The steadily increasing market of blockchain could eventually hit $7 billion capital, according to an analysis by Bank of America, reports CNBC. Although the analysts refrained from attempting to “put a time stamp” on it, this growth would mean major opportunities for tech companies like Amazon and Microsoft.
Blockchain, also known as distributed ledger technology, is a software protocol which allows sharing of data on a distributed, secure, and unaltered ledger which requires mutual consent. This technology also underpins cryptocurrencies like Bitcoin and Ethereum. Wide adoption of this technology in the existing cloud computing operations could improve supply chain operations.
Source: blog.wavesplatform.com
"BaaS on Azure offers services such as smart contracts and other third-party apps, and should benefit as use of blockchain on Azure increases.”, BoA Research Analyst Kash Rangan said in a note to clients.
Essentially, blockchain could be more useful in improving existing parts of "software as a service" or SaaS. Like Microsoft’s Azure could rely on the usage of blockchain as per Rangan. Many other players like Alibaba and IBM have already started to file a number of blockchain-related patents and are integrating blockchain with security and other major areas of interest.
"Many blockchain use cases have been identified, but full products/services have not yet been built out and are not used in production.”, Rangan said explaining that there are a still a wide range of blockchain estimates out there, and its money-making ability is yet to be proven.
