What is Blockchain as a Service & its Business Benefits?

Blockchain is a revolutionary technology in the modern world. Its applications benefit individuals and governments across the globe. With top-notch security and integrity in managing a business’s databases, blockchain technology extends its support for smooth business operations. With such extensive benefits of blockchain technology, tech giants offer blockchain as a service (BaaS) to corporations. 

BaaS emerged as a game-changer due to its state-of-the-art benefits to streamlining businesses and helping them achieve their goals. The growth of blockchain technology would not have been possible without BaaS since corporations fear the stringent and hectic development of the blockchain platform for their organization. 

Consequently, large companies invested capital to contribute to the advancement of the BaaS. Google, IBM, Amazon, Microsoft, and many other tech giants strive to help small and large corporations in this area, promising proven advantages to the corporations. This article covers blockchain as a service and its benefits to businesses and governments. 

What Is Blockchain as a Service?

Blockchain is a record-keeping network with its access distributed to every member of the network to provide top-quality security to the data stored in the ledger. It has developed a lot after its first application, Bitcoin, made its way into the world of digital currency in 2019. Since then, several businesses and governments have shown interest in adopting blockchain technology. 

With the failure of many businesses to implement blockchain technology in their operation, BaaS offered the solution to fix it. With BaaS, corporations feel convenience in getting their hands on excellent features of blockchain technology, smart contracts, etc. Furthermore, BaaS employs cloud infrastructure for the management of blockchain, which makes it easier for governments and companies to benefit from its applications like Distributed Ledger Technology (DLT). 

DLT uses a variety of nodes in the blockchain network to strengthen its safety and refrain malicious actors from unauthorized access to the network. Notably, BaaS includes two parties: the BaaS provider and the client. Let’s take Amazon as the BaaS provider as an example. It will create and manage the blockchain environment while the client will use its features effortlessly. 

How Does Blockchain as a Service Work? 

Embracing BaaS for your business is a futuristic step with lucrative benefits. Several industries can benefit from the blockchain environment that BaaS provides, including healthcare, the automotive industry, Financial Technology (FinTech), data storage, etc. Before we dig deeper into the industrial applications of BaaS, let’s explore the working model of BaaS.

BaaS works in a similar way to web hosting. A BaaS platform hosts and installs the blockchain environment on an organization’s system that subscribes to the platform. The service provider charges a set amount of fees on a monthly or annual basis. And in return, they install the blockchain ecosystem for the business to exploit the blockchain’s benefits. 

With BaaS integrated into your business, you get the ease of mind from deployment, maintenance, and other mundane tasks associated with the blockchain ecosystem but purely enjoy the features that the blockchain offers. Consequently, you have enough time to improve your business strategy and set your organization on a track of scalability and growth. 

Business Benefits of blockchain as a service

For tech-savvy businesses and small-scale organizations, BaaS gives them a feeling of relief since it provides them with access to powerful computation and costly resources without making them go into deep pockets. Therefore, BaaS is an ideal mechanism for businesses and government sector institutions to embrace the potential of advanced technology for exponential growth. 

According to statistics, the blockchain as a service market size is expected to gain a CAGR of 23.9%, achieving around 5.9 billion US dollars by 2025. This forecast implies that businesses have started to consider BaaS for their blockchain needs. 

A large number of corporations and institutions that belong to numerous industries utilize the harnessing benefits of blockchain technology with BaaS. Join us to delve into the exploration of various industries that aim to transform their operation. 

1. Medical Care Industry

Blockchain has proved its worth in carefully managing and securing the database of medical institutions globally. Since creating and setting up a blockchain-based environment is expensive for public and private medical care centers, BaaS is an excellent solution. 

It will help convert a medical care facility’s entire operation to a cloud-based ecosystem with a guarantee of integrity and safety. 

Furthermore, the report from the World Health Organization suggests that developing countries have 10 percent of falsified and fake medicines in circulation. Blockchain is a useful toolkit for assessing fake medicines and drugs that cause the death of adults and children. Therefore, governments can adopt blockchain technology through blockchain as a service platform to fight off this serious problem. 

2. Automotive Industry

This industry deals with counterfeit vehicles that may cause fortune to individuals and governments. The digitalization of automotive data will help reduce this issue. However, it comes with the widespread accessibility of the government database. 

Thus, blockchain offers a top-notch solution to this problem by cutting off access to the common public and granting it to a few authorized individuals. BaaS can aid governments and automotive corporations in acquiring the latest technology for a better outcome. 

3. Finance Technology

Blockchain provides financial safety to banking customers with secure payment transfers. FinTech needs a blockchain environment to stop disputes due to the mutation and opaqueness of financial transactions. 

The rollout of blockchain-based smart cards for financial settlements is a revolutionary step that will help individuals and businesses avoid scams and economic loss. Furthermore, blockchain helps solve monetary disputes with fast verification of transactions without requiring any central authority.

Related Read: Role of Blockchain in Fintech Industry

4. Data Management

Blockchain also offers support in managing data expertly with its top-notch system of storing data in a block within a network. For a business to store their data on the network, the BaaS provider will set up their access so that they can use and modify their data. Notably, no other person or corporation, including the BaaS provider itself, can access another person’s data on the blockchain network. 

This way, it promotes the safety and immutability of the company’s digital assets and information. Furthermore, blockchain’s tampering-proof and distributed tracking system is another addition to the many benefits of blockchain technology. BaaS will ensure you enjoy these benefits, saving you time and money in your business operation. 

5. Smart Contract and Execution

A smart contract is essential to a secure business operation with its robust data-managing nature. These are programmed digital documents with the functionality to execute a certain action when the network goes through a particular condition or term. Therefore, a smart contract is an application of blockchain for business to increase its efficiency, accuracy, and transparency. 

The distributed characteristic of smart contracts allows its execution to be equal and even. Therefore, transparency becomes prominent in financial transactions, promoting an ecosystem built on trust and integrity. 

Industry-Standard in Blockchain as a Service Companies

When discussing the BaaS for corporations and government sectors, the necessity of the platforms offering the blockchain as a service architecture is unavoidable to explain. These platforms have invested their capital into the development of a convenient service-providing platform. They earn money in exchange for their services, but their services add value to your business. 

BaaS sets you free from tackling technical and complex programming and development for your business. It also offers you many perks to skyrocket your organization’s functionality and productivity. Therefore, BaaS providers make up the most important part of the widespread use of blockchain technology. 

Let’s make a blockchain as a service comparison to explore a few industry leaders that will ease the selection of the platform that suits your business needs. 

1. Microsoft Azure Blockchain as a Service

Microsoft Azure is a top-class cloud service provider with enhanced accessibility and better customer support. ConsenSys and Microsoft partnered to employ the Ethereum blockchain to offer Ethereum Blockchain as a Service (EBaaS) to enterprises. ConsenSys is a blockchain company specializing in offering enterprise blockchain development and maintenance solutions on the Ethereum blockchain. 

Microsoft Azure offers a single-click platform to help you streamline your business affairs on the blockchain environment. Within the platform, Microsoft has two applications powered by the Ethereum blockchain: Ether. Camp and BlockApps. The first one is an in-built developing and programming environment for businesses, while the BlockApps connects private and semi-private blockchain environments to the Ethereum blockchain for extended functionality. 

Microsoft Azure, with its BaaS platform, ensures enterprises can develop and host all major blockchains, including public, private, and consortium. Therefore, this service provider fits every enterprise’s needs for blockchain. The best thing about Microsoft Azure is the Artificial intelligence (AI) assistant, Cortana. Its purpose is to help users understand and explore DLT and various applications of blockchain technology. 

2. AWS Blockchain as a Service

Amazon Web Services (AWS) is the parent organization behind a trustworthy and reliable BaaS provider – Amazon Managed Blockchain. This BaaS offers manageable and scalable blockchain for enterprises and governments to help them establish their operation on blockchain effortlessly. 

With its integrated, scalable measures, Amazon Managed Blockchain provides your organization with a robust computational power capable of running thousands of applications. It also presents enterprises with multiple options when choosing the service, ranging from less memory and power to more, depending on the budget of the enterprise. 

The best quality of Amazon Managed Blockchain is the provision of two blockchain development frameworks, which are Ethereum and Hyperledger Fabric. Both Ethereum and Hyperledger Fabric provide a foundation for building blockchain-powered apps and solutions to help you skyrocket your business outcomes. This quality of Amazon Managed Blockchain helps it stand out from the competition due to the choice of combined properties from both blockchain app developers. 

3. Google Blockchain as a Service

The renowned search engine Google, which is part of Alphabet Incorporation, offers a state-of-the-art blockchain as a service for enterprises, corporations, and governments. The company introduced Google Cloud’s Blockchain Node Engine to fulfill the dynamic needs of businesses in terms of blockchain services. 

Google’s Blockchain Node Engine is a special toolkit designed for Web3 developers to devise and program advanced applications and solutions. This BaaS provider employs the Ethereum blockchain to support enterprises with secure blockchain access. Google Cloud’s Blockchain Node Engine offers several benefits, including streamlined provisioning, secure deployment, and fully managed business operations. 

Blockchain nodes make up the foundation for a blockchain network, allowing stakeholders to access and manage the data stored on the network. Setting up the node for the new data can become hectic and challenging for users while impossible for non-technical businesses. Therefore, Google’s Blockchain Node Engine assists you with effortless node installation and management. 

4. SAP Cloud Platform Blockchain 

SAP is a popular software company known for its industry-standard cloud-based solutions. Its products and services facilitate businesses and enterprises in their operation. SAP Cloud Platform Blockchain provides relieving benefits to enterprises, freeing them from using on-premise software or infrastructure since it allows businesses to access blockchain services, including Hyperledger Fabric, MultiChain, and Quorum. 

With SAP Cloud Platform Blockchain, enterprises can create and host private and consortium networks without the need to invest millions of dollars. With a monthly or annual subscription, SAP blockchain as a service is at your disposal. Furthermore, if you are already a SAP user, it allows you to use the BaaS as a cross-platform with its other services. 

Consequently, SAP’s other services, such as Machine Learning (ML), cloud services, and Internet of Things (IoT), became accessible with a single subscription. In this regard, SAP Cloud Platform Blockchain offers extensive functionality and choices for businesses. 

5. IBM Blockchain as a Service

IBM is among the pioneering software and hardware companies that offer numerous standard services related to software. And, IBM cloud service was one of the first cloud services making its way into the market. IBM has replaced its Software-as-a-Service (SaaS) platform with IBM Support for Hyperledger Fabric, which is a BaaS environment. 

IBM’s blockchain as a service business model allows businesses to take charge of their data deployment, certificates, and private ledger keys. In other words, IBM offers total control of the blockchain technology in operators’ hands, making them access their database with top-class security. 

Also Explore: Top Blockchain Development Companies in 2024

Conclusion

BaaS is a futuristic technology with an intriguing solution to your business needs. With diverse blockchain as a service pricing, you can choose a variety of service providers, ranging from IBM to Google, Amazon, SAP, and many more. As BaaS hands over total control to you as a business owner, you can manage your enterprise without worrying about the management and maintenance of the technical aspects of your business. 

It underscores how Debut Infotech’s expertise aligns seamlessly with these sectors, providing a gateway to leverage blockchain’s potential. From fortifying healthcare data to ensuring financial transaction transparency and enhancing data security, our solutions are tailored to propel businesses toward unprecedented growth. 

Ready to unlock the full potential of blockchain? Connect with Debut Infotech today. Let our seasoned team of blockchain developers craft the perfect solution for your business needs.

Blockchain as a Service FAQs

Q. What distinguishes Blockchain as a Service (BaaS) from traditional blockchain implementation?

A. BaaS simplifies blockchain adoption by offering cloud-based services, eliminating companies needing to develop and maintain their blockchain infrastructure. Unlike traditional setups, BaaS providers handle the technical aspects, allowing businesses to leverage Blockchain’s benefits without extensive expertise.

Q. How does Blockchain as a Service impact data security and integrity?

A. BaaS enhances data security by employing distributed ledger technology, ensuring tamper-proof records, and preventing unauthorized access. This approach secures sensitive information vital in healthcare, finance, and data management, where maintaining integrity is paramount.

Q. What advantages do businesses gain from adopting Blockchain as a Service (BaaS)?

A. BaaS enables seamless blockchain integration into various industries, such as automotive, healthcare, and finance. Businesses benefit from improved operational efficiency, enhanced transaction transparency, and streamlined data management, fostering stakeholder growth and trust.

Q. What considerations should enterprises weigh when choosing a BaaS provider?

A. Enterprises evaluating BaaS providers should assess scalability, security measures, framework support (e.g., Ethereum, Hyperledger), and additional services offered. Understanding the provider’s customization, support, and cost-effectiveness capabilities is crucial for a suitable partnership.

Q. How Does BaaS Work, and Which Industries Can Benefit From It?

A. BaaS functions similarly to web hosting, providing a platform for businesses to subscribe and have the blockchain environment installed. Industries such as healthcare, automotive, finance technology (FinTech), data management, and more can benefit from BaaS by leveraging secure data management, reducing counterfeit issues, enhancing financial transactions, and ensuring data integrity.