The demand for BaaS is increasing in the global business market.

Blockchain technology is growing increasingly relevant in a wide array of fields. A report suggests that around 44% of organisations have adopted blockchain globally. The wide embrace is due to its secure online transaction features.

Blockchain is a system of recording information in a way that makes it difficult or impossible to change hack or cheat the system. A blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Due to blockchain’s security and benefits, it is turning to be a part of almost all sectors.

A recent survey unravels that blockchain technology’s global market size is expected to take a rise to US$39.7 billion by 2025 at a CAGR of 67.3% between 2020 and 2025.

The survey shows the fast improvement of blockchain and its quick adoption among people. However, the real struggle lies in managing the power of blockchain. To aid the blockchain users, Blockchain-as-a-Service (BaaS) comes for its rescue.

What is Blockchain-as-a-Service (BaaS)?

Blockchain-as-a-Service (BaaS) is the third-party creation and management of cloud-based networks for companies in the business of building blockchain applications. The third-party handling of blockchain is a new development in the market. The blockchain technology has moved well beyond its best-known use in cryptocurrency transactions and has broadened to acknowledge all kinds of transactions in the sector.

Blockchain-as-a-Service (BaaS) involves some amazing features,

• Platform architecture management
• Modular preconfigured networks and infrastructure
• Easy setup workflow
• Middleware for monitoring and development for app building
• Dashboard to view and analyse chaincode
• Auditable transaction record
• Build-in connections to needed services
• Professional and consolatory

Blockchain technology has recently adopted the cloud platform to extend its performance. BaaS services provided business models are viewed as an essential milestone for the business organisations. BaaS is widely addressed for its function of allowing all types of business to access blockchain technologies without investing in in-house development. All these happen at a minimal cost making it cost-effective and less labour to users.

According to a report, Blockchain-as-a-Service (BaaS) market will grow up to US$982.8 billion by 2025.

Reason to adopt BaaS as a business model

The demand for blockchain services is growing in the global market. It is the right time for BaaS to make its starrer in order to gain traction among blockchain users. This provides a partial solution to problems arising in a large number of transactions that underlie the entire global economy.

Even though the high adoption of blockchain is a good sign, it leverages technical and operational overhead related cost to the development, configuration, operation and maintenance of infrastructure. In BaaS, the third-party is expected to fill the gap and give users a good outcome from it.

BaaS is seen as an opportunity for organisations that consider outsourcing technical aspects and have little to do with the blockchain working mechanism. The feature unravels the possibilities for the company to gain an understanding of technology without developing its proprietary blockchain.

Applications of Blockchain-as-a-Service (BaaS)

Normal, blockchain management involves payment, transaction, smart cards, etc. This is high-end for busy companies to look out for all the emerging situations in a blockchain market. However, BaaS stands as a solution to many challenges like eliminating intermediaries and lack of transparency. Here are some of the BaaS applications that are hosted by the platform,

Document tracking: Blockchain has a secure data tracking system. The application stores all the data and details of transactions involved in it. The users can access and view the current state anytime. But it bars anyone to make changes in the documented files.

Data storage: Data centralisation is an important feature to take into account while dealing with funds. By storing data on a decentralized blockchain, the risk of data loss is reduced, while blockchain is uniquely extensible.

Contract execution: Smart contracts are a major confidence booster for investors in blockchain. It facilitates a higher degree of transparency in the contract. The blockchain makes sure that all parties are equally informed about the truth that prevails.

Some big players of BaaS

• Microsoft- Microsoft partnered with ConsenSysto introduce Ethereum blockchain-as-a-Service on Microsoft Azure in 205.
• Amazon- The tech giant has introduced Amazon Management Blockchainthat makes it easy to create and manage scalable blockchain networks using open source frameworks including Ethereum and Hyperledger Fabric.
• R3- R3is a consortium global financial institution that produced a distributed financial ledged called Corda.

Blockchain-as-a-Service (BaaS) is a promising contribution to minimise the cost and work of business organisations in blockchain industry and makes it future-ready with scalable solutions. If companies get sensitized about BaaS, they will surely start adopting it on a large scale.