The year 2016 & 2017 was the dawn of Blockchain, and it came into existence just like open-source Software a few centuries ago. It came with many potentials to transform the IT domain and gradually become the cornerstone of contemporary application developments.
Looking at the current scenario, we can say Blockchain will take time to spread its wings across the globe as it is not quite prevalent like cloud or IoT. However, if you find it quite hard to trust the online environment, then Blockchain has all the capabilities to make everything lucid and crystal clear.
Now, most businesses wish to adapt the blockchain technology looking at its comprehensibility and unexpected growth. But there are also lots of technical complexities and operational overhead that act as a definite barrier.
What is Blockchain As A Service (BaaS)?
Software as a Service is an effective medium that organisations utilise for accessing cloud-based Software. Similarly, Blockchain as a Service is a distributed ledger and an efficient blockchain service that permits the business houses to use cloud-based solutions to create and host their blockchain applications.
Today BaaS is instrumental in the sectors like fintech, supply chain management, telecommunications, and the Internet of Things and offers them much-needed exposure to the most popular technology.
As per the IT dissertation help professionals –Blockchain as a Service helps IT businesses and other service providers an exceptional platform for managing their requirements and critical activities and work efficiently to boost their infrastructure.
Without a doubt, Blockchain as a Service is one of the noteworthy developments and features a lot of promises for accelerating business growth. Numerous service providers across the globe have implemented BaaS and realizing the success of their lifetime.
Key Features of Blockchain as a Service
- Easy setup workflow
- Effective Platform architecture management
- Modular and pre-configured networks
- Auditable transaction record
- Built-in connections to desirable services
An innovative platform for Businesses
Blockchain as a Service (BaaS) provides businesses with an innovative platform for experiencing different blockchain applications and helps in managing their network by themselves. Moreover, BaaS offers better transparency, accountability, and data security without adopting an entire blockchain ecosystem or even huge investments.
It offers a service provider for setting up all the required blockchain technology and infrastructure for a nominal fee. So we can say BaaS is quite similar to those web hosting providers where the third-party services take care of all the infrastructure and maintenance concerns.
BaaS works as a catalyst to make a deeper penetration of blockchain technology in all sectors. Instead of building and managing personal blockchains for a substantial cost, it is better to outsource blockchain concepts for focusing on core business activities.
The emergence of Blockchain technology urges several businesses to take advantage of the distributive ledger. Some of them have buckled up to adopt Blockchain as a service for a delightful journey.
Amazon Web Services
The world’s leading e-commerce conglomerate offers various blockchain tools to companies worldwide through Amazon Web Services. It ensures a high-performance and immutable Quantum Ledger Database and allows businesses to manage their private and public blockchains employing Amazon Managed Blockchain.
Amazon Web Services is a synonym for corporations like Nestle, Accenture, Singapore Exchange, and BMW.
IBM Blockchain Platform
IBM adopted an effective Blockchain Platform that allows businesses to create and manage blockchain network on-premises using Kubernetes. It adopts Hyperledger Fabric in Blockchain as a service and is widely popular in media, trade finance, and advertising.
Microsoft’s Azure is quite relevant to the conglomerates like General Electric and T-Mobile, which helps them install blockchain networks and create various applications with utmost confidence. Microsoft Azure offers Baas such as Azure Blockchain Service, Azure Blockchain Workbench, and Azure Blockchain Development Kit.
Alibaba Cloud Blockchain as a Service
The Chinese company is also in Blockchain’s race as a Service since 2018, thanks to Alibaba’s Cloud Blockchain. It is one of the most integral parts under the umbrella of the cloud computing firm. It also brings in the innovative wings of Alibaba Cloud’s Internet of Things and anti-counterfeiting technologies for making sustainable blockchain solutions.
How to Choose the Best Blockchain As A Service Provider?
There are many deliberations around when it comes to BaaS, and the discussions can be of both sides of the coin. The after-effect of BaaS is endless; however, it is sensible to know the crucial pointers before choosing the best BaaS provider.
Suppose you are already laced-up for BaaS, congratulations on adopting innovative platforms but ensure your BaaS partner’s experience in deploying Blockchain technology according to your plan and requirements. You must also look out for the credentials and reviews of previous clients.
An Assurance on Quality & Security
Quality is paramount in any field, and in Blockchain, it is no different. Choose the best BaaS provider who guarantees utmost commitment and follow the standards.
Accessing the security is critical as a minor issue can lead to severe repercussions, so make it mandatory to look for potential gaps in your BaaS plan’s security.
Ease of Use
It is also quite sensible to choose a blockchain-enabled system that is user-friendly and easy to use as a system with immense difficulties and ongoing negative issues that are of no use. Moreover, it can downgrade your business output and hurt your employees.
Pricing and Support
Always find a BaaS partner that ensures the most value to your business by analyzing the service and pricing features. Still remember you should pay based on the overall service, so go all out and check the offerings before zeroing your search.
BaaS may not be a panacea for overcoming all the business challenges at this time, but it has gone a long way to simplify IT transformation and security. The global blockchain market size shows the potential to grow to USD 39.7 billion by 2025 from USD 3.0 billion in 2020. Besides this, there will be an impressive Compound Annual Growth rate (CAGR) of 67.3% between 2020-2025.
Blockchain as a Service looks quite promising and features all the elements to help businesses seize all the viable advantages and make them future-ready. It doesn’t also incur significant investments in research and planning and help you encounter your business with the next most potential technology leap.
So Blockchain as a Service will rule not only the IT but almost every sector in the coming days, and we have concrete evidence with us in terms of Amazon Web Services and Microsoft Azure. So it is the right time to evaluate its functionalities, features and make the right decision before it flies like anything.