offer a vast horizon for new jobs relevant to this field. It involves many other sectors for the provision of job opportunities where blockchain technology is used. There are many job titles that you will be found in the near future related to blockchain technology. This will ultimately improve the employment rate resulting in a positive impact on the economic situation of a country. If we talk solely about France, 500,000, job opportunities are expected to be offered in the coming years.
Impact of Blockchain technology on French Economy
A few recently conducted studies have shown how promising can be the implementation of blockchain technology on the French economic conditions. Below are the five cases where we can see a remarkable impact on the French economy.
- Agreements and disputes: $13 billion.
- Traceability: $33 billion.
- Loyalty and customer engagement: $1 billion.
- Identity and digital certification: $8 billion.
- Securitization and payment: $13 billion.
What Sectors in France Are Expected to Experience the Strongest Impacts of Blockchain Technology?
It is expected that almost all of the national and international sectors will experience a progressive impact on the implementation of blockchain technology when adopted as their operating system. However, the five sectors that are expected to experience the most promising results are:
- Energy: $1 billion.
- Business services: $18.9 billion.
- Financial services: $3.5 billion.
- Public administration, health, and education department: $29 billion.
What is the Estimated Position of France as Compared to Other European Countries in the Blockchain Economic Impact Race?
According to the experts, France holds the third position after Germany and the United Kingdom for the impact of blockchain technology on GDP.
It won’t be wrong to say that blockchain technology is soon going to revolutionize the future of business, trade, and marketing in many industries. Hence, it is essential that the government realizes its importance and starts accepting its usage for the improvement of financial and public sectors. By offering ample job opportunities, remarkable improvements in GDP, and promising progress in the fields of health, education, and public administration, Blockchain technology can play a crucial role in the development of overall economic conditions of France.