Analysts at the Bank of America (BoA) believe the global Blockchain market could be worth billions of dollars in the near future. Although it did not provide a specific date, the BoA pointed out that leading companies such as Microsoft and Amazon can greatly benefit from this technology and its widespread adoption.
A multi-billion dollar opportunity
According to a Bank of America research analyst, Kash Rangan, the global market for Large Distributed Register (DLT) will eventually reach $ 7 billion (no one knows when).
The expert also pointed out that large companies such as Amazon or Microsoft can benefit from the widespread adoption of this technology :
“Amazon will benefit from increased demand for cloud services through the implementation of the Blockchain, while improved supply chain monitoring should make its operations more efficient,” he continues.
Although Microsoft’s Blockchain-as-a-Service (BaaS) already offers features such as smart contracts and other Ethereum-based cryptomonetric products, the company may find more value as the use of Blockchain on its platform (Azure) increases.
Rangan, however, pointed out that the Blockchain itself earns very little (if any) of money despite many identified use cases. This could be explained by the fact that no marketable Blockchain finished product has been launched on the market so far.
Tracing the path of the future
The financial institution did not hesitate to make its name known in the field of digital assets. Currently alongside industry giants such as IBM and Walmart, the BoA is one of the most prolific investors in research projects related to the Blockchain of the moment.
Nevertheless, the bank seems reluctant to handle virtual currencies. In its annual report published in February, it clearly indicates that the latter posed a threat to its business model.
“Changing or adapting our existing products and services requires significant expenses,” she says.
However, Bank of America has long drawn up a list of patents correlated with technology . For example, in May, the company obtained a patent that would allow the Blockchain to create tags for a person to find a block by searching for keywords associated with the tag.
The analysis of the Bank of America is not the only one to predict the state of the emerging technology market (Blockchain and therefore cryptocurrency). Earlier in September, Bitcoin‘s popular venture capitalist Tim Draper said the market will reach $ 80 billion within 15 years.
What do you think of the latest Bank of America analysis? Feel free to tell us your opinion in the comments below!