Blockchain to be a $7 Billion Market -The Bank of America, which is the ninth-largest bank in the world by total assets, an American multinational investment bank and financial service provider, has predicted Blockchain adoption will eventually be a multibillion-dollar opportunity for tech companies like Amazon and Microsoft.

Blockchain Milestone

Although BoA’s analyst Kash Rangan did refrain from ascertaining “a time stamp” for reaching the milestone due to blockchain’s current low acceptance across corporations. The prediction was based on a ballpark figure. Assuming at least two percent of corporate servers would be used to run blockchain at a cost of $5,500 annually.

The blockchain is a software protocol that underpins cryptocurrencies like Bitcoin. Often addressed as distributed ledger technology, it shares data on a distributed, secure, and unalterable ledger in a way that “databases have not been able to in the past,” Bank of America research analyst Kash Rangan, said. Walmart became one of the first retailers to provide a near-term use case. It would require lettuce suppliers to upload data about their food to blockchain within a year.

Other beneficiaries are Oracle, IBM, Salesforce.com, VMware, and real estate and mortgage players like Redfin, Zillow, LendingTree.

 

Blockchain Based Patents

 Blockchain to be a $7 Billion Market – Recent data published this August affirms that IBM is jostling against Chinese e-commerce giant Alibaba for the top spot on a new list ranking global entities by the number of blockchain-related patents they have filed to date.

Tech giant IBM closed a seminal five-year $740 million deal with the Australian government. About using blockchain to improve data security and automation across their federal departments.

Microsoft first announced the launch of its Ethereum-based Azure cloud computing platform. As early as 2015 and continues to improve on the product. Amazon Web Services’ (AWS) cloud platform introduced a framework for Ethereum and Hyperledger Fabric this spring. Similarly, allows users to build and manage their own blockchain-powered decentralized applications (DApps).

 

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