Blockchain to boost Sydney economy by $30 billion

Blockchain to boost Sydney economy by $30 billion

Recent research has indicated that blockchain will be among four new technologies that are expected to increase Sydney’s economy by 80% over the next decade.

According to new research from Digital Realty, blockchain, artificial intelligence (AI), internet of things (IoT), and 5G technologies are expected to contribute AU$30 billion to Sydney’s economy by 2029.

The report added that Sydney is leading Australia in digital technology adoption, and is currently ranked 14th globally in the Digital Capitals Index.

Blockchain is among the four digital technologies that are estimated to have contributed $6.66 billion to the Sydney economy in 2019, with IoT contributing around half of that.

5G is also expected to increase its share to 22% as the technology gets rolled out, and blockchain will be responsible for around 11% of the total.

Sydney not only leads in emerging technology adoption in Australia, but it is also Asia Pacific’s leading hub for fintech and infotech. The city is also home to almost 65% of the antipodean nation’s financial services and accounting activities.

Through new jobs, businesses, industries, improved public services, and other metrics, the Global Digital Capital Index predicts New York, Los Angeles, and Tokyo will be the top three digital cities by 2029.

Image courtesy of TheDigitalArtist/Pixabay

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