BoA: Blockchain Market Can Hit $7 Billion and Will Significantly Boost World’s Largest Corporations
A new Bank of America report claims that blockchain technology could be worth $7 billion. According to Bank of America analyst, if a business is Microsoft, Amazon or Oracle, the burgeoning blockchain market could mean billions of dollars in additional revenue.
In a note, analyst Kash Rangan said the blockchain market could be a $7 billion opportunity for tech firms. Based on the analysis by Kash, the entire total addressable market for blockchain will eventually hit $7 billion, although the analyst did not specify when blockchain would reach this mark because the industry remains in its early phases.
Rangan’s estimates assume that 2 percent of servers will be used to run blockchain, at $5,500 per server, per year.
One of Bank of America analysts commented on the potential blockchain revolution:
“Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon’s retail operations more efficient.”
The report admitted that blockchain is not being used in very many consumer environments at this point. Today, most corporate blockchain implementations involve database management, supply chain, or blockchain as a service (BaaS) setups.
Among other high-profile beneficiaries poised to benefit from blockchain, BoA included Oracle, IBM, Salesforce.com, and VMware, as well as major players from the real estate and mortgage industries such as Redfin, Zillow, and LendingTree.
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