Blockchain technology is an emerging technology a decade since its introduction. Blockchain is being widely adopted and deployed in different sectors. Blockchain is turning into a mainstream revolution besides the hype surrounding Bitcoin and other cryptocurrencies. An explosion is imminent where blockchain will be used widely across different industries. Different companies in different industries are working on projects involving blockchain. The finance industry is the most impacted as blockchain revolutionizes payments and contracts. A study by PwC projects that blockchain will have created 40 million jobs and further $1.76 trillion to the global economy. Have a look at how multiple uses of blockchain as a service.
Now, blockchain-as-a-service (BaaS) has the potential to impact different sectors. BaaS is the third-party creation and management of cloud-based networks for companies building blockchain applications. BaaS represents the new developments happening in blockchain and may prove to be the catalyst for widespread technology adoption. BaaS is allowing users to leverage cloud-based resources to host, build and operate their blockchain system. Both consumers and businesses are increasingly adopting blockchain technology. BaaS eliminates the operational overheads and complexities of creating, configuring, running, and maintaining a blockchain infrastructure that acts as a significant barrier. The role of a BaaS provider is quite similar to that of a web hosting provider, where these third-party companies take care of the infrastructure and maintenance issues.
Let’s have a look at some of the most popular uses of blockchain-as-a-service in the world today that are boosting adoption across businesses.
- #Amazon Managed Blockchain: The service has been designed to make it easy to create and operate scalable blockchain networks. The service has been developed using open source frameworks such as Ethereum and Hyperledger Fabric.
- #Microsoft has partnered closely with ConsenSys to introduce Ethereum blockchain-as-a-service on Microsoft Azure in 2015.
- #R3 is a consortium of global financial institutions that have introduced Corda, a distributed financial ledger.
- #Bloq offers a wide range of BaaS tools meant to provide solutions in business reconciliation, business security, and authentication. The Bloq platform ensures that businesses build and personalize the blockchain technology to meet their specific and current needs. Bloq has particular smart wallets, a smart contract platform, and a decentralized cloud that helps businesses in storing and managing data.
- #LutinX offers an ecosystem of blockchain applications that help businesses experiment, iterate, and deploy solutions quickly and safely. LutinX employs a hybrid of public and regulated networks to offer upgraded authentication and immutability standards, focusing on Blockchain for Education, Intellectual Property, and Traceability. Currently, it represents the only project that integrates multiple market segments with a KYC & AML system – compliance with SEC (USA) & FINMA (CHE) regulations.
- #Factom is known for its two BaaS tools, including Factom Harmony and Factom dLoc. Factom Harmony is a ledger tool used to convert documents to a singular digitized platform to cut down on audit times and costs. On the other hand, Factom dLoc uses encryption to authenticate and verify personal documents such as birth certificates and land titles.
- #Symbiont has created a BaaS platform for fintech companies in different sectors. The Symbiont platform is used to verify the origin of records and transparently records all payments on a ledger for loans and mortgages. Symbiont is also being used to secure private documents and reveal the ownership of securities in real-time by crowdfunding platforms and private equity firms.
- The #Blockstream BaaS offers scalable solutions for the Bitcoin ecosystem and protocol. Blockstream’s Bitcoin processing software has helped create an extensive peer-to-peer financial system that eliminates the need for third parties.
- #PayStand is yet another example of BaaS, which specializes in sending and receiving payments between companies. PayStand, through its BaaS, is incorporating blockchain into documenting and payment processes to ensure auditability and immutability. The BaaS installs networks that help to notarize certificates such as deeds, diplomas, and receipts. Additionally, it has an admin platform that allows an in-depth and real-time look into a user’s data. Finally, PayStand helps automate the end-to-end financial process in the areas of accounting, cash management, and reconciliation.
- #Skuchain EC3 Platform helps businesses in shipping and logistics install blockchain-based infrastructure into their current IT processes. The Skuchain ledger allows firms in these industries to simultaneously access a cloud environment, blockchain protocol, and in-house applications. The BaaS is compatible with most supply chain processes and immediately installs chain-of-custody tools and smart contracts.
- #BlockApps has a permission-based BaaS solution for enterprise customers that is security-focused. The blockchain development environment is meant to run on a node either locally or on the cloud. The deployment of the solutions is done within a short period. The versatility of the BlockApps BaaS platform has allowed the development of blockchain solutions right from smart insurance contracts to fraud prevention in ticketing tools.
- #Cryptowerk is helping businesses create ledger-based tools that secure critical data and create a tamper-proof chain of custody. The Cryptowerk Seal is a blockchain API that is based on the ledger to verify the authenticity of data and digital assets. The widespread deployment of the BaaS has been in a wide range of industries, right from shipment ID codes to GPS telemetry and data gathering from smart energy meters.
- #LeewayHertz provides end-to-end BaaS offering a full array of blockchain-based services, including blockchain consulting, hybrid ledger installation, and maintenance. The BaaS offers business solutions right from ideation to installation. LeewayHertz has worked with big companies such as Budweiser, Disney, and 3M through decentralized applications (dApps).
In conclusion, businesses are always looking for opportunities to reduce costs and deploy solutions faster. Blockchain-as-a-service offers increased speed and efficiency for companies entering the blockchain space and seeking to deploy blockchain solutions. BaaS providers handle the complex back-end operations while the business concentrates on their core functions – the functionality of the blockchain.
Author: Alessandro Civati
Blockchain ID: https://lrx.is/IFuwdzAtV5