Blockchain as a Service is a blockchain service that delivers cloud-based services to business customers to host, develop, and adopt blockchain applications, smart contracts, and other relevant blockchain-based activities. BaaS is a third-party cloud computing-based service for parties to run their apps or web infrastructures. Interested parties can use these services like Web Hosting services to manage and operate their applications or web platforms.
Blockchain as a Service is a revolutionary approach based on blockchain technology that allows businesses to design, build, host, and run blockchain-based programs while enjoying maximized efficiency, speed, safety, and reduced costs and waste of organizational resources.
What is Blockchain as a Service
BaaS is a branch of Software as a Service (SaaS), with almost a similar mechanism, but modified to meet the blockchain technology necessities. In this approach, people who intend to run their application based on a particular blockchain network can build, run, host, and operate programs and relevant functions on the selected Blockchain ecosystem. And there are no worries because the blockchain service provider is responsible for keeping the Blockchain nimble and working faultlessly.
Major players in the BaaS space include IBM, Microsoft, Amazon, and other big companies.
The role of DLT in Businesses
DLT works based on a mechanism that distributes copies of the ledger and relevant changes such as transactions to the nodes on a blockchain network in a consensus mechanism to agree on updates to the ledger.
Where to get help from Blockchain as a Service (BaaS)?
Blockchain is a pass from tradition to modernism. There are lots of applications that businesses can get help from Blockchain technology like;
- Cryptocurrencies: Today, almost all Cryptocurrencies are launched based on blockchain technology. Blockchain is a technology in which all transactions will be recorded and prevents probable fraud activities because making unreal changes is almost impossible.
- Financial Services: The central part of financial activities are transactions from one party to another, and in the Blockchain ecosystem, security and efficiency are the most critical advantages of blockchain technology. The most significant benefit of blockchain is “cross-borders settlements” it is an idea of creating a global network through blockchain that is highly cost-efficient and potentially transparent at the same time.
- Voting: Blockchain technology provides a platform for creating a highly secure, decentralized, anonymized for voting and also be used to record and report votes and analyzed it.
- Health:Blockchain technology has a bald role in the health segment in different areas with a broad range of functionality—blockchain leading to immensely reduced costs and new ways for patients to access healthcare.
The Advantages of BaaS
According to one of the Leading BaaS providers, IBM, the higher level of trust, security, traceability of the shared data across the network, and transparency are the most significant advantages of BaaS. Increased trust across the network happens through a ledger that keeps all information safe for the participant with permission. It gives those privileged the ability to control Network members’ probable activities and the data they can have access to see or make changes. All these happen because of the higher level of security, which comes from the nature of the blockchain ecosystem. However, there are more benefits in the background.
For example, the speed in BaaS is significantly high, which would be more cost-effective for organizations and members when all activities automatically will be done, and with a higher level of efficiency. As nodes are located across the network, machines work correctly or don’t work. It means there is the slightest chance of errors in the system. The most crucial benefit of this approach in technology is the termination of the intermediary parties, which is the main reason that increases the speed and reduces the cost.
Security
Security is really critical, and data is one of the most essential resources of each organization or individual. Blockchain helps organizations or even us to keep our information safe. Because of the unique specification of Blockchain to keep a copy of data on all nodes on the network, it reduces the risk of fraud works significantly, which is a good achievement.
Transparency
Transparency is one of the most important benefits of using Blockchain as a Service because all transactions are immutably recorded and are time- and date-stamped. This enables members to view the entire history and virtually eliminates any opportunity for fraud.
Traceability
Traceability is one of the most critical advantages that BaaS brings for industries and reduces many unanswered potential questions or concerns of the consumers of the delivered goods or services. BaaS and Blockchain continually record and create audits of each step from the beginning to the end of assets and investigate where they arrived and where they will go.
Efficiency
Efficiency is one of the victims of Old-fashioned paperwork in organizations, which wastes time and organizational resources. Besides paperwork needing lots of space to keep hard copy documents, it takes lots of time. It requires several returning to the archive to find out the story of a particular case, server, and clients networks were a good solution. Still, there is always the risk of hackers or loss of information due to known or unknown reasons. Still, Blockchain has a specification that keeps all information safe and significantly faster than before, more efficient, and safer, except that the risks of human errors almost disappear in this technology.
Automation
Automation is a dream that thanks to Blockchain, smart contracts came true. In this approach, the system has some pre-specified conditions. As soon as the system identifies those conditions that meet requirements, it automatically goes for the next level.
The most prominent suppliers of “Blockchain as a Service.”
- IBM blockchain platform
- Amazon Web Services
- Oracle
- SAP
- Alibaba Cloud
- Hewlett Packard Enterprise
- VMware
- R3
- Kaleido
- Corda
- Dragonchain
- Bloq
- AkaChain
- Aergo
Conclusion
b”Blockchain as a Service” is one of the most critical evolutions in Information Technology. BaaS is the third parity cloud base network for the creation and management in the mainly chosen Blockchain by participants, which mostly are industries, such as Banking systems, markets, insurance companies, Pharmaceutical, healthcare departments, and governments. BaaS guarantees safety, traceability, transparency, efficiency, and almost all the good points industries have been looking for those facilities for ages.