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Central bank of America recognizes the benefits of blockchain market

Central bank of America recognizes the benefits of blockchain market
Oct 4, 2018 by Rico Wise

According to the analysis, the market of blockchain innovations would eventually reach 7 billion US dollars, although there were no timelines specified, as the industry is still at its brink and has to come a long way. The calculations are based on the presumption that 2 percent of servers all over the world would eventually be utilized by the innovating technology.

Kash Rangan, one of the researchers at Bank of America, has stated that firms such as Amazon might implement blockchain technologies to speed up retail processes and improve operations of cloud computing technologies. Blockchain innovations could contribute in a major way by enhancing certain elements of SaaS (software as a service), Rangan says, and such concept as “blockchain as a service” might be very attractive for firms such as Microsoft, with its Azure network that has already started featuring products based on Ethereum’s platform.

Additionally, Rangan claimed that blockchain offers to facilitate plenty of use cases other than mentioned. Despite the fact that Bank of America expressly stated that blockchain technologies still have a long way to go in terms of revenue-generating abilities, it did claim that firms such as IDM, Zillow, Salesforce, etc. can all enjoy the advantages of implementing the DLT innovation.

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