Democratization of blockchain technology in 2020 is poised to hit new high with Advanced Micro Devices AMD recently joining the Blockchain Game Alliance (BGA).
Notably, the BGA provides an open forum to individuals and companies to co-create best practices, with an aim to drive adoption of blockchain-based technologies across gaming platforms.
AMD aims to assist alliance members with high-performance computing (HPC) capabilities to revolutionize the techniques through which games are developed, published, purchased and deployed.
Moreover, this Zacks Rank #3 (Hold) company intends to roll out its online gaming marketplace in collaboration with notable blockchain technology providers Robot Cache and ULTRA.
Advanced Micro Devices, Inc. Revenue (TTM)
The gaming platforms will utilize AMD’s Ryzen and EPYC processors, and Radeon graphics cards integrated with robust cryptographic compute performance capabilities.
Advancements in Blockchain to Add Shine in 2020
Blockchain has come a long way in 2019 with enterprises becoming increasingly inclined to make the most of this emerging technology. AMD’s latest partnership highlights the ongoing evolution of use cases pertaining to blockchain techniques in the processor market beyond cryptocurrency.
Per Gartner, by 2030, blockchain is estimated to generate $3.1 trillion in new business value, with more mainstream adoption through 2023, as companies explore more realistic means of utilizing the technology.
Moreover, per Gartner data, 90% of existing enterprise blockchain platform deployments will need replacement within 18 months to stay secure, competitive, and evade obsolescence by 2021.
According to IDC, spending on blockchain solutions is expected to hit $15.9 billion in 2023, witnessing a CAGR of 60.2% between 2018 and 2023. It is estimated to be $2.7 billion in 2019, up 80% over 2018.
In this backdrop, technology companies like IBM IBM, Facebook FB, Microsoft MSFT, Apple AAPL, Amazon AMZN, Accenture ACN, to mention a few, are exploring various usages of blockchain to revolutionize the functioning of a number of industries.
Originally utilized for cryptocurrency transactions, the tech companies remain well positioned to transform industries like finance, banking, retail, healthcare, logistics, utility and transportation among others, in 2020.
IBM utilizes Hyperledger technology for blockchain applications. The company’s deep research in the field is assisting it to roll out notable blockchain based platforms to digitize supply-chain with TradeLens in collaboration with Maersk.
Moreover, the company’s subscription-based Food Trust service, continues to win adoption from retailers, like Walmart, The Kroger Co., Nestle, Unilever, and Albertsons Companies.
IBM Corporation Revenue (TTM)
The company is also involved in blockchain-based pilot programs to democratize education, implement environment-friendly techniques, and secure legal compliance processes, to mention a few.
We believe this Zacks Rank #3 stock has an indispensable role to play in this vertical through 2020 and beyond, driven by strength in its enterprise blockchain solutions.
Cloud Computing Blockchain Services Gain Traction
Microsoft’s fully-managed Azure Blockchain Service, which accelerates development of robust blockchain-enabled smart contract applications, holds promise. The flexibility in usage and Azure’s secure broad-based availability are anticipated to bolster adoption of the service.
Microsoft Corporation Revenue (TTM)
The tech giant has joined Hyperledger community and entered into a partnership with J.P. Morgan to develop Ethereum-based open source blockchain platform, Quorum.
Moreover, with Amazon's Managed Blockchain service being deployed on AWS, users can develop and manage scalable blockchain networks. Users are enabled to leverage open source frameworks of Ethereum and Hyperledger Fabric.
Amazon.com, Inc. Revenue (TTM)
While Microsoft carries a Zacks Rank #2 (Buy), Amazon has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Facebook’s Libra venture speaks of its Blockchain-based cryptocurrency efforts. Nonetheless, it remains to be seen whether the social-media giant is able to roll out Libra as early as June 2020, as per its original plans, amid immense scrutiny and shrinking partner base.
Facebook, Inc. Revenue (TTM)
Moreover, the company has acquired Chainspace to strengthen the blockchain division. Per sources, Facebook is looking forward to instill blockchain-based authentication for website log in.
Currently, Facebook has Zacks Rank #3.
Other Developments Worth Mentioning
Apple is reportedly exploring the use of blockchain to create a platform for certifying timestamps. The iPhone maker is also monitoring the cryptocurrency space, to enhance Apple Pay, per reports. However, it is too early to predict whether the company will launch a blockchain-driven service in 2020.
Apple Inc. Revenue (TTM)
Meanwhile, Accenture continues to benefit from adoption of enterprise Blockchain solutions.
Accenture’s blockchain-based circular supply chain application, aimed at providing enhanced transparency in production and assisting small-scale producers with sustainable practices to boost financial inclusion, holds promise.
Accenture PLC Revenue (TTM)
Apple and Accenture carry a Zacks Rank #3.
Blockchain services are well poised to gain mainstream adoption in 2020 on breakthrough product roll-outs and noteworthy partnerships.
Emergence of enterprise blockchain solutions and immense research in the field is paving the way for the technology to gain impetus in 2020 and beyond.
Zacks Top 10 Stocks for 2020
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Notably, the BGA provides an open […]