Multinational tech conglomerate Cisco has issued a report recently on Blockchain technology, where the company explained the importance of Blockchain, and its role in transforming industries, and their own role in Blockchain space. The report revealed that global spending on Blockchain technology is projected to reach nearly USD 2.9 billion in 2019, due to its increasing demand by industries as they investigate ways to use Blockchain to increase trust and address challenges around complexity, transparency, and security. Taking a long-term outlook on the Blockchain industry, Cisco provided some perceptive estimation that demonstrating the depth of this industry and its growth.
As 83 percent of executives considered trust is the cornerstone of the digital economy, Cisco predicted that the Blockchain market will reach USD 9.7 billion by 2021. They also expected that 10 percent of the global GDP is likely to be stored on Blockchain by 2027. The Blockchain industry is poised to hit the highest point as it lays down the foundation for the programmable economy, which is projected to deliver efficiencies and new business value over USD3 trillion by 2030, according to Cisco and IDC data. Moreover, the rise of the API economy and demand for Blockchain in enterprise businesses are largely revolutionizing the Blockchain space.
Since technology has advanced, methods of doing business over the internet are experiencing augmenting problems. The Cisco report noted that organizations today must increasingly manage data and transactions among a large number of untrusted parties, creating business challenges around transparency, complexity, and security. It further explained that Blockchain technology offers significant increases in the aforementioned areas, providing substantial advantages for both enterprise businesses and the global economy in the world that’s becoming more and more digitized.