The Fourth Industrial Revolution has been heralded by the speed, breadth, depth, and range of technology advances today. It is undoubtedly the most remarkable epoch in human history. Technology disruption has driven organizations and businesses to the brink of collapse. They no longer have enough time to train and maintain IT skills internally and to build platforms and technology on-premises.
Enter the Blockchain-as-a-service business model and cloud-based deployments. Although these business models do not solve all business problems, they can make IT transformation more manageable and less risky in organizations with core competencies in areas other than IT.
Blockchain technology’s emergence at such a crucial moment is no surprise. But while organizations continue to grapple with how to harness the distributed ledger to their benefit, a variety of businesses, as well as start-up technology firms, have already stepped up to offer Blockchain as a Service to assist in the adoption process.
What is Blockchain as a Services (BaaS)?
Blockchain as a Service is a type or service offering that allows businesses to use cloud-based services to develop, host and adopt blockchain applications, smart contract and other relevant functions. The cloud-based IT partner, or service provider, manages all of the tasks and activities necessary to keep the infrastructure in place.
Blockchain as a Service, a major development in blockchain technology, is a milestone that holds the promise to increase the adoption of distributed ledger technology by businesses. It is obvious that the concept is based upon and works on similar engagement principles to Software as a Service.
Why Organizations Need Blockchain (BaaS)?
Blockchain technology is being adopted by IT departments across many industries. The inherent technical complexities of Blockchain technology, lack in domain expertise, and the overhead costs associated with developing and maintaining the infrastructure, often make it difficult for key decision makers to slow down on their adoption plans. BaaS is currently being looked at as a possible solution.
Businesses will have access to Blockchain experts, process and governance experts, and the entire cloud infrastructure to develop and deploy their applications and services by choosing the right Blockchain-as-a-Service provider.
BaaS partners are often well-respected and have a wealth of experience and wisdom that can be used to enhance security. This greatly reduces the risk that one would have to deal if the system was developed internally.
How does the BaaS Model work?
A customer (or organization) sign up for a Blockchain as a Partner contract. The BaaS partner agrees that they will set up all necessary Blockchain technology for the customer in return for a defined service fee.
Blockchain as a Service provider partners with customers to deploy the necessary resources and use the technology and infrastructure required to establish and maintain Blockchain connected nodes.
Based on customer requirements, the BaaS Partner may set up the Blockchain network on any of the distributed ledgers, such as Ethereum or Bitcoin, Hyperledger Fabric. R3 Corda. Quorum. Chain Core. BlockApps.
Additionally, the Blockchain as a Service Partner assumes responsibility for all Blockchain-related artifacts as they are updated and maintained. BaaS contracts can also be used to support bandwidth management, optimization and monitoring of system health, proactive security surveillance, and prevention of hacking attempts.
With Blockchain as a Service, customers can concentrate on their core businesses and compete strategies while the BaaS provider manages the Blockchain infrastructure. They are able to manage distributed-ledger workloads in highly fault-tolerant environments.
Read More : https://www.leewayhertz.com/guide-to-blockchain-as-a-service/
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