Although the cryptocurrency bear market has lasted almost a year, some investors and analysts remain optimistic about the long term prospects of blockchain technology. JP Morgan Chase (JPM  ) and several other big companies are feeling especially bullish as they experiment with different new blockchain-related technologies.

A recent CNBC article details how large corporations like Accenture, Facebook (FB  ), Google (GOOGL  ), IBM (IBM  ), and Microsoft (MSFT  ) are attempting to develop products and services based on blockchain's ledger technology. IBM and Microsoft have teamed up on global blockchain development projects, aiming to offer clients blockchain tools as cloud services. Facebook top executives are researching blockchain in the context of encryption and data privacy. Google built a dedicated blockchain group to research uses for digital ad purchasing and investments in blockchain startups. Amazon (AMZN  ) has started developing blockchain applications to improve its retail operations and offer them as a service. Even non-tech companies like Ford (F  ), Walmart (WMT  ), and Bank of America (BAC  ) have invested billions on blockchain patents to pursue a competitive edge.

JPMorgan Chase predicts that blockchain will spark a "blockchain as a service," or "BaaS" industry and benefit three companies in particular. Blockchain tech can disrupt the status quo with middleman displacement opportunities. The bank named Akamai (AKAM  ), DocuSign (DOCU  ), and Ellie Mae (ELLI  ) as potential long term winners. Cloud service provider Akamai could leverage its existing network to push BaaS as an advantage. DocuSign already can connect a blockchain network to its digital contracting platform. Financial software company Ellie Mae could use blockchain to increase trust among parties and automate verification during the mortgage process.

Energy is another sector where blockchain's potential shines. In Singapore, companies are already using a blockchain system to trade renewable energy certificates. Each certificate represents a unit of green energy produced from wind or solar power. Companies seeking to offset their carbon footprint buy the certificates from firms that produced excess renewable energy power. Utilities provider SP Group stated that the blockchain trading provides better transparency and lower transaction costs. Also, consumers can buy green energy through the certificates. The distributed ledger has opened up Singapore's energy exchange, and companies are looking to expand trading beyond the country's borders.

Although the cryptocurrency bear market seems to have no end in sight, traditional corporate giants are enthusiastically researching ways to leverage blockchain technology, improve their operations, and influence market growth. The long term potential of blockchain might still be disruptive for tech, digital services, and energy.

The author owns a small long position in F and WMT.