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Tuesday, October 2, 2018

Bank Of America thinks the blockchain industry presents a new multi-billion dollar opportunity...

As more companies move to a variety blockchain-enabled business services, Bank Of America is seeing a massive opportunity for companies to help make it happen.

The first and best example is Walmart's announcement last week, where they're requiring food suppliers to use blockchain technology to track food to prevent contamination.

Now - all those food companies will need to the tech do it. Creating an inevitable boom for companies like Amazon, Microsoft and IBM, who can help these suppliers meet Walmart's new requirements.

"Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon's retail operations more efficient" says Bank of America research analyst Kash Rangan, coining the term 'BaaS' for "Blockchain As a service" he continued "BaaS on Azure offers services such as smart contracts and other third party apps, and should benefit as use of blockchain on Azure increases".

This is just the beginning too - Rangan thinks blockchain becoming up to a $7 Billion industry is in the near future, acknowledging that all it's use cases have yet to be identified.
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Author: Mark Pippen
London News Desk