Major Corporations Set To Benefit As Blockchain Market Projected To Grow
Already some of the major global firms are steps ahead towards incorporating blockchain into their systems.
Blockchain Industry To Hit $7 Billion
A new study by Bank of America has projected that the entire blockchain industry might be $7 billion in value. The latest figures indicate that top corporates will gain a lot. The data released on Tuesday cites firms like Microsoft and Amazon as some of the biggest beneficiaries.
Experts from BoA, however, failed to issue a specific timeframe when the blockchain sector will be identified as a multi-billion industry. It is believed that experts based their estimates on the ballpark numbers that 2% of corporate servers might be operating on the blockchain at a charge of $5, 500 on a yearly basis.
Speaking to CNBC, BoA research expert Kash Rangan stated that the network is perfectly suited to a number of global corporations. He cited Amazon as one of the firms. For Amazon, Rangan said that it will reap big from the incremental cloud services. Additionally, he pointed out that Amazon’s retail supply section will improve since tracking will be simplified.
At the moment, areas where blockchain can be used, have been identified. Rangan maintained that mature products are still undeveloped ready to be deployed in production. It, therefore, means that blockchain’s ability to bring in the capital has not been proven yet.
Potential Firms To Reap From Blockchain
He added that the blockchain system could also be used in the ‘software as a service’. Open ledgers can be used to implement the ‘blockchain as a service’. Rangan cited Microsoft’s Azure system as an example. He said blockchain of services if used on Azure can provide services like smart contracts with numerous outside applications. In return, their will an increase in the uses of Azure.
BoA also listed other firms likely to gain from the blockchain. Analysts pointed out Oracle, IBM and VMware. They also cited a number of real estate giants such as Redfin. Most of the corporations that were highlighted by BoA have already made steps towards implementing blockchain.
Data from two months ago shows that IBM and Alibaba are leading in the number of blockchain patent application globally. At the beginning of last month, IBM partnered with the Australian authorities to deploy blockchain to boost data safety across state agencies. Elsewhere, Microsoft launched Azure, backed by blockchain technology three years ago. At the moment, improvements are being carried out on the platform.