Cisco: by 2027, 10% of global GDP will be recorded on blockchain

Cisco: by 2027, 10% of global GDP will be recorded on blockchain20.03.2018

Cisco: by 2027, 10% of global GDP will be recorded on blockchain

Analysts at Cisco Technology Corporation believe that in 8 years, 10% of global GDP will be stored on the blockchain.

This is stated in the report, where they are considering options for using the blockchain, its advantages and the expected financial impact on the world market.

World GDP is about 80 trillion dollars. Given the growth and new value that the blockchain is expected to add to the economy, global GDP could "easily amount to 100 trillion dollars by 2027".

“The innovation of the blockchain is transparency, due to which trust between the parties using it will be brought to the absolute. This allows consumers, businesses and governments to automate the process of managing any transactional relationship, ”the report says.

According to Cisco, 83% of executives believe trust is the cornerstone of the digital economy. Company analysts also predict an improvement using the blockchain supply chain tracking.

“Blockchain will allow manufacturers to improve the tracking of components and finished products throughout the supply chain and provide new anti-counterfeiting applications, financing for suppliers and customers,” they emphasize.

Since the blockchain will allow a company or customer to track a product from its inception at the factory to its delivery to a point of sale, it will be much easier to detect fraud, waste or theft in the supply chain. This will have a positive effect on both suppliers and consumers - companies will save money and transfer these savings to consumers.

"It is expected that the transition to the era of a programmable economy by 2030 will provide efficiency and new value in excess of $ 3 trillion," predicts Cisco.

Earlier, one of the founders of Ethereum, Joseph Lubin, predicted that the introduction of blockchain would provoke global growth 10 times over 10-20 years.

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