Bank of America States Blockchain Technology Will Be A $7 Billion Dollar Industry

Research analysts at the Bank of America (BoA) have gone over the numbers and speculate that blockchain technology is likely to become a leading industry across all sectors. According to the report, blockchain technology is just a few years from becoming a $7 billion dollar industry. While the time frame has not been notated, it may just be over the horizon, but it may be hampered with the nascent technology being restricted in certain parts of the world.

Using the current data, the report speculates that servers dedicated to processing blockchain will be around 2%.

The move towards being a billion dollar industry is easy to see as many different sectors from banks, governments, and private enterprises either adopting or exploring the uses of blockchain technology.

Kash Rangan, Bank of America research analyst, foresees part of “software as a service” (SaaS) being optimized using blockchain technology. Rangan also mentioned Microsoft Azure Platform already features Ethereum-based products.

The analyst wrote that:

“companies like Amazon could integrate blockchain to streamline retail operation and enhance cloud computing operations”
Bank of America has been delving into and committing investments and involvement in the blockchain technology and cryptocurrency industries.