The Bank of America forecasts blockchain market will be worth $7bn

By Sophie Chapman
According to the Bank of America, the blockchain market will become a multi-billion-dollar industry. Although the bank did not “attempt to put a time...

According to the Bank of America, the blockchain market will become a multi-billion-dollar industry.

Although the bank did not “attempt to put a time stamp” on the estimation it predicts the market will be worth US$7bn.

It expects that the growing technology will become more widely adopted, and will benefits firms such as Amazon and Microsoft.

It is anticipated that the technology will be used in collaboration with cloud computing and be heavily adapted to improve supply chains, claims Kash Rangan, Reasearch Analyst at the Bank of America.

SEE ALSO:

“Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon's retail operations more efficient,” stated Rangan in a note to clients, CNBC reported.

The bank’s analyst assumed that 2% of servers will adopt blockchain, costing $5,500 per server per annum.

The technology is able to share data on a secure server that “databases have not been able to in the past,” Rangan continued.

“Many blockchain use cases have been identified, but full products/services have not yet been built out and are not used in production.”

The bank has targeted firms such as Oracle, IBM, Salesforce.com, VMware, Redfin, Zillow, and LendingTree as the best to benefit from blockchain.

Share

Featured Articles

Gen AI Boom Drives Nvidia Value to Overtake Microsoft

Nvidia surpasses Microsoft to become the most valuable company, with its AI and chip developments tripling stock and prompting a US$3.3tn market cap

IBM & Wimbledon: AI Is Changing the Game for Sports

IBM and The All England Lawn Tennis Club have unveiled AI features for Wimbledon that will provide real-time analysis and expanded, personalised content

Zoom: Powering EMEA with a Partner-Led Focus

We examine how Zoom is moving towards greater digital transformation via its EMEA partnership channels, inspiring the next generation of collaboration

Schneider Electric: UK&I President Grows Her Europe Presence

Digital Transformation

DTW24 Ignite: AI to Power the Next Generation of Technology

Digital Transformation

SolarWinds: IT Professionals Worry about AI Integration Risk

AI & Machine Learning