Blockchain Adoption To Become a Multi-Billion Dollar Business According To Bank Of America Analyst

An analyst from Bank Of America explained he believes that blockchain adoption is the next major business that will reach more than $7 billion. His statement reached all crypto news headlines based on all tech giants that already made fortunes by adopting the blockchain technology.

For example, Microsoft is currently providing blockchain as a service or a tool via Microsoft Azure where developers can test their apps before they launch them. All of the Azure users have access to the Ethereum blockchain because of the partnership Microsoft made with ConsenSys.

Another major industry giant-Amazon, also launched Ethereum blockchain templates back in April this year and the goal is to provide an easy way to create blockchain networks.

More businesses are now getting into the BaaS products and this is why the market value is likely to grow immensely. The analysts from Bank of America Kash Rangan explained that the possible market value of $7 billion is because of the future value this business can get due regardless of the adoption limitations.

He said:

 “Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon’s retail operations more efficient.”

According to his analysis, more than 2 percent of the servers will be used to run blockchain with that reaching $5,500 per server annually. The Bank’s list of companies that are likely to benefit from blockchain adoption includes IBM, VMware, and Zillow.

Rangan continued:

 “Many blockchain use cases have been identified, but full products/services have not yet been built out and are not used in production.’’

Blockchain adoption is also very likely to grow in the banking sector, logistics, media, advertising and more.