The era of a programmable economy
In our previous articles, we discussed what is blockchain and how to boost your business using blockchain.
In this article, we would look into the future.
Photo by Andreas Kind.
Being at the forefront of technology, where change is happening, we are witnessing history with our eyes. While some believe that blockchain is just speculation other like us believe that blockchain is a major technological innovation going to transform our economies and lives.
Few facts that prove to us that blockchain is here to stay:
- Major technology players like Microsoft, IBM, Cisco are investing solid resources to develop proprietary business solutions.
- Global demand for blockchain expert has increased by 517% in a year time
- International governments are developing legal frameworks to support technology growth.
But you might ask yourself why? And what is so special about blockchain?
Traditionally, institutions such as banks, governments, and corporations have played the role of managing risk to facilitate trade and commerce. Now, for the first time, organizations can use technology to manage this risk to lower uncertainty and reduce everyday transaction costs of doing business.
Cisco Report
From the before mentioned report, we also learn that that blockchain market is expected to grow to 9.7 billion by 2021. Looking even further into the future the researchers from Cisco stated that 10% of the global GDP is likely to be stored on blockchains by 2027.
But how big is the opportunity?
The transformation toward an era of a programmable economy is expected to deliver efficiencies and new business value in excess of $3 trillion by 2030. This will be driven primarily by improved cash flow, asset provenance, and native asset creation, as well as new trust-based business models.
Cisco
As we discussed in our previous articles the core features of blockchain are Trust, Transparency, and Traceability. Trust above all is believed to be the cornerstone of digital economies proving blockchain to be the perfect technology to build on top of if you are willing to take your business into the future.
If you have a great idea — but you not sure if blockchain technology can be integrated into your business, or you are not completely sure if your business can benefit from using blockchain – get in touch with us at hello@hack.bg.
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Also published on Medium.
