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The technology conglomerate Cisco recently released a new statement on the blockchain.
In the report, they discuss exactly how they see the technology being used, what the advantages of blockchain are and what financial impact these people expect blockchain to have on the market.
The Monetary Impact of Blockchain
Similar to Joseph Lubin’s prediction that blockchain will capture half of the world’s wealth within the next twenty years, the Cisco statement predicts that by 2027 10% of the global GDP will be saved on the blockchain.
Currently, the global GDP is about $80 trillion. Accounting for growth and new value that blockchain is expected to add to the economy, global GDP could easily be $100 trillion by 2027. If Cisco’s report turns out to be accurate that could imply a $10 trillion crypto market is only eight many years away.
According to Cisco, “the true innovation of blockchain is its ability to automate trust among the parties using it. – This embedded trust allows consumers, enterprises, and governments to automate how they manage any transactional relationship. ”
Although the ability to create a trusted environment for transactions to occur might not be something that the average consumer thinks about, it’s very important for businesses. In fact, the Cisco report claims that “83% of executives believe trust is the cornerstone of the digital economy. ”
That’s an incredible amount of money and it stands to reason that the savings will only continue to grow as the technology matures. That’s good news for business, good news for consumers and good news for everyone in crypto. It means increased adoption, legitimacy and hopefully, a return to higher prices as blockchain technology begins to get adopted.
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