Blockchain as a Service (BaaS) is when an establishment sets up all the “blockchain tech”. If one pays for a BaaS service, then the establishment can set up blockchain connected nodes for the required service. A BaaS provider deals with the complex backend for any business.
BaaS has been deployed by a few well-known companies already, and its presumed that it will work as an essential catalyst for delivering the adoption of blockchain technology. Taking the complexity out of the process will provide a wide range of businesses and industries to adopt blockchain into their existing platforms.
BaaS involves adding some centralization to the blockchain, which is considered not so ideal because one of the primary purposes of blockchain is to have decentralized solutions contrary to the traditional banking system.
Though BaaS is one such strong step towards carrying blockchain the world.
The Blockchain Hype
Blockchain has already hit the tradition society though not in a completely functioning format, it sure has gained some popularity. According to Gartner: “As of February 2017, “blockchain” was the second most-searched-for term on Gartner.com, having increased in volume by 400% in the last 12 months.”
People have started to notice and question this technology. The ICO’s for example, it grew over 4 billion dollars in 2017.
According to IBM, “91 percent of surveyed banks are investing in blockchain solutions for deposit-taking by 2018 to protect against start-up non-banks.” These statistics give an idea of how the mainstream financial sector is embracing blockchain.
It’s not just banking or financial sector but there are other industries that blockchain could disrupt cybersecurity, education sector, government, arts, and logistics.
Blockchain Adoption In Daily Life
Microsoft has been adding BaaS modules to their cloud-computing platform, Azure. For this purpose Microsoft’s Azure is focused on the Ethereum blockchain.
IBM has built their own BaaS service, it is a Hyperledger BaaS system built on the Bluemix Cloud Platform. They are directed more on private blockchains.
Ardor, is a BaaS platform that allows people to use the NXT blockchain (an open-source cryptocurrency and payment network launched in November 2013).
BaaS The Backend And Backbone
Just like how HTTPs is a significant tool for the online business Baas is also considered to be the significate carrier of the blockchain technology.
BaaS provides the blockchain part of the technology to be relatively translucent. There are two ways when associating with the blockchain. One can directly set up the node and remove the invisibility cloak of the blockchain, or let the establishment who offer Baas do the work. This is
Millions of people and entities have started to adopt blockchain and it will continue, at this rate Blockchain is expected to grow dramatically for both individuals and entities. BaaS will become an essential first step for those entities.
Let’s list down some of the platforms that offer BaaS services and are connected with the big names.
1. Oracle Blockchain Cloud Service
The Oracle Blockchain cloud Service was started by Oracle in 2017. This service is included on the platform as a service group. By using this service, a customer can create new income streams, upsurge the business speed, cost reduction, and decrease the risk rate by offering security.
This service allows easy operation working, self-directed recovery, and high accessibility. It yields only real-time information with the trusted network across Oracle SCM Cloud, Oracle ERP Cloud, and Netsuite Suite Cloud Platform.
These things help in endeavoring Blockchain service that is a part of Open banking platform implementing the connectivity between other banks and Oracle FLEXCUBE.
2. IBM Blockchain Platform
IBM Blockchain platform is designed specifically to stimulate operation and development in the network. Through this platform, one can develop an application and also operate the network. The service offers:
- Access network’s transaction service.
- Certificated authority.
- Secure environment.
This enables the customers to manage and develop Blockchain networks that can power up a new class of applications.
3. Ardor BAAS
Ardor is said to be a company that can make a significant impact in the future of Blockchain as a service market.
NXT Blockchain technology is promoted by the Ardor Company and this allows people to utilize the platform publically. They operate by separating the child individual chains that are hosted by the main chain known as a parent chain that is maintained by this company.
4. Azure Blockchain
Azure is the popular name for the cloud service provider company that scales on the 2nd number overall. It has created its very own cloud platform by their resources and skilled individuals.
Microsoft is following the open source Ethereum Blockchain for the Blockchain as a service extension. This is a great way to access Blockchain technology and helps in various business innovations.
5. Amazon AWS BAAS
Amazon the leading e-commerce service providers all over the globe for many years now. The net revenue recorded by Amazon from their Amazon Web Service was around $6 billion last year. It offers many services like PaaS, IaaS and SaaS that are now connected with DCG (Digital Currency Group) to bid more upgraded facility of BaaS through AWS platform.
This provides the customer to work in a secure network that allows DCG allied Blockchain technology to generate a protected environment.
Through this, it is easy to reach enterprise technology companies, financial institutes, and insurance firms.
These are just a few brand names that are driving Blockchain services and including as a product. The researchers have noted that the rise of BaaS will not be limited because of the lack of demand or the requirements. The only things that can put an end to the Blockchain as a service is that if it doesn’t defeat the limitations of Blockchain technology.