Building a blockchain system is a very demanding process. You need to put in place a dedicated bandwidth management framework and resource allocation, back-end IT infrastructure, complex data security, and anti-hacking systems. The procedure is very challenging, but many organizations could profit from this innovation.
That is precisely why blockchain-as-a-service (BaaS) is evolving. BaaS is a collection of cloud-based services that enable clients to build, create, launch, and manage blockchain networks. Cloud companies have the infrastructure in place to host blockchain frameworks for corporations lacking adequate support to set up their own blockchain systems.
The Genesis of BaaS
IBM identified this market opportunity and started to host blockchain protocols supported by hyper ledger. The hyper ledger framework was an open-source platform from IBM and Digital Asset that provides the primary structure to the blockchain. Not long after IBM's trailblazing decision, HPE, Amazon, Microsoft and Oracle all started to offer their own BaaS dependent on the same hyper ledger framework. However, each company added their custom features and tailored security services.
The emergence of Blockchain-as-a-service is bringing up more blockchain programmers thus solving the longstanding issue of lack of capacity which held back most companies from adopting blockchain technology. Today IBM and other players build capacity through education, open-end developer tools and powerful networks to help in blockchain realization in industry and commerce.
Because blockchain has been so beneficial to businesses since its inception, the Blockchain-as-a-service market is anticipated to hit the $15 billion mark by 2023, with industries like financial technology, manufacturing and production and insurance companies expected to be key drivers in the BaaS growth.
How Can You Benefit from BaaS?
The crucial thing you can do to make the most of the opportunities that come with blockchain as a service is to educate your team about the innovation. Blockchain and its features are continually changing, therefore is it essential to keep abreast with the technological advancements and how other companies in your specializing are leveraging the technology.