Blockchain as a service makes it easier for startups and businesses to develop blockchain applications without hiring a blockchain development team. It not only makes the process cost-effective but also reduces risks. It is becoming proficient for businesses; as they can market and launch blockchain-based applications and solutions like the smart contract, NFTs, etc. Amazon is offering templates using Ethereum or Hyperledger for businesses that are looking to have public or private networks.
Blockchain as a service is the latest business model that can be a game-changer for multiple industries. Generally, there is a BaaS team that is responsible for to set up and maintenance of blockchain-based networks. Blockchain companies and cloud vendors are embracing BaaS, and some studies show that this business will rise to $25 billion by 2027.
What is Blockchain as a Service?
BaaS is becoming a backbone of multiple blockchain as a service applications as it enables businesses to develop blockchain applications by leveraging scalable blockchain-based cloud infrastructure. BaaS allows you to use cloud-based solutions to build and host your applications. SaaS, where an organization can have access to software using a subscription; BaaS offers companies with an authority to blockchain network to develop their blockchains.
Companies contract with service providers to set up blockchain solutions and have access to infrastructure for a fee. Once set up has been done, the blockchain as a service development company is responsible to handle backend operation for the client.
Why should organizations go for BaaS?
Recently, companies have realized the importance of integrating blockchain into their existing business solutions but is a tedious process that needs a huge investment. As blockchain is an emerging technology, it can be very difficult for organizations to find human resources who have the expertise to develop blockchain as a service solutions from scratch.
Contracting with BaaS service providers, companies will have access to expert blockchain developers who can assist them in developing and deploying blockchain. Most importantly, they will get rid of all the worries about their business and associated overhead. In short, it makes easier for organizations to integrate blockchain as a service solution into their existing operations at lower costs with greater efficiency.
How does BaaS work?
When an organization goes for Blockchain as a Service accord with a blockchain development company, it becomes the responsibility of the vendor to take care of maintenance and blockchain infrastructure. The vendor set up blockchain technology referring business needs and deploy critical resources. BaaS service provider maintains all blockchain network nodes on customer behalf.
The configuration of a blockchain network on distributed ledger depends upon the customer business needs. The most popular distributed ledger is Ethereum, Hyperledger fabric, Corda, Block apps, or Chain Core. In addition to this, the vendor takes responsibility to handle all critical blockchain artifacts and maintain infrastructure.
How to Choose Right BaaS Partner?
Selecting a suitable BaaS partner is always essential but before it, you need to analyze each provider to have a suitable fit. It can be somehow challenging to have better guidelines as BaaS is new to the market. Following are some tips that can be helpful for you to select the best fit for you:
While selecting a BaaS partner, experience is the first thing you need to explore about multiple companies. To make your selection efficient, you can make a list of companies that are offering BaaS and start exploring them. Explore their previous project and client reviews because it will showcase their competency.
The quality of a blockchain infrastructure can make or break your business. That’s why you need to authenticate about the vendor quality, their development, and deployment process. Never forgot to analyze their previous work quality and the maintenance they provide.
Security is the most important aspect for every business to consider. Therefore, you should explore the development and deployment process to demonstrate the vulnerability. If there are some vulnerabilities, never contract with that particular company for their services.
Which operating systems they use?
Every organization uses a different operating system, and you need to explore the expertise of different blockchain service providers in developing cloud base solutions for specified operating systems. Make sure that new blockchain infrastructure can be integrated without interrupting your system legacy.
Blockchain as a service is the latest trend in the blockchain industry as companies do not need to hire blockchain developers. It saves time and money by reducing risks. Many organizations are encouraging BaaS, and it has the potential to bring a revolution in the blockchain development industry.