The real-world applications of Blockchain are expanding by the minute. It has extensive real world applications and benefits but the digital businesses are still struggling to leverage the true potential of Blockchain solutions. Now there are two possible questions that stand in front of business owners.
Is Blockchain-as-a-service for business the answer of how to make Blockchain technology accessible to an audience?
In this article, we are going to look into the BaaS solution for business works, the benefits of blockchain as a service, and how to choose the best BaaS providers operative in the market today.
For offering the benefits of Blockchain based services to a wider audience, the technology has started being offered in the cloud as a service business model. On the operational front, it is more or less similar to the SaaS, PaaS, and IaaS models which enables using cloud-based apps and storage.
It allows businesses of all types and sizes to access Blockchain based technologies without investing in the in-house development. The BaaS model enables companies to access the Blockchain provider’s service wherein they can develop Blockchain applications at minimal cost. This benefit is what has made it a key part of the Blockchain technology trends.
The only limitation of the BaaS solution for business is that it asks for a certain level of centralization since the transactions have to be funneled through the host’s Blockchain services. And because the answer to how Blockchain is used in business lies at the center of decentralization, companies tend to be wary of its adoption.
Blockchain-as-a-Service is third party cloud infrastructure and management that businesses use for developing and managing Blockchain applications.
It operates as a web host which runs an app’s backend.
BaaS acts as a catalyst which leads to widespread adoption of Blockchain technology.
Blockchain-as-a-service business model describes the process through which third parties install, host, and maintain a Blockchain network on the behalf of organizations. The service provider offers the setting up of Blockchain infrastructure and technology in return for fees.
In many ways, the role of Blockchain-as-a-service for business is similar to that of a web hosting provider. It enables customers to make use of the cloud based solutions for developing and hosting Blockchain applications and smart contracts in the ecosystem managed by the provider.
Here is a visual showcasing the working of Hyperledger Cello Blockchain-as-a-Service, which is a BaaS-like Blockchain module utility system and toolkit under the Hyperledger project.
The BaaS integration in traditional business provides support around allocation of resources, bandwidth management, data security features, and hosting requirements. The biggest impact of BaaS on business is that the enterprises can concentrate on their main business without thinking of the complexities around Blockchain operation.
BaaS comes with the package of smart data protection and competitive advantage, not to forget the expelling third party delegates part. This acts as a benefit over cost. Coming back to BaaS in the market, below are the global figures.
Businesses and consumers are adapting to Blockchain technology. However, the operational overhead cost related to development, configuration, operation, and maintenance of infrastructure along with the technical issues act as a barrier. The advantages of Block chain no matter how massive, are very resource intensive and energy consuming – thus preventing the technology’s mass adoption.
Renting a Blockchain infrastructure in BaaS allows businesses to acquire the skills needed for operating the Blockchain infrastructure. Additionally, the investment needed for entering the technology segment is also lowered, since the service agreement can be easily scaled up or even terminated within short notice.
It offers a way for businesses to stay at the edge of technology without any unnecessary risks.
The opportunities of BaaS for businesses, especially small businesses, is deemed ideal for organizations which outsource the technological aspects, and are not very hands-down involved with the Blockchain’s working mechanism. It enables these firms to get the understanding of the technology without having to develop their proprietary Blockchain.
The integration of BaaS solutions is being used by a number of industries for things like identity management, supply chain management, and payments. Blockchain development services are emerging as the ideal solution for a number of SME challenges like elimination of middlemen, lack of transparency, etc.
As we mentioned above, Blockchain is a data management platform which means all the solutions offered in the territory of Blockchain will have data keeping to their center. The use cases explained below exhibit how Blockchain is utilized by different businesses for immunity and transparency purposes.
Outlining the outsourcing goals in detail before planning to invest in a particular model is not only the smart but also the most basic thing to do. It not only helps the company understand their personnel and tech needs but also ensures effective and efficient usage of the resources.
Blockchain has revolutionized healthcare upto a great extent by keeping a universal and transparent version of patients medical data. Blockchain technology has helped several medical professionals to provide instant care to the individual patients due to organized and updated records.
Besides, Blockchain also aids in identifying the authenticity of medicines. This means any drug or chemical can be checked to its source. This has been a great benefit for manufacturers recalling particular chemicals for aid drugs.
The biggest challenge for automotive industries is to resist counterfeit parts and manage supply chains. Blockchain platform as a service rescues here by offering end-to-end accessible records for transporting automotive parts. This helps the automobile enterprises track and differentiate genuine spares from fakes.
Blockchain in FinTech has brought peace to every average banking customer by making most of the financial process effortless. Besides adding immutability and transparency to prevent disputes. Blockchain services have introduced smart cards to customers. These smartcards help in faster settlements of funds without the verification by any central authority.
The logistics and transportation industry relies heavily on identity verification for goods and passengers respectively. With a single identification token, the entire process gets easy and quick for passengers. Similarly for cargo movement and verification efficiency and fault proof.
Blockchain platform as-a-service provides a fail-safe mechanism for industries and various other data silos.
Apart from the industry specific use cases, you can also use Blockchain development services for general purposes such as:
Blockchain technology offers a distributed, immutable document tracking system. By keeping the documents on Blockchain, all the participants are given equal access to the information. Additionally, Blockchain technology is immutable, thus ensuring that the documents are secured.
Under the smart contracts service of Blockchain, a platform is provided for the contract execution which promises high transparency levels. Its distributed nature implies that all the parties should be equally informed.
The benefits of Blockchain infrastructure as-a-service lies in the unraveling of the several use cases that are yet to emerge. It offers enterprises an opportunity to work on those use cases without making any large term commitments. All they would have to do is partner with a Blockchain service company and then fully embrace Blockchain’s capabilities.
Now that we have looked into how Blockchain platform as-a-service is valuable for SMEs and enterprises, let us look into its regional adoption.
SPK Systems is a BlockChain Development Company with profound knowledge and experience in developing and managing decentralized solutions. Here, the Blockchain experts serve you with a wide range of decentralized solutions that adds scalability, security and transparency to your ecosystem.
Allow us to help you with top tier BaaS solutions aligned to your business needs. Contact our experts for personalized suggestions.