The Bank of America research analysts made a recent prediction that blockchain technology is likely to surpass some other well-established industry. The analyst predicts that blockchain technology could easily be a $7 billion dollar industry in a few years to come.
The Prediction is Not Time Sensitive
Although the analysts who made this prediction did not place a time stamp on it, some expert believes it could all happen soon.
However, some also believe it could take longer since the technology is still its early stages of adoption and is currently facing some restrictions in certain countries.
It is however believed that blockchain technology could be of great benefit to top organizations like Google, Amazon, IBM and Microsoft.
It was reported that this prediction was made based on the current situation of things, and as a result of this, it is likely that in the future, 2% of servers would be dedicated to running blockchain.
To further back this prediction, 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 also believes that some intricate part of “software as a service” (SaaS) could be optimized using blockchain technology.
Furthermore, Rangan pointed out that several use case of blockchain by many large corporations has been identified, he made mention of the Microsoft Azure Platform which already features
Tech Giants Could Benefit From Blockchain
He also pointed out that, several companies such as Oracle, IBM, Salesforce, VMware, Redfin, Zillow, and LendingTree all stand to reap great benefits from the integration of distributed ledger technology (DLT) into their existing systems or even replacing it all.
In recent time, the Bank of America has been consistent with its investments and involvement in the blockchain technology and cryptocurrency.
Going by this, one can conclude that the Financial institution stands to gain a lot from the actualization of this predictions.