Blockchain

Bank of America: Blockchain Will Help Saving Billions of Dollars

Blockchain benefits for USA - Bank of America

According to new Bank of America estimates, there is still enormous growth potential for Blockchain and companies. The Bank of America estimates that even if only a small percentage of companies benefit from the advantages of the technology, blockchain can still grow into a multi-billion US dollar market.

The problem should be well known in the meantime (at least in crypto circles). Blockchain technology is currently at a point where it can still grow tremendously. Many use cases have already been identified and possible future scenarios have been designed. But: There is still a lack of practical implementation of the technology, which lies under the cryptocurrency – Bitcoin. The Bank of America has now recognized this as well.

Untapped potential for Microsoft and Amazon

According to reports, the Bank of America sees an enormous potential for the integration of blockchain technology and established companies. Especially industrial giants like Amazon and Microsoft could profit from the benefits of the technology in the future. Especially in the area of infrastructure, a high saving of costs is expected.

Benefits for the US Market

Based on Bank of America’s analysis, the total addressable market for blockchain can reach seven billion US dollars. Potential beneficiaries could connect Blockchain to existing cloud computing operations and improve supply chain operations, Bank of America research analyst Kash Rangan told CNBC:

“Amazon will benefit from the demand for cloud services through the blockchain implementation. Improved supply chain tracking should make Amazon’s retail stores more efficient. […..] Many use cases for blockchains have been identified, but complete products and services have not yet been developed and are not being used in production.”

Bank of America also predicted that Oracle, IBM, Salesforce.com, VMware, and real estate and mortgage companies such as Redfin, Zillow, LendingTree will benefit from implementing Blockchain.

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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