Bank of America shows support for Blockchain, predicting a $7 billion market

Blockchain could boost Microsoft and Amazon’s businesses, Bank of America estimates.

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Mass adoption of Blockchain could result in the protocol becoming a multi-billion dollar business model and a boost for tech giants like Microsoft and Amazon, a new estimate of Bank of America (BoA) shows.

Based on BoA’s analysis, the global Blockchain market will eventually reach $7 billion. While there is no time frame in the analysis, studies show more and more companies are converting to Blockchain for their businesses.

Kash Rangan, a research analyst for BoA, stated that cloud computing and blockchain could be successfully joined together to form a new system for better supply chain monitoring and operations, customer data handling, and payment processing.

“Global trading platforms, such as Amazon, can easily evolve into Blockchain giants. They could improve their production processes – from order to payment, packaging, and delivery. They can also quickly implement Blockchain on their existing servers, only using 2 percent of their capacity. This will cost them around $5,500 per server annually.”, Rangan added.

Blockchain could also inherit the “Software as a service” (SaaS) model, helping software giants to offer Blockchain technology to their clients. Microsoft’s Azure cloud-computing space could benefit from the so-called “Blockchain as a Service” (BaaS) approach. Azure users could get access to Microsoft’s own blockchain, thus reducing operating costs and implementing smart contracts, third-party applications, and secure payment methods.

Bank of America also adds Salesforce, Vmware, IBM, Oracle, Apple, and Google as potential Blockchain adopters, boosting blockchain’s market value even higher.

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