I am a 27 year old male and noticed some blood in my stools. I am scared of developing cancer?

Do not worry; colon cancer is a disease of older people. Blood in the stools in young people can be from hemorrhoids, rectal tears or anal fissures. 

Colon cancer under the age of 50 is quite rare. Unless you have a family history, the risk of colon cancer is very small. In your case, the bleeding may be related to something near the rectum. 

If the bleeding does not happen again, I would not worry about it. But if the bleeding persists then a visit to the doctor is recommended