US-based Cisco, one of the world's largest technology companies, recently released a report highlighting the company's enterprise-oriented block chain platform. Cisco said the blockchain has the potential to hold up to 10 percent of world GDP. This means that by 2027, a few trillion dollars worth of value can be stored in both decentralized and allowed blocks.
Cisco Expected to Be $ 9 Billion in Blockchain Projects by 2021
While the crypto industry continues to experience fluctuations, the companies that are constantly fighting in the turbulent market and the block chaining technology continue to advance. The industry has been on the rise since its inception in 2008 and has penetrated every conceivable gap from supply chains to copyright management.
The latest report released by Cisco predicted a bright future for the blockchain, saying that technology could become the norm in several sectors over several years.
Cisco released its report to highlight the company's own block chain platform for businesses. According to the report, the main selling point of the solution is the potential of technology.
Source: Cisco Blockchain
Cisco has defined transparency as one of the main challenges that businesses face today, especially in global supply chains. A roughly predicted estimate showed that US-based semiconductor firms lost $ 7.5 billion each year due to fraud.
Another important concern for suppliers is the complexity of global trade. Multiple intermediaries, such as financial institutions and intermediaries, are urging suppliers in the emerging markets to pay interest on high-yields of up to 30%.
In Cisco's report:
”Blockchain-based technologies can provide a foundation for trust in enterprise through the digitization of business processes, identification of assets and coding of complex contracts“
said.
The company believes that these technologies can enable business ecosystems, both internal and external partners, to interact and interact securely without human intervention and to significantly simplify operations for large enterprises.
Cisco is talking about a January report from IDC, which foresees that the market for block chain spending by 2021 will increase to $ 9.7 billion per year.
Blockchain Will Bring New Business Value, Automate Trust and Improve Security
Cisco's research said such programmable trading would earn more than $ 3 trillion in new business value.
If the estimates made in the report were realized, almost 10 percent of the global gross domestic product (GDP) would be stored in the blockchain until 2027. But this does not mean that the crypto industry will see such a dramatic increase. it is claimed that most businesses and financial institutions shift the focus to more interoperable blocks.
Although the intention to support the existence of distributed local currencies, the blockchain seems to be spread over many other applications. As the Cisco report indicates, the technology's ability to isi automate trust dijital has made it attractive to most companies in digital commerce.
Because it effectively eliminates the need for a trusted third party, such as a bank or auditor to establish a reliable relationship, the blockchain will start to see more applications in any size enterprise.
In addition to creating cost-cutting solutions for businesses, the report found that blockchain could be used to optimize smart chains, supply chain solutions and the Internet of Things (IoT). The company said it is actively working with many ecosystem partners to develop lar standards and tools to achieve the full potential of block chaining technology in businesses Şirket.
Cisco emphasized its work with the Trusted IoT alliance, the Hyperledger project and the Enterprise Ethereum Alliance. The company also said it is a member of the Executive Board of the Digital Chamber of Commerce, where it is pioneering efforts to promote the acceptance of digital assets and block chain-based technologies.
While some skeptics may call their optimism very optimistic for the future of Cisco's blockchain, this is not the first time a major industry player has made such assumptions. In 2017, Deloitte made similar predictions. In the same year, the World Economic Forum predicted that block chain technology would support 10 per cent of global GDP, which is two years faster than Cisco predicted by 2025.