BoA: Many Can Benefit From Blockchain
The analysts predicted the total addressable blockchain market would eventually hit $7 billion, but there was not a particular timeline for the market growth since the technology is not yet widely used.
CNBC reported that the market estimate was predicated on the assumption that 2% of servers would one day be used to run blockchain.
In a note to clients on Tuesday, Bank of America research analyst Kash Rangan wrote that companies like Amazon could integrate blockchain to streamline retail operation and enhance cloud computing operations.
Rangan said specific parts of “software as a service” (SaaS) could be improved by blockchain technology, pointing out that “blockchain as a service” could be of particular interest to a company like Microsoft for their Azure platform, which already features Ethereum-based products.
Rangan also noted that there have been many use cases for blockchain that have been identified.
While Bank of America was clear to note that the money-making capabilities of blockchain are still relatively unproven, it did say companies like Oracle, IBM, Salesforce, VMware, Redfin, Zillow, and LendingTree all stand to reap benefits from incorporating distributed ledger technology (DLT).