US-based multinational technology company, Cisco recently published a report that features the scenario of the business-oriented blockchain platform. In the report, Cisco predicted that by 2027 the blockchain could “hold” up to 10% of global GDP. It means mass adoption is about to begin.
The first ten years, i.e., 2009 to 2019 was the creation stage of blockchain technology, the year 2021 will probably be the year of the popularization of this new technology.
In a recent report, Cisco pointed out that by 2021, approx. $9.7 billion will be spent every year on Blockchain.
According to the report, worldwide industries are investigating ways to use blockchain to increase trust across their business value chains and address primary challenges around complexity, transparency, and security.
Cisco predicted the bright future of Blockchain Technology by saying that blockchain can possibly change the business landscape, critical difficulties to wider adoption remain.
The whitepaper clarifies that Cisco is experimenting and testing the blockchain technology for wider adoption.
“As we move from experimentation to widespread adoption in the enterprise, Cisco is leading several efforts to make blockchain technology enterprise ready. “
The release emphasized the potential of blockchain by issuing that the change toward a period of a programmable economy is expected to deliver efficiencies and new business value over $3 trillion by 2030. It also released, Blockchain can enable manufacturers to improve track and trace of components and finished goods across a supply chain.
In addition to this, Cisco is now joining other technology giants to launch their own private blockchain to serve its customers, with big competitors like IBM, Huawei, Amazon, and others.
Cisco is building an ecosystem to support blockchain adoption that brings together service providers, ISVs, and startups, as well as key consulting partners to create end-to-end industry solutions for the enterprise.
A primary focus of Cisco’s blockchain effort is around creating a standard data model for digitized physical assets that can be deployed on any existing blockchain network, including popular platforms in the Hyperledger project and Enterprise Ethereum.
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