Some research analysts from the Bank of America have made recent predictions on what the future holds for the blockchain technology and industry. They were of the notion that the industry will hit the $7billion valuation mark in a few years to come.

The Prediction is Not Time Sensitive

No timeframe was placed on this prediction, but some experts are of the notion that this might take a while to happen. The reason being that blockchain technology is still in its early stage of development. As well as several countries are still not sure of which path they will be going in relation to regulating the industry. However, some are of the inclination that this prediction will come to pass sooner than expected.

Bases of the Prediction

The Bank of America analysts prediction is said to be based on calculations that, at the current rate of adoption, 2% of servers would be dedicated to running blockchain technology in the future.

Tech Giants Could Benefit From Blockchain

Based on recent developments, it has become quite obvious that blockchain technology would be of great benefit to tech giants like Google, Amazon, IBM, and Microsoft.

To further back this prediction, Bank of America research analyst Kash Rangan wrote: “Companies like Amazon could integrate blockchain to streamline retail operation and enhance cloud computing operations”.

The analyst is also of the opinion that some part of “software as a service” (SaaS) could perform even better upon the integration of blockchain technology.

Ranga also noted that some big wigs in the technology scene have identified the importance of integrating blockchain technology. Some have even implemented it into their products. A notable mention is that of Microsoft Azure Platform, which already features.

Ethereum-based products.

Regan also mentioned that several other top-ranking tech giants such as Oracle, IBM, Salesforce, VMware, Redfin, Zillow, and LendingTree. They all have a lot to gain from the successful integration of blockchain technology into their systems.