Why you should invest in Blockchain as a Service (BaaS) for your IT Company?

Blockchain as a Service has become a popular service for IT industries in the last few years. It has started to gain importance because more and more companies now know its advantages in business expansion. But still, implementing Blockchain is not an easy job to perform. Many renowned companies like IBM, Microsoft Azure, and Amazon have discovered BaaS to ensure organizations can easily invest in Blockchain development services to focus on their core areas without worrying about the development part.

What is Blockchain as a Service (BaaS)?

Blockchain as a Service (BaaS) allows customers to use cloud-based services to build, use, and host their applications. BaaS manages tasks to keep infrastructure operational and agile. It speeds up the Blockchain adoption across multiple businesses.

Businesses are willing to implement this cryptocurrency technology. But, the technical complexities experienced in creating, operating, and maintaining the infrastructure is a serious concern. BaaS offers solutions to companies to eliminate such hurdles of new technology.

How Does BaaS Work?

A BaaS provider sets up and manages the Blockchain technology for a customer. A client pays fees to the BaaS provider for the configuration and handling Blockchain connected nodes. It is the responsibility of a BaaS operator to keep company infrastructure running. A BaaS operator performs activities including proper allocation of resources, bandwidth management, and hosting needs. With BaaS implementation, clients can focus on their core areas and the functionality without worrying about the performance and infrastructure-related concerns.

Also, read this: What Benefits Blockchain offers to Supply Chain during COVID-19 Pandemic?

Use cases of Blockchain as a Service (BaaS)?

1. Document Tracking

This technology offers a distributed & absolute document tracking system. By keeping the documents on Blockchain, all the members are given complete access to the data. Additionally, blockchain technology is indisputable, to ensure that the documents are secured.

2. Data Storage

The data stored in the decentralized blockchain eliminates the chances of any data loss. The industries include healthcare, & real estate benefits thus securing data on a blockchain.

3. Contract Execution

With the availability of the smart contracts service of blockchain, a platform is offered contract execution which promises transparency levels. The distributed nature guarantees proper information should be equally informed to the members.

Some of the popular BaaS providers in the market

1. Microsoft

Microsoft is the first vendor to provide BaaS and its product is Microsoft Azure. Microsoft Azure allows users to build public & private Blockchain environments with industry-grade frameworks.

Features of Microsoft Azure:

• Supports Multiple Blockchain Frameworks, comprising Quorum, Ethereum, and Corda.
• Built-in Management to manage members of the network.
• Complete Monitoring and Logging

2. Amazon

Amazon has a BaaS offering named Amazon Managed Blockchain. It is a fully managed service allowing users to set up and handle the blockchain network with a few clicks.

Features of Amazon Managed Blockchain:

• Fully Managed
• Supports Hyperledger Fabric
• Uses Amazon QLDB technology

3. SAP Cloud Platform Blockchain

SAP BaaS resides in the SAP Cloud Service and does not need any on-premise software or hardware. SAP Blockchain-as-a-service platform performs as a blockchain cloud service, machine learning service, and offers support to IoT within a single ecosystem.

Features of SAP Leonardo:

• Cloud Deployment
• Monitoring of Blockchain Data in real-time
• SAP Cloud Platform allows building prototype using smart contracts

Since you will come across several Blockchain-as-a-service platforms available in the market, you need to consult an experienced Blockchain development service provider like OrangeMantra to find out the factors on which you can select the best BaaS provider for your business enterprise.

Wrapping Up

Blockchain as a service is a promising offering that helps business enterprises to become future-ready with scalable solutions built on the blockchain technology. The costs of the BaaS model depend on factors including the number of concurrent transactions, rate, and payload size on transactions.