The Fourth Industrial Revolution is pacing up in all the dimensions with the technological advances and extraordinary efforts of the humans. The businesses are pushed to the razor’s edge with the intervention of technologies like Artificial Intelligence, Internet of Things, Blockchain, Cloud computing and many more. In this article, we are going to talk about Blockchain as a Service solutions which are successfully transforming the IT sector while maintaining their core competencies. Blockchain is still in the nascent stage, still misconceived as the technology meant for the fintech or financial sector and trying to constantly grow among the businesses and individual communities. Let us start the BaaS journey which might help you in the early adoption of Blockchain.
What Is Blockchain as a Service (BaaS)?
Blockchain as a Service (BaaS) is a kind of Blockchain services that offer business customers to deploy cloud-based solutions. It helps in developing, hosting and adopting their blockchain applications like smart contracts, Decentralised Apps and many other solutions along with partnering cloud-based IT infrastructure for the management of the required tasks and activities to maintain the functioning. Blockchain landscape has achieved the milestone with the emergence of Blockchain As A Service in the mainstream which can aid in accelerating the adoption of distributed ledger technology in the sectors beyond the cryptocurrency.
Need Of Blockchain as a Service Solutions To Organisations
As per blockchain as a service pdf of reputed surveys, organisations whether IT or non ITs constantly explores the adoption of tech-based solutions to ease out their operations. Nowadays, BaaS is considered as a viable solution to the major issues faced by industries. blockchain as a service benefits can be stated as:
- Savings: The aim of every enterprise is to have profit or cost saving in their every process of development. BaaS solutions can help in saving costs related to the recruitment process, managing the employees’ headcount, administration of internal expenses and many more.
- Easy To Use: With the help of BaaS providers, your enterprise can have the exposure of pay and plug templates within a short time frame with essential programming languages. Businesses can leverage the already made platforms to circumvent the research process.
- Customization: In house tech teams can focus on the requirements of businesses rather than platforms and can mould the platforms accordingly with the BaaS providers which will take care of the management of bandwidth, allocation of resources, security protocols, etc.
- Optimisation of Resources: BaaS providers ease out the operations and allow the IT team to focus on the core strengths and helps employees to dedicate themselves in value-adding projects. Thus, results in the optimisation of resources.
Working of BaaS Model | Explained
Blockchain or blockchain-based services are considered as one of the high-end technologies which is difficult to understand. Let us try to explain the Blockchain as a Service solutions in simpler words. When any company or customer signs up for the contract based on Blockchain or BaaS with an IT partner, an agreement is made where the BaaS partner sets up the necessary infrastructure for Blockchain to work along with other activities like management of bandwidth, incident administration, prevention of cyber attacks and many more, for a predefined service fee mentioned in the contract. The responsibility of maintaining the Blockchain related artefacts and the proper functioning of the infrastructure is of BaaSpartner only. Thereby, Baas helps in empowering the customers in executing distributed ledger workloads with a high degree of fault tolerance.
Choosing Right BaaS Partner | Parameters To Consider
Some of the basic parameters must keep in mind before choosing your BaaS partner like:
- Backend Services: With the unique needs of the business, backend services differ. The compatibility of backend with mainstream technologies must be considered while opting for a BaaS provider.
- Data Security: Data is the new oil in this digital era which must be protected at any cost. Make sure your data is secured enough and protected from vulnerabilities from the associated BaaS provider.
- Cost control: As compared to many other platforms, BaaS offers highly cost-effective solutions to the organisations. But you must always look for the hidden charges if any.
- Integration: With multiple layers of processes, workflows and many more, companies must adopt the BaaS which could easily integrate with the system and does not affect the already running system.
Blockchain as a Service (BaaS) Service Providers
With a rich source of practical experience of the industry and wisdom, BaaS service providers can help you in revolutionising your business. Some of the premium service providers are:
- IBM Blockchain platform: Developed by the tech giant International Business Machine (IBM) back in 2008 to provide the public cloud service for the development of Blockchain platforms.
- Microsoft Azure: Azure was developed by Microsoft to provide a platform for the development of high-quality Blockchain applications.
- Amazon Blockchain Template: With inbuilt Blockchain templates to save up the time and energy of customers, e-commerce giant Amazon developed the Blockchain platform to deploy high-end Blockchain applications.
- Oracle Blockchain Cloud Service: With the number of customised features, Cloud service platform of Oracle is known for high-performance Blockchain applications.
- Baidu Blockchain Open Platform: Chinese search engine Baidu offers the open platform for the designing of user-friendly Blockchain services.
As per the recent survey of Gartner, many of the enterprises have started replacing the applications with Blockchain as a Service solutions for the last two years. It can be considered that Blockchain is not only being hyped but adoptable by enterprises. Undoubtedly, Blockchain requires the understanding in terms of laws of security, decentralised model of governance, commercial architectures and many more but once the concept is understood, it can do the miracles in the industry. Blockchain as a Service has strengthened the market presence and has developed the faith among enterprises for the Blockchain technology. Blockchain might be associated with cryptocurrency only in past but the present and future will be linked to the number of applications, services and products all across the various sector for the management of data in the transparent network while maintaining the privacy and security.