Bank of America Analyst: Blockchain as a Service Market to Reach $7 Billion
A recent analysis by Bank of America’s Kash Rangan suggests that blockchain adoption will become a multi-billion dollar business.
Tech giant Microsoft already offers BaaS (Blockchain as a service) tools and services through Microsoft Azure which launched in 2015. Microsoft’s Azure includes a ‘sandbox’ where developers can test their apps before launch as well as various tools designed to streamline the development process.
Azure customers have access to the Ethereum blockchain after Microsoft partnered with ConsenSys, a decentralized collective of Ethereum coders launched by Ethereum co-founder Joseph Lubin. ConsenSys works to create blockchain businesses and DApps with the goal of developing the ‘Web 3.0’ infrastructure required to foster mass-adoption of blockchain and decentralization.
Amazon’s AWS also launched Ethereum and Hyperledger blockchain templates to aid developers in blockchain creation. Amazon’s BaaS launched in April 2018 and is aimed at providing a fast and easy way to create and deploy secure blockchain networks with open source frameworks.
With more and more industry titans rolling out their BaaS products, the potential market value grows increasingly more lucrative. BoA analyst Kash Rangan believes $7 billion to be the future value, although was hesitant to provide a set time as to when that value would be reached due to adoption limitations. However, Rangar did point out that the beneficiaries could merge cloud computing with blockchain solutions to improve supply chain operations, a major use case for blockchain technology.
https://www.ccn.com/bank-of-america-analyst-blockchain-as-a-service-market-to-reach-7-billion/
