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Laxman Pai, Opalesque Asia: The blockchain has the potential to hold as much as 10% of the world's GDP, said 'Blockchain by Cisco' report.
This means that several trillion dollars worth of value could be stored on both decentralized and permissioned blockchains by 2027.
Cisco also expects $9.7bn would be spent annually on blockchain projects by 2021.
Cisco cited a January report from IDC, which predicts the market for blockchain spending expanding to $9.7bn per year by 2021. This is four times what was spent in 2018, which saw $2.1bn go towards blockchain projects.
"Traditionally, institutions such as banks, governments, and corporations have played the role of managing risk to facilitate trade and commerce. Now, for the first time, organizations can use technology to manage this risk to lower uncertainty and reduce everyday transaction costs of doing business," said the report.
This transformation promises to have a significant effect on our broader economy. The transformation toward an era of a programmable economy is expected to deliver efficiencies and new business value in excess of $3tn by 2030. This will be driven primarily by improved cash flow, asset provenance, and native asset creation, as well as new trust-based business models.
Blockchain has the potential to change the rules by automating trust, increasing transparency, and simplifying business processes. Cisco pointed out that 83% of executives believed trust is the corn...................... To view our full article Click here
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