Understanding Blockchain as a Service

The proliferation of blockchain in every sector has resulted in the demand for Blockchain as a Service (Baas). BaaS is a third party service that manages and creates a cloud-based network for companies developing and operating blockchain applications. Blockchain-as-a-service is based on the Software-as-a-Service model. It keeps blockchain apps agile and operational. Baas facilitates in the backend operation of a blockchain app. It enables businesses to invest in blockchain applications like cryptocurrency transactions and leave the rest on BaaS for its operations.

We partnered with Corda to enable our blockchain app developers to develop blockchain apps that work seamlessly across different networks.

Major players in BaaS space: 

• In 2015 Microsoft joined hands with ConsenSys to launch Ethereum blockchain-as-a-service on Microsoft Azure
• Amazon offers BaaS services with the name Amazon Managed Blockchain. Using this platform businesses can create and manage scalable blockchain networks with open-source frameworks such as Ethereum and Hyperledger Fabric.
• R3 launched a distributed financial ledger Corda

We develop interoperable Corda distributed applications that are compatible with Corda and Corda Enterprise.

How BaaS Works?

• Businesses are willing to adopt blockchain technologies but the technical complexities like create, configure, and operate a blockchain app refrains them to invest in it.
• Businesses who want to integrate blockchain capabilities to their apps can ask BaaS service providers to set up the necessary infrastructure and technology for a fee. The BaaS service provider handles blockchain apps complex operations for the client.
• BaaS provider looks after apps security, resource distribution, bandwidth management, anti-hack layering.
• The BaaS service partner company can also configure the blockchain network on different blockchain networks like Hyperledger Fabric, Ethereum, Corda, Chain Core, BlockApps, Quorum, Chain Core, etc.

Factors to select an Ideal BaaS Platform for your business

Backend Services

Backend services differ for each company. Before selecting a BaaS service partner look if it can integrate with your current system and make sure it creates no obstacle for the current system to work appropriately. If a blockchain service partner company integrates well with the current system it can also handle all backend services with efficiency.  Other elements to look for while selecting a BaaS provider:

• Data Security: Ensure that your BaaS partner prevents your data and app from all vulnerabilities.
• Costing Control: SaaS is a subscription-based model whereas BaaS is not. BaaS provides cost-effective solutions. Ensure your BaaS service partner does not impose any hidden expenses.
• Integration: BaaS providers should ensure that businesses’ multiple layers (Data, workflows, processes) do not get hampered while integrating the solutions.

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