US-based telecommunications equipment manufacturer Cisco Systems has set its eye on enterprise blockchain solutions on the premise that the market an approach an approximate USD 10 billion by 2021.
In recent times, more brick and mortar companies have lauded the ability of blockchain technology and continue to show support for its development. In the report Blockchain by Cisco, the technology is described as having the ability to enable multiple parties to reach an agreement on the authenticity of a transaction in a decentralized manner.
Trust being a central theme in the function of the blockchain as it maintains a traceable, irrefutable and secure system of record keeping; Cisco suggests the greatest innovation brought by the blockchain is its automated trust system. The report reads:
“Participants can directly use the blockchain as the source of truth instead of one another… The Economist refers to this capability as the “trust machine” that will fundamentally transform the way we do business.”
The report further indicated that as emerging technologies such as internet of things (IoT) take root in the global economy, they pose a potential security threat to about 20 billion IoT devices by 2020. This will only make blockchain solutions more significant. More so, the complexity of financial systems in global trades and the lack of transparency in supply chain markets makes blockchain utility a necessity.
As blockchain continues to grow it could play a larger role in the world’s economy soon, the report states that “10% of global GDP that is likely to be stored on blockchains by 2027” is one of the possible scenarios as the industry matures.
Another interesting insight provided by the report inferred that programmable economy is expected to deliver efficiencies and new business value in excess of USD 3 trillion by 2030… driven primarily by improved cash flow, asset provenance, and native asset creation, as well as new trust-based business models, qualities right in the ballpark of blockchain technology.
Other reports such as the increase in blockchain hiring and spending further buttress the perspective provided by Cisco, as the technology continues to evolve while business processes are simply playing catch-up.
Cisco as with other top tech conglomerates is staking a part of its corporate resource into the future of both decentralized and permissioned blockchain economy. Its debut into blockchain began with its patent filing to copyright the use of blockchain in tracking IoT devices followed by its other patent for an innovative group chat on the blockchain. Further, it has 14 innovation centers across the globe, with the most recent launched in Southeast Asia.
The tech firm aims to accelerate the adoption of enterprise-grade blockchain solutions by “bringing together a world-class ecosystem of partners and alliances to deliver a true Internet-scale trust network”, according to their enterprise blockchain platform. It is currently building an enterprise-grade blockchain solution designed as a composable platform architecture.
IBM and Microsoft are other tech giants pushing the frontier of enterprise-grade solutions. Huawei technologies had also recently inferred that it was staging Hong Kong as a blockchain hub for future economic impact. It appears that this emerging niche of enterprise-grade blockchains could become a unique bi-product of a once thought to be a speculation-ridden ecosystem.
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