Blockchain is a distributed and decentralized network of nodes, where every valid transaction is added to the Blockchain ledger as a block and as this ledger is available to every node on the network, there is an absence of ambiguity. The technology utilizes the concept of encryption. Blockchain has accomplished momentous traction in recent years and its success is luring enterprises who have already deployed or thinking about it. Various big companies from Fortune 500 to small-sized businesses are trying their hand in Blockchain.
In this regard, a recent from Cisco revealed that the tech giant sees huge potential in Blockchain technology, with noting that the technology could have its breakthrough in many industries within the next couple of years. Moreover, Cisco expects that nearly 10 percent of global GDP (Gross Domestic Product) would be in some way stored or transacted on the Blockchain by 2027. Since it doesn’t instantly covert into trillions of dollars in market capitalization for Blockchain platforms, the company further divulges that enterprises will more and more utilize Blockchains to secure value digitally. It also anticipated that enterprise the market for Blockchain will reach USD10 billion in 2021. According to Cisco research report, substituting multiple intermediaries in the global economy with programmable contracts and seamless execution of transactions would open up over USD3 trillion in new business value.
The report further highlights the capability of Blockchain to automate trust that makes the technology smart to deploy at an enterprise level. The technology will begin to see more execution in all-sized businesses by effectively removing the requirement for a third party like banks or auditors to establish a trusted relationship. The technology tycoon released its report on this issue with the aim of showcasing the company’s own enterprise Blockchain Platform. The Cisco report also points out that a plethora of industries are set to take advantages from the fresh technology but also highlights potential applications in supply chain management, Internet of Things (IoT), and smart cities.