Speed is a synonym for technology.
The technological growth registered in the last 20years is much more significant than humans achieved during the previous four centuries.
There are so many new technology terms we hear every day; it puzzled us what they stand for and what is the benefit of it.
SaaS is one such model that keeps evolving and mesmerizing us with its potential.
- There is more than 11000 SaaS development company that is actively operating.
- The SaaS market is speculated to reach $623 billion by 2023.
SaaS users come from many walks of life, and any industry can benefit from it. However, some major market players include education, engineering, finance, government, and healthcare.
But what will be the impact when this fabulous technology provides a platform for another technology?
No need to keep guessing; let’s come to the point.
Blockchain-as-a-service (BaaS) was first time introduced by Microsoft Azure in 2015.
Blockchain-as-a-service (BaaS) is a third-party infrastructure where another firm takes charge of the installation and maintenance of the cloud-based Blockchain network of the company. In layman’s language, it is like web hosting, where organizations get a platform for their Blockchain need.
The SaaS model underpins the entire notion.
Since incepted in 2015, indeed, it is not a new concept. But it is gradually gaining popularity because of its caliber in handling and resolving complex issues. Additionally to that, it also offers transparency, efficiency, and cost-effectiveness. Industries that already taste its flavor are IT, Fintech, and logistics.
It’s not a wonder that Top Techies also swiftly adapt the BaaS into their organizational structure- some of them are IBM, Microsoft, and Oracle.
The BaaS model allows the users to access the Blockchain platform, where users can develop a Blockchain application at a minimal cost. It is the highlight of the BaaS model.
Although there are certain limitations, this system is highly centralized and entirely relies on the host of the platform.
Let’s dig deeper to know the benefits of this SaaS development model.
How do Blockchain-as-a-service works?
BaaS is a model created for people who want to develop a Blockchain but can’t afford to do it independently. If you need a Blockchain development, Blockchain-as-a-Service provides a platform.
It’s similar to web hosting in that you want to construct your website but also needs a platform to support it. Similarly, Blockchain-as-a-service aids in the creation of Blockchain apps that meet specific requirements. Cloud-based technologies allow users to construct and host Blockchain applications and smart contracts in the provider’s managed environment.
How is BaaS changing business enterprises?
A business can profit significantly from Blockchain. However, other factors act as stumbling blocks. It can include operational costs like development, configuration, and maintenance. It’s a resource and energy-intensive endeavor. As a result, many SMEs are keeping their distance from technology.
While with BaaS, a company can benefit from the service without owning it. As a result, fixed or operating costs such as maintenance are automatically reduced. As a result, renting rather than purchasing Blockchain infrastructure is terrific.
Furthermore, the initial payment becomes more inexpensive with membership and any time cancelation. It also promises scalability.
There is no doubt that it is an excellent deal with bearing additional risk.
Small businesses may find BaaS to be a great solution. Your company can benefit from Blockchain by using the outsourced technological infrastructure.
The ideal answer for data management is Blockchain. As a result, it is powered by services like identity management, supply chain management, and payments. Integration of BaaS solutions also promises to alleviate the issues faced by SMEs, such as middlemen and a lack of transparency.
Used Cases in BaaS
Duplication, malfunctions, and data manipulation are all eliminated with Blockchain. As a result, it provides immutable and distributed documentation. It also treats all members equally and gives them equal access to information. Because tampering is nearly impossible with Blockchain, BaaS ensures the highest level of data security.
Blockchain is a decentralized technology that improves security and lowers the risk of data loss or change. This function is exceptionally beneficial to healthcare and real estate businesses.
The core idea of SaaS development is to give businesses the tools they need to develop and sustain their products. A SaaS or blockchain development company aims to remove many barriers to app development and make the process simpler. Business units will benefit from the integration with Blockchain. Small businesses and businesses looking for blockchain solutions will find BaaS a win-win option.