Table of Contents
Blockchain as a Service (BaaS) enables companies to create, host, and use their own blockchain applications, smart contracts, and other features on the blockchain infrastructure created by a vendor using cloud-based solutions.
BaaS gives a business access to a blockchain network in the desired configuration without the need for the business to develop their own Blockchain and develop in-house expertise on the topic, similar to the growing trend of using Software-as-a-Service (SaaS), where access to the software is provided on a subscription basis.
Blockchain-as-a-Service is currently offered by several large cloud service providers, including IBM, SalesForce, Microsoft, Amazon, Alibaba, Oracle, and Baidu, to mention a few.
Blockchain as a Service (BaaS): What is it?
Blockchain as a Service (BaaS) is a type of blockchain service that enables commercial clients to use cloud-based solutions to create, host, and adopt their own blockchain applications, smart contracts, and other relevant blockchain functions while the cloud-based IT partner or service provider manages all necessary tasks and activities to keep the infrastructure operational.
With the potential to hasten the adoption of distributed ledger technology across industries, the introduction of blockchain as a service is a significant development and key milestone in the blockchain landscape. Of course, the idea is built on and operates according to engagement principles akin to those of software as a service (SaaS).
Why Is BaaS Needed by Organizations?
A growing number of IT companies in many industries are investigating the strategic benefits of implementing Blockchain technology. Key decision makers are frequently compelled to take their time with adoption plans due to the inherent technological difficulties, lack of domain expertise, operational overhead expenses associated with creating and running the Blockchain, and maintaining the infrastructure. BaaS is now thought of as a potential remedy for this issue, though.
Businesses can access professional Blockchain developers, process and governance experts, as well as the whole cloud infrastructure for development and deployment by selecting the proper Blockchain as a Service provider, all without having to worry about startup and overhead expenses.
Selecting a Blockchain-as-a-Service Platform: Criteria
A lot of thought and consideration goes into choosing a business vendor, and this is going to be more rigorous when it comes to BaaS because there aren’t many widely accessible standards and best practices on the market. Although there are countless factors to take into account, the following are some general guidelines.
Market credibility or prior experience building up blockchain infrastructure
Always check to see if the BaaS partner has a track record of successfully developing and deploying Blockchain technology in settings and at scales comparable to your own. Request credentials or references from past clients if at all feasible.
Dedicated to Quality
Any effort to install corporate applications or software must prioritize quality. Blockchain is the same. Make it a point to ask the vendor about their dedication to standards, procedures, and quality.
Check the proposed implementation strategy for any possible security assurance holes. It is extremely important since even a small problem might have negative effects. When it comes to distributed ledgers, you must prepare for the most reliable results.
Operating System Selection
Consider the vendor’s track record of implementing cloud-based solutions for operating systems that are comparable to those of your business. Additionally, you must make sure that your old systems and the new Blockchain architecture work together flawlessly.
Verify that the suggested Blockchain-enabled systems and procedures are simple to use and simple to implement. After all, you don’t want a system that your staff finds challenging to use or understand, since this might lower adoption rates and have a negative effect on business outcomes.
Pricing and Assistance
Finally, you just want to pay for the whole value that the BaaS partner provides. Analyze the post-deployment support choices and modalities as well as the price alternatives carefully. Pay for only the one that will benefit your company the most.
A potential service called “Blockchain as a Service” can provide your company a competitive edge and prepare it for the future without requiring you to make substantial expenditures in infrastructure, planning, research, or other resources.
Additionally, it gives you the chance to establish yourself as a leader and innovator among your industry peers. A reliable BaaS partner may assist you in making the next significant technological leap by actively managing the risks.