Bank of America research analysts have predicted that Blockchain Could be a $7 Billion Market industry in the coming future, and be of particular benefit for leading companies like Amazon and Microsoft.
BoA: Many Can Benefit From Blockchain
The analysts think the total blockchain market would eventually hit $7 billion. But there was not a particular timeline for the market growth since the technology is not yet widely used.
CNBC reported that the market estimate was predicated on the assumption that 2% of servers would one day be used to run blockchain.
Bank of America research analyst Kash Rangan wrote in a note to clients. In which companies like Amazon could integrate blockchain to streamline retail operation and enhance cloud computing operations.
Rangan said specific parts of “software as a service” (SaaS) could be improved by blockchain technology. Pointing out that “blockchain as a service” could be of particular interest to a company like Microsoft for their Azure platform. Which already features Ethereum-based products.
Blockchain Could be a $7 Billion Market-While Bank of America was clear to note that the money-making capabilities of blockchain are still relatively unproven, it did say companies like Oracle, IBM, Salesforce, VMware, Redfin, Zillow, and LendingTree all stand to reap benefits from incorporating distributed ledger technology (DLT).
Patents With Bank Of America
Bank of America currently is with industry giants like IBM and Walmart as one of the most prolific investors into blockchain-related research projects.
In February, the bank wrote in their annual report that virtual currencies represent a threat to their model of business. One that could “require substantial expenditures to modify or adapt our existing products and services.”
However, Bank of America has long been assembling a list of patents correlated with blockchain technology.
In May, the company won a patent that would see DLT used to create tags. So a person could find a block by searching keywords associated with the tag.
Documents published by the U.S. Patent & Trademark Office in August revealed further details into a longstanding proposal by the company to develop an enterprise cryptocurrency online vault storage system.
Around the same time, the bank applied for a patent concerning a cold storage system. And also filed a patent application for a system. Which helps to facilitate digital currency payments and conversions in real time.
Bank of America has a total of 20 blockchain and cryptocurrency-related patent applications filed by the bank since 2014.