The U.S. based Bank of America (BoA) has estimated that blockchain is expected to be $7 billion markets and provide a major support to corporate giants namely Amazon, Microsoft as reported by CNBC on 2nd October.
Now that BoA’s analysts are not inclined to put “a time stamp” on the industry becoming a major, multi-billion dollar available market, they apparently supported their approximate estimates that two percent of corporate servers would be used to run the application of blockchain at a cost of $5,500 annually.
Amid this, Kash Rangan, BoA research analyst told CNBC elaborating that the technology is well-suited to some of the world’s largest corporations, citing an 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.”
With this, he emphasized more on the subject matter saying that though many potential blockchain use cases have been widely recognized, however, “full products/services have not yet been created and are not used in production thereby leaving the technology’s capacity to generate real-world capital still unproven.
He further added that the innovation of distributed ledger systems (DLT) could actively focus on “software as a service” (SaaS) models to the next level by incorporating “blockchain as a service” (BaaS). Rangan selected Microsoft’s renowned blockchain namely Azure platform, and further commented that: “BaaS on Azure offers services such as smart contracts and other third-party apps, and should benefit as the use of blockchain on Azure increases.”
Besides this, high-profile beneficiaries are inclined to benefit from blockchain whereas BoA contained Oracle, Salesforce.com, IBM and VMware among other major players and also from the real estate and mortgage industries like Zillow, Redfin, and LendingTree.
Further speaking to the matter, there are numerous firms recognized by BoA have already made major forays into the blockchain space.
It is evident by the fresh data published in early August disclosed that IBM is striving with Chinese e-commerce giant Alibaba for the top spot on a new list ranking global entities by the number of blockchain based patents they have filed so far. With this, in this summer, tech giant IBM successfully executed a seminal five-year $740 million deal with the Australian government to fully utilize blockchain to improve data security and automation across federal departments more transparently.
In a nutshell, Microsoft is the one that initially introduced its Ethereum led Azure cloud computing platform as early as 2015, and striving continuously to improve across the product. Besides this, Amazone, Web Services’ (AWS) cloud platform this spring launched a framework for Ethereum and Hyperledger Fabric that allows users to create and manage their own blockchain based decentralized applications called DApps!!