Cisco: Global Blockchain market will be worth $10 billion by 2021

Cisco, one of the largest tech conglomerates in the world, released a report on the company’s enterprise-oriented blockchain platform, which made the following interesting observations:

• Global blockchain market will be worth $10 billion by 2021.
• The blockchain has the potential to hold as much as 10% of the world’s GDP.
• Several trillion dollars worth of value could be stored on both decentralized and permissioned blockchains by 2027.

Cisco’s report stated that the sheer potential of the blockchain technology lies in its ability to “automate trust.”

“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.”

On their own enterprise blockchain platform, Cisco said:

“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, 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.”