This week, the blockchain news section on our DC Forecasts crypto news site is evidently booming. Aside from the new patent that was granted to IBM, the Bank of America is also in the latest blockchain news for its recent prediction about the market.
As one of the leading banks out there stated, blockchain could be a $7 billion market soon, providing a major boost to corporate giants such as Microsoft and Amazon. The news was first reported on CNBC yesterday.
Even though the analysts working at Bank of America refrained from putting an exact “time stamp” on when the industry will according to them reach these numbers, they also based their estimates on a ballpark figure that 2% of corporate servers would be used to run blockchain at an annual cost of $5,500.
According to one analyst from the bank named Kash Rangan, the technology is well-suited for some of the largest corporations in the world. He noted:
“Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon’s retail operations more efficient.”
Rangan also emphasized that despite the numerous potential use cases for blockchain, there are no “full products/services that have been built out or used in production” which is why the technology (still) has a major capacity for generating real-world capital.
Rangan also pointed out to Azure as the most popular blockchain-based platform by Microsoft, addressing a new model that would be called “blockchain-as-a-service (BaaS)”. As he stated:
“BaaS on Azure offers services such as smart contracts and other third party apps, and should benefit as use of blockchain on Azure increases.”
With this, the Bank of America once again proved that it recognizes who are the main firms which can take up an initiative and adopt blockchain in the near future.
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