Blockchain as a Service – All you need to know!
What is Blockchain as a service? – definition
Blockchain as a Service (BaaS) can be described as third-party management and creation of cloud-based networks for companies in the fields of building blockchain applications. They primarily function as a web host. This means that it is able to run backend operations for any applications. In addition, BaaS can also act as a catalyst that can result in the widespread of blockchain technologies.
Today these third-party services are a relatively new development in the fast-growing area of blockchain technology. It is known that the business of blockchain technology is one of the fastest-growing technologies. The technology has well spread into cryptocurrency transactions and secure transactions of many kinds. As a result of this, these technologies are extremely popular and are in high demand today.
Guide to choosing a BaaS platform
Before we go ahead into choosing the appropriate BaaS platform. One should know which provider can provide you with the right kind of solution to support your needs and methods.
The following are a few attributes that can ensure the proper choice of a BaaS Platform:
Presence of Backend Services
It is a given that every enterprise possesses its own needs for backend services. It is important for companies to develop oracles for close integration. Thus acting as a service blockchain, providers must necessarily offer backend services such as mainstream technologies. They must integrate these popular services into their applications as well.
Data Security of Blockchain as a service
This serves as one of the most basic and necessary requirements to ensure the proper working of the application and the user. Here, data stays within the confined boundaries of the platform. Data security also eradicates the possibility of vulnerable risks.
Control of Cost
BaaS does not possess any costing model as such. However, they do offer cost-effective solutions. One needs to check if the costings listen include hidden expenses or not.
Acting on Integration – Blockchain as a service
Often many enterprises run on network layering that ideally entails multiple layers of processing, workflow, data sources, data resources, and processes. For an application to function rightfully, these services and processes must be integrated into the architecture. Thus, this supports multiple applications without modifying or changing the old network.
For Blockchain as a Service, a scalable environment is a must. This is required to maintain the uniformity of the original performances. Besides, the environment must possess a guard mechanism that is able to control workflow, data. It must also include tools, computing resources, etc.
Last but not least, rapid provisioning enables the ability to deploy blockchain networks easily and quickly without any external interference or problems. Blockchain is many times under pressure to deploy, manage and install the environment quickly.
Best options available for a BaaS platform
Confused about choosing the best available BaaS platform? Well, below are a few options that can help you make your choice less vivid.
According to research, in 2015 Microsoft had teamed up with ConsenSys in order to develop Microsoft Azure. This is based on the Ethereum Blockchain system. This service enables large enterprises, customers, developers and partners to distribute technology by offering them a solution of “one-click quick cloud-based blockchain development application environment”. To add, based on the official website of Microsoft Azure, the said platform enables the companies to experiment with many blockchain technologies and learn ways to implement it.
This platform is solution-based emphasizing cloud applications and open standards. IMBs goals are to assist developers to manage and create many blockchain networks to enable a new class of ledger applications. IBM allows the customers to create assets accompanying logic. Driving the safe transfer of these assets is another priority at IBM.
Last but not least, the Blockchain-as-a-Service BaaS offered by Amazon is extremely useful and beneficial. AWS focusses on the safety aspects of the applications while developing the.
Security aspects and other pros/cons of implementing BaaS
It is worth to read this information. It may turn out that using BaaS in your business is only a matter of time. Given below are a few security aspects incorporating the pros and cons of implementing BaaS:
Easy usage of applications
Implementing BaaS allows the user to experience customizable templates and plug-pay modules which can be formed within a short time frame. It helps the organization by enhancing the learning curve related to investments endured during the research and planning stages. Thus, instead of building architecture from the ground, the business can simply leverage the ready-made templates and platforms provided by their Blockchain Service partner for the integration of systems and applications.
Focus on Customization
BaaS enables the business to use ready-to-use platforms and templates. The development teams are able to focus on their business requirements and help to ensure the Blockchain service meets their needs. Once the primary infrastructure is set up the BaaS partner maintains it with bandwidth management, allocation of resources and local hosting along with security providing measures.
Resource Optimization and Staff
Resource optimization ensures the maximum utilization of one’s need for space, power, cooling, and other resources. This fundamentally translates into resources. With feature allows organizations to focus on their core businesses and strengths to enable employees to participate in important value-adding projects for applications and businesses.
Limited In-depth Knowledge
Accounting that today Blockchain is still an emerging technology, many organizations are yet to be equipped with a deeper understanding of how the technology works. During this scenario, the implementation decision made with half-hearted knowledge can put existing business processes at a significant risk of failure and wasted investment.
BaaS applications and why it has such a promising future
BaaS applications are just budding their way into the top multinational corporations. They hold a secure future as their implementation grows in all types of industries. Ranging from healthcare to retail and even the insurance industry, BaaS serves as a vital part of each of these processes.
In the future, they will be immensely used to improving stocktaking, securing customer records and providing confident solutions to underlying problems of these industries. Therefore, with the help of BaaS, the entire global economy will indubitably evolve into a fast-growing solution-driven platform for all types of businesses.
Do you think your business may need Blockchain as a service? Contact real professionals right now.