Blockchain as a Service (BaaS) is the product of the fourth-gen of Blockchain. It is new in the town but has already set up a strong market presence for itself, especially in the IT and Tech industries. BaaS market total was reported to be USD 1.9 Billion in 2019 and is predicted to reach USD 24.94 Billions by 2027.
So, what is this BaaS all about? To put it simply it is just like a web host but for Blockchain and decentralized apps and platforms. It handles the backend operations and is a third-party tool for management, especially for cloud-based companies that are building and adopting new blockchain platforms.
The widespread adoption of decentralized apps and platforms – among Tech, IT, and New age companies created demand for BaaS. Once companies started becoming more familiar with blockchain technology the demand for BaaS shot up and spread across various sectors like wildfire.
We have already given a brief introduction to Blockchain as a Service (BaaS), but it won’t be fair if we don’t give you an in-depth definition, so let’s dive into the next section.
A Deeper Insight
As discussed previously, Blockchain as a Service is a third-party tool that lets its customers develop, build and operate their own blockchain platforms, tools and applications. At the same time, the service provider keeps the infrastructure of these blockchain tools agile, functioning, and perfectly optimized.
BaaS is somewhat similar to SaaS Model (Software as a Service) and helps businesses in the adoption process of the Blockchain Model. The increasing popularity of blockchain is making it a desirable solution for businesses, both big and small.
Why Use BaaS ?
There is a list of hurdles that lie between companies and successful blockchain adaptation. Some of these are technical complexities of setting up the blockchain, the infrastructure management, creation of a proper system, and so on.
These barriers are eliminated by BaaS, as it manages the backend operations, the setting up and the smooth running of blockchain. Choosing the right partner for the creation, and deployment of BaaS is important, as distributed ledgers have a great deal of potential only when implemented correctly.
How to Choose the Right BaaS Partner?
Choosing the correct BaaS partner can save you tons of time, money, and effort. So, let’s look into the criteria for selecting the right BaaS Partner.
Commitment to Quality
Look for an organization whose main goal is to provide a seamless solution that is error-free and bug-free. Relying on an organization for blockchain development is a big step itself, so better choose an organization that values quality.
Blockchain Platforms are designed and developed based on the needs and goals of the organization. Make sure that the organization you are partnering up with gives backend service according to your current requirements and goals.
Carefully inspect the security strategy that the organization is going to implement. Make sure that they provide full-proof security and error-free results because. Even a minor bug can cause a security breach in the distributed ledger.
BaaS is the most cost-effective solution when implemented correctly. Before moving ahead with an organization make sure that there are no hidden costs and their strategies are cost-effective.
The solution provided by the BaaS provider should be seamless and easy to adopt. User-friendliness plays an important part as at the end of the day the solution should fit perfectly with your team.
Use Cases of BaaS
Blockchain as a Service gives the business a chance to track all its documentation from the ground level. It is a distributed ledger which makes it transparent, immutable alongwith sharing even the smallest data with all the members present on the blockchain. Hospitals and Financial Institutes can greatly benefit from this as it saves time, eliminates communication barriers and gives access to all members present on the platform.
Blockchain platform stores data which cannot be eliminated or changed till there is an agreement between everyone on the platform. This makes data swindling next to impossible. This can be a very beneficial service in large organizations such as Government bodies and NGOs.
Smart contracts enable both the parties to set a predetermined set of rules and no knowledge is withheld from any of them. This makes the contracts solid and full proof. Pairing up with a good BaaS partner you can avoid any loopholes and execute your contracts with full trust and transparency. This is especially beneficial for real estate organizations and service based organizations.
Take a leap towards Blockchain technology without spending too much time and energy on setting up, training, development, and research. Let your Blockchain as a Service partner take care of your business goals and requirements by implementing and curating smooth strategies, while you reap the benefits.