[2013-03-23]Blockchain Expected to Store 10% of Global GDP by 2027

[Vladdirescu87]

The U.S-based technology conglomerate Cisco published a report about Blockchain and revealed that the technology has the potential to store more than 10% of the globe’s total gross domestic product (GDP) by the year 2027. Blockchain will help in enhancing the internet of things, smart cities, and supply chain solutions.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/blockchain-global-gdp/

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[o_e_l_e_o]

The report itself makes for much more interesting reading than this article, particularly since the article didn't actually bother to link to the report.

https://www.cisco.com/c/dam/en/us/solutions/collateral/digital-transformation/blockchain-whitepaper.pdf

It's also worth point out the report is talking about blockchain, and not about cryptocurrency. In fact, it doesn't mention cryptocurrencies at all, outside of a single brief mention of bitcoin:

For example, today’s well-known bitcoin blockchain operates as a permissionless network in which anyone can participate.

There are many blockchain based projects and businesses which don't rely on a cryptocurrency or token at all. The report specifically mentions the Trusted IoT Alliance and Hyperledger. Certainly blockchain technology is growing, and is the future of many sectors, but don't be fooled in to thinking 10% of GDP in blockchain is the same as having 10% of GDP as a marketcap.

[magneto]

It's also worth point out the report is talking about blockchain, and not about cryptocurrency. In fact, it doesn't mention cryptocurrencies at all, outside of a single brief mention of bitcoin:

I think that's the main distinction that you have to look for.

I personally think that Cisco, being the company that they are, are mostly providing an outlook for institutional or corporate blockchains as opposed to cryptocurrencies. The context is most likely more so about data, accounting, private transactions in businesses etc. than decentralised blockchains as a means to store currencies.

It's an interesting forecast and outlook for the many applications of blockchain tech, of course, but I definitely think that this is a lot less relevant in terms of bitcoin's market capitalisation or market share in the global currency markets, than the title makes it seem like.

[o_e_l_e_o]

than the title makes it seem like.

I was just discussing this in another thread a few days ago. Studies estimate that around 70% of people only read the headlines, which means only 30% of people are even reading the article, and an even smaller number are reading the actual study or report that the article is based on. They'll see a snappy headline about 10% of GDP and jump all over it without reading about what it means.

As you say, Cisco are talking specifically about corporate blockchains. The report specifically mentions things like supply chain tracking, identity management, and smart cities. All great uses of blockchain technology, but all without any direct impact on cryptocurrencies.

[CryptoBry]

Blockchain is one that can really be bringing many changes in the coming years. More than cryptocurrency, this technology is now being utilized even by governments, organizations, businesses and people who have doubts on Bitcoin. What is good is that anyone can adopt the technology as this is open-source. In fact, am predicting that soon it would be famous and big firms online and offline that can be benefiting so much with the technology. Let's just hope that this technology can  be one of the many catalyst we need to affect changes in many people's economic lives on the global basis.

[btyco]

How can value be stored in the blockchain without any token or coin attached? They can tokenise assets but that means creating a token for it or using tezos or ethereum

[Naida_BR]

This should happen in the future.
No one can ever know what it is going to happen in approximately 10 years from now. I expect an economic crisis in the near future and I believe that people will start storing the value of their money in the cryptocurrencies. Thus, the value that it is stored in the industry is going to increase.

[gentlemand]

Isn't this a bit like saying 30% of the world's wealth is stored on bits of paper? Either in the form of bank notes, contracts, documents or certificates. It's an abstraction and a largely irrelevant one.

I think most will gradually realise 'blockchain' offers them nothing radical or new, and a fair bit of new grind on top. I'll believe it when I see it.