Before getting to understand the concept of Blockchain as a service, you need to have a clear idea about Blockchain technology.
Blockchain, as described by the name, allows the data to be stored up in the form of blocks. The blocks are connected with each other forming a chain. However, for a technology fanatic, this may not be a satisfactory definition.
The extended form is that has many features making it the most exciting development of all time that includes:
- Unique key code access.
- Inability to alter the blocks once added.
- No 3rd party involvement for the transaction process.
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The Blockchain technology has come into trend after the rise in the Cryptocurrencies price. The popularity has grown and companies are trying to implement it in their business somehow.
The best thing is any company can take advantage of Blockchain ability to maintain records. However, it is important to be clear about what to expect from Blockchain and what could be obtained from it. In addition to this, Blockchain is not limited to the cryptocurrency and is more than that.
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There are other things that can come to your advantages such as regulations and compliance. Nevertheless, it is possible that the issues faced by cloud technology can be seen in the Blockchain too.
But it is going to be an amazing journey to cover and face the challenges in order to provide a perfect solution to any problem. It is essential to see the growth of Blockchain as dismissing it will only limit the companies to take advantage of the benefits that could be obtained from Blockchain technology.
It is better to evaluate the technology on the practical implementation of the respective products and try to take business towards the growth.
Also Read: Trending Blockchain Platforms in 2018
Blockchain as a service
Directly or indirectly, people nowadays are using SaaS, IaaS and PaaS that is connected to cloud-based storage or applications. Similarly, Blockchain technology is used at a wider range especially in business communities. The big name like Microsoft is also offering the cloud as a Service business model that is based on Blockchain technology.
Likewise, the BaaS model is extensively used that allows business personals to take advantage of Blockchain technology in their respective business venture without investing in the development. They can easily create Blockchain based application with the help of BaaS model.
Here are the few platforms of BaaS services that are connected with the big names.
1. Oracle Blockchain Cloud Service
The Oracle Blockchain cloud Service was launched by Oracle by the end of 2017. This service is a part of the platform as a service group. By using this service, a customer can generate new income streams, upsurge the business pace, cost reduction and decrease the risk rate by offering security. The security is extended to the supply chain, ERP, SaaS and on-location applications to make transaction easy and secure to the trusted network.
- By using this, you can easily deliver best results and can globally gauge the system competitors. This also allows easy operation working, self-directed recovery and high accessibility.
- It is an easy way to surge productivity and reduce intricacy by offering secure transactions and only sharing reliable information inside or outside the boundary. They provide security, reduction in transaction cost and proper privacy.
- It shares only real-time information with the trusted network across Oracle SCM Cloud, Oracle ERP Cloud and Netsuite Suite Cloud Platform.
These things help in offering Blockchain service that is a part of Open banking platform providing the connectivity between other banks and Oracle FLEXCUBE. This in turns ensures security and transparency while exchanging information.
Also Read: Expert Voices on Blockchain Technology
2. IBM Blockchain Platform
IBM is providing the Blockchain platform that is fully incorporated and is designed specifically to quicken operation and development in the network. Through this platform, you can develop an application and operate the network. They are offering an enterprise plan through which you can:
- Access network’s transaction service.
- Certificated authority.
- Highly secure environment.
This allows the customers to manage and develop Blockchain networks that can power up the new class of applications.
3. Ardor BAAS
It is not hidden by everyone that many cloud giants are trying to outrun Ardor. Ardor is said to be a company that can actually make a huge impact in the future Blockchain as a service market and have the capability to do something great.
NXT Blockchain technology is promoted by the Ardor Company allowing people to use the platform publically. They work by dividing the child individual chains that are hosted by the main chain known as a parent chain that is maintained by this company.
Just like any other block, each child chain possess different features and functions which makes it easy for the customer to use Ardor BaaS service. However, the upside is that many drawbacks are being solved by this type of management. This makes it easy and convenient way to be used without suffering.
4. Azure Blockchain As A Service
Azure is the famous name for the cloud service provider company that scales on the 2nd number overall. It has actually created its very own cloud platform by their long-lasting resources and skilled people that are known to the world with the name of Azure.
However, over the year they have made a strong base on AWS after shifting office to the cloud storage. No matter how much lose Window Operating system is facing, the Azure is actually earning a lot of it.
Microsoft is following the open source Ethereum Blockchain for the Blockchain as a service development. This is a great way to access Blockchain technology and helps in business innovation.
5. Amazon AWS BAAS
Amazon has been the leading e-commerce service providers all over the globe for many years now. The net revenue noted by Amazon from their Amazon Web Service was around $6 billion last year. It offers different 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 allows the customer to work in a more secure network that allows DCG allied Blockchain technology to generate a protected environment.
- Through this, it is easy to access enterprise technology companies, financial institutes and insurance firms that explains the basic requirement that can make is easy to allow BaaS.
This only helps in quick and easy implementation that ensure full security to the customers.
These are just few brand names that are motivating Blockchain services and incorporating as a product. However, there are other things that must be kept in minds while understanding Blockchain as a service.
Uses Of Blockchain As A Service
In the coming years, almost all the MNC’s will be using the Blockchain as a service to securely maintain customer’s record, improve stocks, and helps in recording possession. It is a partial solution for so many problems that are lying underneath the transaction process and processes to target global economy.
Also Read: How Blockchain Disrupts Traditional Media
There are many industries that could benefit from Blockchain technology such as;
- Healthcare industry
- Insurance industry
These are just a few examples where Blockchain can be used as a service.
Depth Of Blockchain As A Service Model
Truth be told, no one knows the end limit of the Blockchain as a service model. It is just the beginning of the Blockchain technology and it has a long way to go. It experiments with different ideas and direction that are being explored and the limit of Blockchain service is tested and explored.
The big industries are trying to come forward and explore the idea of BaaS by opening their resources for the developers to use. By the start of 2017, the researchers surrounding Blockchain increased and so are the prices of cryptocurrency.
The researchers know that the rise of BaaS will not be limited due to their demand or the requirements. The only things that can put an end to the Blockchain as a service is that if it doesn’t overcome the restrictions of recent Blockchain technology.
With Blockchain as a service, there are so many opportunities for a company that could be adopted. Not only big industries but for small-scale startup companies, BaaS is a perfect solution. Now, it is easy to find a BaaS according to the business requirement and budget. Therefore, finding out a supplier is no longer an issue.
All a business personals and developers need to keep in mind is that the strategy is kept in place. Apart from the various benefit, one can extract form Blockchain technology. This developing technology is going to bring a big change in the world and improvement will be implemented. It will be fascinating to see how Blockchain will change the working environment and jobs criteria.
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