Blockchain As A Service
Blockchain as a Service (BaaS) is an offering that allows customers to leverage cloud-based solutions to build, host and use their own Blockchain apps, smart contracts, and functions on the Blockchain while the cloud-based service provider manages all the necessary tasks and activities to keep the infrastructure agile and operational.
Blockchain as a service model will allow companies to access a blockchain provider’s services where they can then access or develop blockchain based decentralized applications.
Blockchain adoption in software and services for all combined markets majorly driven by decentralized application development and deployment is projected to generate a revenue of over $10.6 billion by 2023 — as reported by ABI research, New York.
Mainstream adoption of blockchain technology is majorly driven by multinational corporations rolling out proof of concept and pilot programs which has seen fresh breed of investors and entrepreneurs scooping the blockchain opportunity.
Tech giants like Microsoft, IBM, Amazon, HPE, Oracle among others are pushing blockchain-as-a-service to first time enterprise adopters across various sectors to scale the new age technology at an unprecedented pace.
BaaS providers are also providing a range of ICO (Initial Coin Offering Services) to clients. These include,
* Blockchain Software Development
* PR and Marketing
* Landing Page
* Whitepaper Drafting
* Smart Contract Setup
There are numerous advantages of choosing BaaS, some of these include:
* Experts in the blockchain domain manage the network or decentralized application over the network which resolves operational challenges faced by industry adopters.
* Cost-effectiveness — Outsourced dedicated blockchain developers work vigorously to improve the efficiency of the deployed network which saves substantial man-hours and expenses as compared to in-house blockchain vertical in a company.
* It aids wide scale adoption of blockchain technology across businesses.
* The cost or risk of developing blockchain solution in house is mitigated.
* Resources can be leveraged by the lessons learned by the provider to help make the client side implementation more secure.
* Necessary training on managing the network is provided to counter the knowledge gap, which in turn promotes better understanding of the nascent technology.
Some of the most popular Blockchain-as-a-service providers are:
1. IBM Blockchain Platform — The foundation of a strong blockchain starts with the experience and trust of hundreds of client engagements. Auxesis Group, world’s leading blockchain company has partnered with IBM with a vision to take blockchain in mainstream enterprise adoption.
2. Microsoft Azure Blockchain — Solve your business problems with proven combinations of Azure services and related products. Whether you’re just beginning in the cloud, or have years of experience developing cloud-based applications, Azure will help you get started with sample architectures, documentation, and partner resources.
3. AWS Blockchain Templates — Amazon AWS Blockchain Templates provides a fast and easy way to create and deploy secure blockchain networks using popular open source frameworks. These templates enable you to focus on building your blockchain applications instead of spending time and energy on
manual setup of your blockchain network.
4. Oracle Blockchain Platform Oracle offers an easier way to adopt blockchain and transform your enterprise with the industry’s most comprehensive and enterprise-grade blockchain platform. Oracle Blockchain Platform securely extends your business processes and applications while enabling you to process business transactions much faster.
“When fully automated, blockchain can enforce consistency in execution, assist with dispute resolution, increase accountability, and deliver end-to-end transparency that can inform better business decisions.” — Harvard Business Review
As increased number of pilot programs are meeting industry expectations, Blockchain Technology, in the near future, is set to find its commercial acceptance.
