Last updated on May 29th, 2018 at 05:46 pm
Blockchain being a nascent technology is there to disrupt the traditional IT ecosystem with some improved offerings. Here, people are curious to know, access and implement this widely effective technology to gain some amazing results. Likewise, any other new technology it has its own limitations and one of them is cost-effectiveness. Here, companies are supposed to spend huge sums to have access to this effective technology. To deal with this issue, Blockchain-as-a-Service or BaaS comes as a better solution. Using BaaS solution, you can have access to blockchain technology without the cost or risk of deploying it in-house.
What is Blockchain?
The distributed ledger technology, widely known as Blockchain is poised to change the IT arena in similar fashion the open-source software did a few decades ago. Here, this smart technology display the potential to help you eliminate the need of record-keeping in huge amounts to save admin cost and reduce manual intervention.It offers a whole new paradigm to change the way information is shared and distributed by extending digital transformation beyond the company’s walls.
This peer-to-peer (P2P) technology is technically a data structure that helps you create a digital transaction ledger by sharing information among a distributed network of systems reducing dependency on a single provider. The visible benefit of this technology is more open, verifiable and transparent system that offers smooth and fast transactions to exchange value and assets. Further, you can use this technology as a secure and transparent way to enforce smart contracts and share data.
What is Blockchain-as-a-Service (BaaS)?
Blockchain-as-a-Service is an enterprise service or solution that is offered by different IT & cloud service providers. Here, it is meant for those companies or enterprises that could not afford or don’t want to take on the expenses that are required to build new blockchain architecture that also needs deployment of new developers to run and maintain it. Further, BaaS offerings are particularly attractive and useful due to easy and instant access to this beneficial technology without being Pro to it. To access BaaS solution you need to consult with your cloud providers who also act as a consultant on the BaaS technology.
Big Players Offering BaaS
To access benefits of blockchain technology you would require to set up an environment to research and test it. Under blockchain, multiple systems would be deployed to develop test & research that may attract huge investment and manpower. To deal with this issue, you can move to BaaS as an affordable solution. Here, you will get the blockchain ecosystem without the need of spending huge sums on building new blockchain architecture or deploy workforce.
Knowing the benefits of offering blockchain services in the cloud many big players from the IT and cloud industry have got into the league to offer BaaS solution to their clients. Here, these big players are offering working blockchain ecosystem without the need of configuring or setting up blockchain hardware at client’s place. Some of these players include:
Microsoft is one of the early software vendors that offered BaaS in 2015. Here, it has partnered with ConsenSys to offer Ethereum Blockchain as a Service or ETHBaaS on Microsoft Azure to their clients. It is open to various blockchain protocols including Unspent Transaction Output-based Protocols (UTXO) like Hyperledger, Smart Contract-based Protocols like Ethereum and many more.
IBM has partnered with Linux Foundation’s open-source Hyperledger Project to offer BaaS (Bluemix) to their clients. Here, IBM has offered 44,000 lines of code to help developers to build secure distributed ledgers to exchange anything of value with ease and comfort.
Amazon is another player in the industry that has collaborated with Digital Currency Group to offer single-click cloud-based blockchain developer ecosystem. It is designed to help rapid development of smart contracts.
Knowing the fact, blockchain is there to exist, offering Blockchain-as-a-Service is a wise decision by big players. Here, it will not only reduce the cost of developing blockchain ecosystem but it will also help companies improve their functionality to a greater extent by using easy to access BaaS solutions. Despite the fact, there are many big BaaS solution providers from the IT industry still there is large scope to improve the services, cost, and accessibility to common users.