Blockchain market could hit $7 billion [Bank of America Cryptocurrency Report]

Bank of America gave new estimates which indicates that blockchain could be a $7 billion market. Although the analysis didn’t give an actual time frame, it clearly stated that corporate giants like Amazon and Microsoft will be given a major boost by the emerging technology and its widespread adoption.

Blockchain is a ‘multi-billion dollar opportunity’ Rangan (BoA research analyst) told CNBC that the technology is well-suited to some of the largest corporations in the world, noting that: “Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon’s retail operations more efficient.”

Rangan also revealed that the capacity of the technology to generate real-world capital is yet to be proven, in that while many potential use cases have been widely recognized, “full products/services have not yet been built out and are not used in production.”

He added that the “software as a service” (SaaS) models could be taken to the next level by the innovation of distributed ledger systems, and by implementing “blockchain as a service” (BaaS). As a good example, the Azure platform was chosen by Rangan stating that: “BaaS on Azure offers services such as smart contracts and other third party apps, and should benefit as use of blockchain on Azure increases.”

Positive sentiments
The analysis by Bank of America isn’t the only one giving a prediction of the state of the cryptocurrency market. In September, Tim Draper (a well-known Venture capitalist and Crypto supporter) said that, in 15 years the market will reach $80 trillion.

Also, Bitcoinist reported that a study titled Crypto Asset Market Coverage Initiation: Trading & Custody revealed that, in 2019, digital currency trading will experience a 50% growth, coupled with surpassing the U.S. Corporate Debt trading volume in 2018.

A very good example of how swiftly the blockchain field is expanding is Asia. According to Robert Walters (a recruitment company), since 2017, Asia has marked a 50% uptick in the number of cryptocurrency and blockchain-related jobs.

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