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Recognized as PwC's "megatrend of technological advances," Blockchain is poised to change the rules by automating trust, increasing transparency, and simplifying business processes. However, to exploit its full potential, several problems must be solved, according to a Cisco report.
Blockchain technology has come a long way since its inception as a technology behind crypto-currencies. Today, all major companies are exploring or testing blockchain applications, which promise greater efficiency and cost savings. According to IDC, global technology spending is expected to reach $ 2.1 trillion in 2018.
The adoption of Blockchain and the transformation to the era of a programmable economy are expected to deliver efficiencies and new business value of more than $ 3 billion by 2030. This is mainly due to improved cash flow, the origin of assets and the creation of native assets. as new business models based on trust, according to the Blockchain by Cisco report.
While the blockchain has the potential to transform the commercial landscape, scaling up remains a daunting challenge, says Cisco, who describes three key challenges.
First, the company stresses the need to establish platform standards that address the complex needs of society. In addition, companies are now looking for industry-specific solutions to transform their business processes. Finally, the interconnectivity of several independent blockchain networks is necessary to unlock the value of the true blockchain.
The report cites several areas that would greatly benefit from the adoption of the blockchain. These include the supply chain where blockchain can enable manufacturers to improve the tracking and tracking of components and finished products. The Blockchain can enable new applications related to the fight against counterfeiting, the financing of suppliers and buyers or the management of interruptions and withdrawals from the market.
The Internet of Things (IoT) is another area in which the decentralized and autonomous model of the blockchain can be used as a basis. Finally, smart cities can use the blockchain to create a secure common ledger to manage real-time data on transportation, energy and utilities.
Cisco builds a blockchain platform.
Currently, Cisco is developing a blockchain platform to meet the requirements of the desired use cases in different industries. The core of the platform is made up of several layers, each with several sub-services, including many customizable sub-services using connectable interfaces.
It includes a communication layer and a distributed large book, a snap-in intelligent contract engine that supports development languages called JavaScript, GoLang, and Python, a policy and identity layer that performs tasks such as authentication, authorization and management. identities and an orchestration layer that connects all other service levels as part of a "service mesh".
The structure of the blockchain is complemented by end-to-end analysis and security that covers the infrastructure layer via the interface layer.
Beyond its blockchain platform, Cisco announced the creation of an ecosystem that would bring together service providers, independent software vendors and startups, as well as key consulting partners, to create industry-leading solutions. end to end. for the company.
Interoperability is one of the main goals of this "true network of trust at the Internet level". Cisco states that it is creating a common data model for digitized physical assets that can be deployed in any existing blockchain network, including the known platforms of the Hyperledger and Enterprise Ethereum projects.
The company collaborates with several industry partners, such as the Trusted IoT Alliance, the Hyperledger Project, the Enterprise Ethereum Alliance, and the Digital Chamber of Commerce to develop standards and tools.
