Analysis conducted by the Bank of America shows that blockchain technology has the potential to eventually be a multi-billion pound market, providing a great opportunity for big technology companies, according to a CNBC post.
Based on analysis conducted by the Bank of America, the blockchain technology market will eventually be a £5.38 billion ($7 billion) market, offering a great opportunity for big tech firms such as Microsoft and Amazon to grow their operations.
Combining blockchain with cloud computing operations
According to Kash Ragan, a research analyst at the Bank of America, top technology companies can combine blockchain technology with current cloud computing operation in a bid to improve supply chain operations. Ragan stated:
Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon’s retail operations more efficient.
Although the research did not give an actual time stamp on the growth of blockchain considering that the technology is still in its infancy, it did point that an estimated 2% of servers will run on blockchain.
Blockchain as a Service (BaaS)
According to Rangan, blockchain could help improve the current parts of ‘software as a service’ (SaaS), with products such as Azure – Microsoft’s popular cloud computing platform – benefiting from ‘blockchain as a service’ (BasS) as the adoption of the technology grows. He stated that:
BaaS on Azure offers services such as smart contracts and other third-party apps, and should benefit as use of blockchain on Azure increases.
Other companies to benefit from blockchain implementation
In its research, the Bank of America pointed out that there are many other companies that would benefit hugely from the implementation of blockchain technology. These include VMware, Salesforce.com, IBM, Oracle, and mortgage players such as LendingTree, Zillow, and Redfin.
The blockchain wave
The hype around blockchain seems to be growing rapidly with many companies dabbling in the use of its technology. In fact, research conducted in August by PricewaterhouseCoopers (PwC), showed that 84% of companies were already actively trying out blockchain technology through various strategies, such as tokenisation, ICOs, and enterprise software platforms.
Notably, Walmart became one of the very first retailers to provide a use case of blockchain last month, by asking its suppliers of leafy greens to use the technology. All systems will be in place by September next year. The retail company made this request so that suppliers could effectively track their products right from the farm where they are produced to the point of supply, in a bid to maintain food safety standards.