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BLOCKCHAIN MARKET COULD HIT the mark of $7 bln, estimates Bank of America

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The Bank of America (BoA) has predicted that the blockchain market could grow exponentially to hit the mark of $7 billion and it can provide a strong boost to corporate leaders like Microsoft and Amazon, CNBC reports on October 2.

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Although the prediction doesn’t specifically mention any time frame for this growth, it was reportedly based on BoA’s analysts’ estimate on a rough figure that two percent of corporate servers would be used to run blockchain at a annual cost of $5,500.

Kash Rangan, BoA research analyst told CNBC that blockchain is equipped to some of the world’s largest corporations, adding for example, “Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon’s retail operations more efficient.”

However, Rangan emphasized that while many practical uses of blockchain have been widely popular,“ full products/services have not yet been built out and are not used in production,” sidelining blockchains ability to generate real-world capital is still not tasted.

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According to Rangan, the distributed ledger system could take “software as a service” (Saa) models to the next step by implementing the “blockchain as a service” (BaaS). Giving the example of Microsoft’s Azure, a blockchain-based platform, Rangan noted, “BaaS on Azure offers services such as smart contracts and other third-party apps, and should benefit as use of blockchain on Azure increases.”

Some other names included by BoA as the potential beneficiaries poised to benefit from blockchain are, IBM, Oracle,,VMware along with some major organizations from mortgage and real estate sector such as Zillow, Lendingtree and Redfin.

Some of the companies in the list are already investing themselves in the blockchain technology, IBM and Microsoft are a prime example of that.

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