Networking Hardware Company Cisco has issued a report on the company’s enterprise-oriented Blockchain platform, which reported that the global market for Blockchain will be valued USD10 billion by 2021. It also noted that several trillion dollars worth of value could be stored on both decentralized and authenticated Blockchains by 2027. The report stated that the sheer potential of the Blockchain technology resides in its ability to automate trust.
Cisco’s report noted that the true innovation of Blockchain is its ability to automate trust among the parties using it. Transactions are settled in a collective fashion and recorded on a distributed ledger, which removes the need for an established third party to create a trusted relationship. Participants can directly use the blockchain as the source of truth instead of one another. The company, on their own Enterprise Blockchain platform, said that Cisco is building a comprehensive foundation for enterprise blockchain technology that brings together our strengths in high-availability distributed systems architecture as well as best-in-class capabilities around security, identity, and cryptography. To accelerate enterprise adoption, Cisco further added that, we’re also bringing together a world-class ecosystem of partners and alliances to deliver a true Internet-scale trust network. As businesses look to realize the promise of this transformative technology, Cisco is focused on making blockchain enterprise-ready, and we encourage you to contact your Cisco representative to learn more.
The adoption of Blockchain technology continues gaining traction and widely used in the BFSI space for financial transactions and cross-border payments. Nowadays, healthcare, supply chain management, Energy, Media, and Informatics, among other sectors rapidly deploying the technology into their business processes.