Today various cloud-based solutions gain popularity. There is always a phrase As a Service in the titles of such tools. Many business owners are familiar with Software As a Service and the corresponding abbreviation SaaS. Sometimes we also use a term PaaS (Platform As a Service).
With the rapid development of the digital technologies a new concept appears—BaaS (Blockchain As a Service).
What BaaS means
To understand what is BaaS you need to be clear about blockchain. This is decentralized encrypted ledger that allows saving data in blocks. These blocks form a single chain. All information in this chain is well-protected. Nobody can change data.
There are several key features of blockchain tech that make this innovation special:
- unique key code for access to the chain;
- data protection against any interference;
- there is no need to involve intermediaries for making transactions.
The hype around Blockchain
Blockchain has become one of the major trends. Its popularity is closely connected with the cryptocurrency. A lot of startups try to implement blockchain solutions in their business strategies. The opportunities that a new tech opens are really great. This innovation can change not only financial sphere but other industries.
Blockchain helps to build reliable, transparent, and long-term relationships with the customers. Absolutely new approach to the data storage and the pattern of transactions opens new ways of doing business.
Blockchain-driven cloud-based solutions
The use of various blockchain cloud-based services is a perfect opportunity for entrepreneurs to save money. They do not invest in the development process but can utilize innovation successfully and grow their business.
Large well-known companies are offering Blockchain As a Service solutions. Let’s look at some of them.
Oracle Blockchain Cloud Service
Oracle developed this solution by the end of 2017. The main benefits of this service are trust, security, accessibility, saving costs, and generating income. It allows exchanging information with greater transparency.
IBM Blockchain Platform
This is a cloud-based platform by IBM. It provides faster operations, creating an application and operating the network. The business plan it offers helps entrepreneurs to use the following:
- well-protected environment;
- access to the service for network transactions;
- certificated authority.
With the help of these solutions, clients can implement and adjust Blockchain network with new types of applications.
Ardor is considered to be the leader in blockchain-based services. Their invention, NXT tech provides customers with an opportunity to use the solution publically. The system implies functioning of small chains that are hosted by the larger parent chain. Such scheme has many benefits but it is not perfect and requires the ability to solve some issues connected with management.
Azure is a well-known company specializing in the creation of cloud-based services. This service has many advantages for customers. The benefits are the price calculator and free tier for those who want to try.
Amazon AWS BAAS
Amazon Web Service (AWS) provides full security for their clients, flexibility, and support for multiple platforms.
The role of BaaS
Blockchain-based solutions in the cloud help to manage your business more effectively. Implementation of such services is the calling of our time. Blockchain will revolutionize many industries, including Healthcare, Insurance, Digital Marketing, Finance. Blockchain is an area of great promise. However, its successful implementation will be possible only provided that some of its restrictions could be resolved.