The increased adoption of digital currencies has propelled blockchain technology to the forefront in 2021. This isn’t, however, the sole element fueling demand for this innovative technology. Data tracking, security, visibility and management, and supply-chain oversight are just a few of the difficulties blockchain has helped businesses and government agencies address.
Blockchain is a distributed electronic ledger. It is faster to complete a transaction because it uses distributed consensus to reduce the need for manual processing and authentication by intermediaries. Innovative payment systems, secure financial transactions, and advanced shipping and transportation that update government organizations are all being improved with blockchain technology. It’s also notable in that it assists institutions and even identifies severe illnesses. Let’s not forget that it, too, offers security against both identity theft and piracy. Let’s all just concede that it has many uses.
According to Forbes, business expenditure on blockchain technologies will reach $11.7 billion by 2022. According to analysts, blockchain has the potential to add $1.76 trillion to the global economy by 2030.
Let’s take a detailed look at just three buy-rated blockchain stocks that the experts consider wise picks for our growing portfolios:
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Microsoft Corp (MSFT)
Microsoft’s forays with blockchain technology (MSFT) are remarkable. The ION Decentralized Identifier (DID) network was deployed on the BTC mainnet in March 2021 by Microsoft’s Decentralized Identity team. The network creates digital IDs for online identity authentication using BTC‘s blockchain. According to Yorke Rhodes, Director of Strategy and Transformation, Blockchain, and Cloud Hardware Supply Chain at MSFT, the company is growing its blockchain team. MSFT is focusing on digital assets such as decentralized financing and non-fungible tokens.
MSFT‘s blockchain efforts are likely to help the company establish a presence in the metaverse. Its financials are beyond solid, making it hard to know where to begin. Let’s start with the fact that it has bested Wall Street’s projections on EPS and revenue for the past four consecutive fiscal quarters. MSFT’s current quarter shows $2.31 per share and $50.8 billion in sales. MSFT currently pays an annual dividend of $2.48 per share, with a yield of 0.8%. MSFT has a median price target of 370.00, with a high of 440.00 and a low of 294.00 among analysts issuing 12-month price projections. The consensus estimate implies an increase of 8.69% over its current price, and MSFT’s buy rating is solid.
NVIDIA Corp (NVDA)
NVIDIA (NVDA) offers the computing power necessary for blockchain development with graphics processing units (GPUs). NVDA is profiting from the high demand for digital currency mining. The Cryptocurrency Mining Processor (CMP) is a new device line from NVDA designed for professional mining. CMP’s increased mining power efficiency is achieved by allowing better ventilation and lower peak core voltage and frequency. Since its launch, NVDA has made $526 million from the product line.
NVDA has had a strong year when it comes to its financials. Like MSFT, it beat analysts’ earnings projections for the last four consecutive quarters. Its year-over-year numbers are all in the green, indicating growth, and NVDA’s current quarter shows $1.22 per share with $7.4 billion in sales. NVDA pays a dividend of 16 cents per share, with a yield of 0.05%. The median price target for NVDA from analysts that provide 12-month predictions is 350.00, with a high of 400.00 and a low of 200.00. The median reflects an increase of 16.69% over its current price. The experts tell us to buy stock in NVDA.
Accenture PLC (ACN)
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Because of its financial services domain experience, Accenture (ACN) has been a dominant name in the blockchain industry. ACN is developing smart digital contracts utilizing blockchain technology. ‘Accenture Blockchain for Contracts’ converts current paper contracts into a shared blockchain database that any designated participant can access. They can then see, modify, and approve modifications, all of which are recorded on the blockchain ledger.
ACN thinks that by redefining economics and information sharing, a combination of artificial intelligence and blockchain may usher in the fourth industrial revolution. It just might because looking at ACN’s numbers is just as remarkable. ACN has met or beaten analysts’ projections for the last four quarters like the previous two stocks I mentioned. It most recently surprised both EPS and revenue projections by a little over 5%. Its year-over-year financials indicate growth, and ACN’s current quarter shows us $2.38 per share with $14.6 billion in sales. ACN pays a dividend of 88 cents per share, with a yield of 1.4%. ACN has a consensus price target of 440.00 among analysts that provide 12-month price estimates, with a high of 475.00 and a low of 343.00. The forecast implies an increase of 5.93% over its most recent price. ACN, from the experts, receives a robust buy rating.