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According to Bank of America’s estimations, the value of the blockchain market could reach $7 billion, CNBC reports, citing the bank’s research analyst Kash Rangan. The assessment was made based on the assumption that 2% of all servers would be running on blockchain at that time. Also, the banking giant concluded that nine US companies had great opportunities and benefits from the broad adoption of the distributed ledger technology (DLT), an umbrella term that also includes blockchain. As per Bank of America, which is a blockchain supporter itself, Amazon, Microsoft, and Oracle could benefit from this emerging market.

Bank of America research analyst Kash Rangan said on Tuesday in a note to clients:

“Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon's retail operations more efficient.”

He expects the blockchain market to reach $7 billion, but he didn’t try to put a time stamp on it given that the market hasn’t been fully adopted. Companies like Amazon or Microsoft could merge blockchain with their cloud computing solutions and transform several processes, such as supply chain management, Rangan added. The valuation figure might be reached when 2% of servers run on blockchain, at $5,500 per server in annual terms.

Bank of America identified nine firms that are among the biggest blockchain beneficiaries. The list includes Amazon, IBM, Microsoft, Oracle, Salesforce.com, VMware, and real estate and mortgage firms Redfin, Zillow, and LendingTree. Some firms, such as Microsoft, could merge it with their cloud services, especially by providing blockchain as a service (BaaS) solutions.

“BaaS on Azure offers services such as smart contracts and other third-party apps, and should benefit as use of blockchain on Azure increases,” Rangan noted.

Bank of America, which has the most blockchain-related patent applications in the US, said that the efficiency of blockchain is still unproven despite the multiple trials.

“Many blockchain use cases have been identified, but full products/services have not yet been built out and are not used in production,” Rangan stated.

Microsoft has shown interest in the technology especially through its partnership with R3 to integrate the Corda platform with Azure. The US tech giant also teamed with professional services firm EY to build a blockchain project for IP and royalties management.