What does Blockchain as a Service (BaaS) Mean to the Tech Industry?
Blockchain as a Service (BaaS) is all abuzz these days, but few truly know what it is or how it works. In fact, blockchain is pretty complicated for people who don’t really understand its function. Nonetheless, businesses are looking at implementing BaaS to make offering their products and services easier.
What is BaaS?
Similar to SaaS and other cloud service models, BaaS is being used to deliver services to broader audiences. This is a low-cost way for all businesses, regardless of size, to bring blockchain technology to their customers. Enterprises can now obtain blockchain services at a lower cost, allowing them to develop blockchain apps faster and easier.
Blockchain can be used to track orders, accounts, production, payments, and so much more. This provides enhanced security for businesses that need it. It generates great efficiencies and even more opportunities for growth,
Because information on the blockchain can only be accessed by those authorized, this creates an immutable ledger where shared information is immediate, transparent, and reliable.
BaaS as a Solution
Blockchain technology is widely being explored to tech organizations and many other industries. Unfortunately, there are currently inherent technical complexities, a lack of domain experience, and plenty of overhead costs that come with development, operations, and maintenance of blockchain technology, which is why BaaS seems to provide a viable solution.
A BaaS provider eases the transition to blockchain technology and gives businesses access to blockchain developers and governance experts with the cloud infrastructure needed. It eliminates the startup costs and overhead operations headaches.
This experience and wisdom is a great way to leverage upgrades of security systems and can significantly reduce the risks that come with developing blockchain technology in-house.
Exaion, a startup providing Cloud Computing of HPC/AI, BaaS and Datacenter hosting services in an eco-responsible way, is one such provider. In 2020, the company was named one of the world’s largest Blockchain-as-a-Service enterprises and contributes to expanding computing power for many industries, using Blockchain.
How it Works
A BaaS provider sets up all of the necessary technology and infrastructure while you pay them to maintain the nodes. Not only does it reduce cost and risk, it offers a dynamic experience for the company and the user.
When a company uses a quality BaaS provider, all of the objects and services related to the blockchain are preserved and maintained. It helps to allocate capacity, regulate bandwidth, identify security risks, and assess storage needs.
Many businesses and consumers are increasingly willing to adapt to the blockchain, and some major players in the space currently include Microsoft, Amazon, and PayStand.
While others are slow to get started, la Fédération Française des Professionnels de la Blockchain truly believes that blockchain is going to revolutionize all industries moving forward and is the future of business. Learn more today!