We know that the use of Blockchain goes far beyond cryptocurrencies, but where exactly can it be applied? One of the most promising ways to use this technology is Blockchain as a Service (BaaS). In this article, we will explore the concept of Baas and when is the best time for companies to use this model.
The cloud business models of IaaS, PaaS, and SaaS have been around for a long time and are actively mastered by many companies worldwide.
- IaaS – Infrastructure as a Service, these are computing capabilities, such as servers, OS, and networks, that are offered to users by subscription without control from the infrastructure provider.
- PaaS – Platform as a Service is a cloud service that provides a user with an opportunity to develop, test, and run applications.
- SaaS – Software as a Service, application software by the cloud provider, by subscription.
Along with this, the BaaS cloud business model, Blockchain-as-a-Service, has been rapidly developing recently, allowing users not to build their own blockchain solutions but to use the provider’s Blockchain.
The BaaS solution can be used to implement projects of any level – from start-ups to transnational corporations. And all of this is possible without investing in the development of your blockchain networks.
BaaS provides companies with a much faster, less complex, and cheaper way to implement blockchain and an easy way to build decentralized applications that run on top of a distributed architecture. By enabling companies to operate on the blockchain without significant upfront investment, the BaaS market has the potential to accelerate blockchain adoption, similar to how the software-as-a-service market helped accelerate cloud adoption in the previous years.
MAJOR COMPANIES THAT USE BAAS
Among the leading companies in the world that use BaaS technologies are:
- In partnership with ConsenSys, Microsoft introduced the Ethereum blockchain as a service on Microsoft Azure in 2015.
- Amazon introduced Amazon Managed Blockchain – a service that “makes it easier to build and manage scalable blockchain networks” using open source frameworks including Ethereum and Hyperledger Fabric.
- R3, a consortium of global financial institutions, created a distributed financial ledger called Corda.
- PayStand specializes in sending and receiving payments between companies.
With the appearance of BaaS providers, companies can take advantage of blockchain to gain a competitive edge and protect their business in the future. The critical advantage of BaaS is that it allows companies to adopt blockchain without significant investment in research, planning, infrastructure, and expertise. In exchange for a regular monthly or annual fee, blockchain infrastructure companies are ready to go, and what’s more, they will have expert help on hand if needed.
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