Cisco Unveiled a Blockchain report this week. In the report Cisco states that 83% of executives believe trust is the cornerstone of the digital economy. The report also states that by 2027 10% of GDP is likely to be stored on the blockchain, and that the expected blockchain market in 2021 is $9.7 billion.
The report also discussed the Cisco efforts in Blockchain. Cisco believes that Blockchain main features are transparency, less complexity, and security. As such Blockchain will digitize business processes, tokenize assets and codify contracts. The transformation towards an era of programmable economy is expected to deliver efficiencies and new business value of $3 trillion by 2030.
Cisco then talks in the report about their current efforts in building a blockchain platform, a compos-able platform architecture with distributed ledger, smart contracts identity and policy, and orchestration layer. Cisco is also building a commercial data model for digitizing physical assets that can then be deployed on any existing blockchain network including Hyperledger and Ethereum.