The giant financial institution predicts that the blockchain market will keep growing and will reach the tremendous sum of $7 billion USD. The bank analysis says that the technology has vast uses and will be more and more implemented into major corporate business, such as Amazon and Microsoft. According to the Bank of America, marketplaces like Amazon would profit a lot from that kind of decentralized system and it will profit from the innovation continuously.
Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon’s retail operations more efficient.
Said to CNBC Kash Rangan, ahead of the software research analysis team at Bank of America Merrill Lynch. According to the expert, business will connect the blockchain with their cloud services which they already widely use.
There is no timeframe for the modernization to happen, though. As CryptoFrog already reported last week, Walmart will be one of the first supply chain companies to implement the blockchain for tracking food purposes. Yet, the technology is not commercially introduced to the retail business and the process will take time.
Many blockchain use cases have been identified, but full products/services have not yet been built out and are not used in the production.
Stated Rangan. But the blockchain offers opportunities that the traditional databases are not capable of. The research expects that 2% of the servers will be used to operate the blockchain, which means $5.500 USD per server per year.
Bank of America thinks that Oracle, IBM, Salesforce.com, VMware, and real estate and mortgage companies like Redfin, Zillow, LendingTree will benefit from the blockchain revolution. The companies are just a few in a list of big corporate players. IBM works efficiently in the blockchain direction since it was the one to provide Walmart with a decentralized, ledger system.