Cisco Expects $10 Billion Blockchain Market by 2021, 10% of World GDP Stored On-Chain by 2027

One of the largest tech conglomerates in the world, US-based Cisco, recently issued a report highlighting the company's enterprise-oriented blockchain platform.

In the report, Cisco suggested that blockchain has the potential to hold as much as 10 percent of the world's GDP. This means that several trillion dollars worth of value could be stored on both decentralized and permissioned blockchains by 2027.Cisco Expects Over $9 Billion Spent Annually on Blockchain Projects by 2021.

The most recent report published by Cisco has predicted a bright future for blockchain, saying the technology could very much become the norm for many industries within a couple of years.

Cisco has issued its report in order to highlight the company's own blockchain platform focused on enterprises.

Cisco cites a January report from IDC, which predicts the market for blockchain spending expanding to $9.7 billion per year by 2021.

This is four times what was spent in 2018, which saw $2.1 billion go towards blockchain projects.

If the predictions made in the report were to come true, almost 10 percent of global gross domestic product would be stored on blockchain by 2027.

The report found that apart from creating cost-reducing solutions for businesses, blockchain could be used to optimize smart cities, supply chain solutions, and the internet of things.

The company said that it was actively working with a number of ecosystem partners in order to develop "Standards and tools for blockchain technology to reach its full potential in the enterprise."

The same year, the World Economic Forum predicted that blockchain technology would underpin 10 percent of global GDP by 2025, two years faster than Cisco's prediction.