Home BINARYBlockchain technology market valued at $7 billion
Blockchain technology market valued at $7 billion

Blockchain technology market valued at $7 billion

Working with the blockchain will allow large technology companies, such as Amazon and Microsoft, to make additional billions of dollars, according to Bank of America.

The bank’s analysts estimate the total volume of the target market for blockchain technologies at $7 billion. At the same time, they did not mention the time period during which this indicator could be reached, since the blockchain has not yet received wide commercial distribution. Analysts say that in the near future about 2% of corporate servers will be used to launch blockchains at an annual operating cost of each of them at about $5,500.

BoA analyst Kas Rangan said the technology is great for a number of the world’s largest corporations. Amazon will benefit from the introduction of blockchain to cloud services, while the efficiency of the company’s retail operations will be enhanced by better tracking of the supply chain, he explained.

Microsoft is developing the blockchain as a service (BaaS), which offers smart contracts and other third-party applications. Azure’s blockchain is being used more and more often, so Microsoft should capitalize on this, Rangan is sure.

In addition to Amazon and Microsoft, IT companies such as Oracle, IBM, Salesforce.com and VMware, as well as real estate market participants like Redfin, Zillow and LendingTree will be able to benefit financially from using the blockchain.

Rangan, however, stressed that although many variants of using of the technology are already widely recognized, the services are still not fully built and are not actually put into production. Thus, according to him, the potential of technology in generating real capital has not been realized and has not been proven.

IBM competes in first place in blockchain patents with the Chinese trading platform Alibaba. According to the report, Alibaba occupies the first line in the ranking: there are 90 completed patent applications on the company’s account. The second position belongs to IBM with 89 applications, the third place is taken by MasterCard with 80 patents, and the fourth – by the financial conglomerate Bank of America with 53 projects. The People’s Bank of China (PBoC) closes the top five active players in the blockchain-patents field.

 

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