The Bank of America: Blockchain to hit $7 Billion Market as a boost for corporate giants

Blockchain Market

Have you not upgraded your website to HTTPS yet? Upgrade NOW.

Google with its Chrome 68 update to show all HTTP websites as NOT SECURE. Avoid Google's penalty by installing an SSL Certificate. Get a DigiCert Standard SSL and secure your website at just $157/year. BUY NOW

ADVERTISEMENT
DAILY BRIEF
Get daily updates straight in your inbox.

The Bank of America estimates that blockchain could be a $7 billion market and provide a major boost to corporate giants such as Microsoft and Amazon, CNBC reports Oct. 2.

As reports suggest it adds that certain corporations will particularly benefit from blockchain technology. Corporations with a strong presence in cloud computing and supply chain operations, for example, may be able to get a substantial boost from blockchain technology.

In a note, analyst Kash Rangan said the blockchain market could be a $7 billion opportunity for tech firms, although the analyst did not specify when blockchain would reach this mark because the industry remains in its early phases. He further commented that combining blockchain with a company’s current cloud computing system could have particular benefits for logistics.

Amazon would profit from incremental cloud services demand from blockchain implementation, while improved supply chain tracking should make Amazon’s retail operations more efficient. – Rangan

According to Rangan Blockchain is a software protocol that underpins cryptocurrencies like bitcoin. Also called distributed ledger technology, it shares data on a distributed, secure, and unalterable ledger in a way that databases have not been able to in the past.

The 2% of servers used to run blockchain at a cost of $5,500 per server were based on the estimates of Bank of America. Today, most corporate blockchain implementations involve database management, supply chain, or blockchain as a service (BaaS) setups.

Notably, many of the firms recognized by BOA have already made major forays into the blockchain space. It says Oracle, IBM, Salesforce.com, VMware, and real estate and mortgage players like Redfin, Zillow, LendingTree stand to benefit from blockchain implementation.

The Bank of America: Blockchain to hit $7 Billion Market as a boost for corporate giants