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Cisco blockchain report: $10 billion markets expected by 2021

Cisco blockchain report: $10 billion markets expected by 2021

March 25, 2019, | AtoZ Markets –  The recently published Cisco blockchain report voiced the idea that the blockchain technology could contain up to 10 percent of global GDP. In other words, by 2027, the value of several trillion dollars can be stored on decentralized and open source blockchain platforms. Also, the multinational technology conglomerate, in its report highlighted the company’s view of the blockchain technology and its implementation methods.

Cisco blockchain report highlights investments into the blockchain projects

Cryptocurrency continues to experience ups and downs and crypto companies continue to compete in the market of digital assets. Nevertheless, blockchain technology continues to evolve. In its latest report, Cisco outlined that the technology could be the norm for many industries over the course of a couple of years. Since its inception, blockchain technology continues to penetrate into all possible areas of human activity – from supply chains to the energy management network.

Cisco blockchain report reads :

“Blockchain-based technologies can build a foundation for trust in the enterprise through the digitization of business processes, tokenization of assets, and codification of complex contracts,”

Cisco blockchain report reviews major company’s challenges

In its report, Cisco reviewed its own enterprise-specific blockchain platform. According to the company’s blockchain report, the main advantage of the company solution is the potential of the technology. The technology conglomerate has identified transparency as one of the major challenges that many businesses are facing today, especially in global supply chains.

According to a rough estimate of the technology giant due to fraud, the U.S. semiconductor companies are losing more than 7.5 billion dollars every year. Another major challenge for suppliers is the complexity of world trade. Numerous intermediaries, such as financial institutions and brokers, are forcing suppliers in emerging markets to pay interest on receivables financing that reaches 30 percent.

Cisco believes the blockchain technology will improve business ecosystems

According to the company, the blockchain will allow business ecosystems consisting of both internal and external partners to safely interact and carry out operations without human intervention and greatly simplify operations for large enterprises. Cisco refers to the January IDC report, which predicts that by 2021, the blockchain spending market will increase to $ 9.7 billion a year. This is four times more than was spent in 2018 when 2.1 billion dollars was spent on blockchain projects.

Blockchain improves security and brings new business value

According to Cisco, programmed commerce based on the blockchain would open more than $ 3 trillion to a new business. If the forecasts made in the report are justified, by 2027 almost 10 percent of the global gross domestic product (GDP) will be stored in the blockchain.

The ability to automate trust, as noted in the Cisco report, has made it attractive to most companies in the field of digital commerce. Since this effectively eliminates the need to establish trust with a third party, such as a bank or an auditor, the blockchain will begin to see increasing use in companies of any size.

The report indicates that, in addition to creating cost-cutting solutions for the business, blockchains can be used to optimize smart cities, supply chain solutions and the Internet of things (IoT).

Cisco claimed about its collaboration with a wide range of corporations in a blockchain field

The company said it is actively cooperating with a number of ecosystem partners in order to develop “standards and tools for blockchain technology to fully realize their potential in the enterprise.”

The company also stated that it is a member of the executive committee of the Chamber of Digital Commerce, where it leads efforts to promote the adoption of digital assets and blockchain-based technologies.

The company said it is actively cooperating with a number of ecosystem partners in order to develop “standards and tools for blockchain technology to fully realize their potential in the enterprise.”

The company also stated that it is a member of the executive committee of the Chamber of Digital Commerce, where it leads efforts to promote the adoption of digital assets and blockchain-based technologies.

Cisco is not the first company drawing a bright future of the blockchain technology

Although some skeptics may call Cisco’s blockchain future predictions very optimistic, this is not the first time that a major player in the industry makes such assumptions. Back in 2017, Deloitte made similar predictions. In the same year, the World Economic Forum predicted that blockchain technology would provide 10 percent of global GDP by 2025, which is two years faster than Cisco predicts.

What do you think? Please share your thoughts with us in the comment box below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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