The blockchain market can hit $7 billion, says Bank of America

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Cointelegraph reported that according to Bank of America, the blockchain market can hit $7 billion in market size, helping major companies such as Microsoft and Amazon boost their businesses.

The estimation was offered by Bank of America analysts, who suggested that the $7 billion figure is a viable “figure” in the near future, if around 2% of corporate services are run on blockchain, with an annual cost of around $5,000.

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 major idea is that “blockchain as a service” can disrupt the businesses of tomorrow. For now, blockchain has been implemented in a number of sectors and industries, including healthcare, real estate, IT, finance and many more. However, a full blown blockchain product has not been made yet. Blockchain is “supplementing” products for now.

Some of the companies that can benefit most from the further development of blockchain include: Microsoft (with its Azure platform), IBM, Zillow, VMware, Oracle and many more.

IBM is one of the front runners when it comes to blockchain patents, for example. Currently, they are competing with Alibaba for the number one place for most filed blockchain patents. In addition, IBM has made a $740 million deal with Australia to work on automation and security through blockchain.


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