Cisco: 10% of the world's GDP will be stored on Blockchains by 2027

The IT giant predicts tremendous growth of the technology - industry expected to reach $3 billion in 2019 and $10 billion by 2021

Global spending on blockchain technology is expected to reach around $2.9 billion in 2019 as industries everywhere investigate ways to use blockchain to increase trust and address challenges around complexity, transparency, and security. 

Taking a long-term outlook on the blockchain industry, Cisco provided some insightful estimations that showcase the depth of this industry and how it’s expected to grow. 

According to Cisco, 83% of executives believe trust is the cornerstone of the digital economy, and it’s expected that the blockchain market will reach $9.7 billion by 2021. Cisco also stated that 10% of the global GDP is likely to be stored on blockchains by 2027.