In recent years, more and more companies have been adopting Blockchain's technology, despite its technical complexity. BaaS, or Blockchain as a Service, is a service that companies are using more and more. This service makes it possible to use many applications in connection with the Blockchain.
What is BaaS
The BaaS allows the use of several Blockchain functions. It also allows you to create and host your own applications and then use them. The Cloud Service Provider is responsible for managing the tasks that keep the infrastructure up and running. This service works in the same way as SaaS, the concept that represents software as a service. BaaS is in line with business models based on Cloud computing.
How the Blockchain as a service works
The Blockchain infrastructure is set up and configured via an external cloud service provider. This provider also manages the Blockchain. The company pays the provider to maintain the connected nodes in the block chain. It is also the provider that manages most of the maintenance-related activities, such as security or bandwidth control.
With BaaS, the company does not have to worry about infrastructure or its maintenance. It only has to focus on the functionality of the block chains it owns. This service is similar to a web hosting service. The company does not have to host the infrastructure on its own computers.
This type of model is in full expansion and could represent the reference for the companies of the future. It makes it possible to outsource the technical support of the block chain, which is an important advantage. The BaaS is decentralized, which is another advantage. The control of the input data is not carried out by anyone. The computers in the network perform the required checks. These checks are done continuously.
The computers on the network hold the same information. Therefore, irrelevant, or corrupted data will not be able to fit into the block chain. It will not match the data that is equivalent to it in other devices. The information therefore remains in the same state as long as the network is in operation.
The block chain is still under-utilized. It can handle any type of digitized information and not only crypto currencies. In the field of Big Data, the block chain can increase data quality and ensure data security. It gives access to a unique data source that cannot be changed.
The Public Blockchain, on the other hand, manages the transactions between the users of a network. They are grouped in blocks. Each of the blocks is validated by the nodes of the network, called the miners. The block must be validated before being added to the chain. The transaction then becomes visible throughout the network.
The possibilities of BaaS
The security offered by BaaS and its decentralized aspect suggest that it will play an increasingly important role and will be used in several areas. It is ideally suited for applications related to the transfer of assets from money to stocks and bonds. The Blockchain as a register is also to be considered for tracing products and assets, which guarantees their security.
The BaaS can also be used in the field of smart contracts. These fully autonomous programs take care of the execution of the terms of a contract. Once the contracts are validated, no further intervention by the parties is required. For example, there are insurance contracts based on this system.
Data analysis is another aspect favored by the emergence of the Blockchain. Thanks to the improvement of this type of analysis, it becomes possible to facilitate the transfer of currencies between bank accounts. This saves the costs associated with real-time transfers. The Blockchain makes the transaction faster because no fraud can be committed, thus avoiding the need for heavy checks.
In fact, with the Blockchain, banking institutions are able to detect fraud attempts in real time. The Blockchain records all transactions. The institution can immediately explore the data.
The Blockchain as a service is considered one of the precursors of the decentralized web. It will also be closely linked to the new digital economy.
Companies that use the Blockchain are well positioned to ensure data security. Access to a single set of data prevents errors and leaks. Once the information is stored on the chain, access to it is protected. Other points on the network must give multiple authorizations before allowing a company manager to view the data. The data is safe from hackers.
The data can therefore be shared between authorized persons in complete security. However, the Blockchain creates concerns about the risk that transaction records may be used for other purposes and diverted from their primary purpose. In fact, the chain increases the transparency of data analysis. An unverifiable entry is automatically rejected.
A variety of suppliers
More and more top companies are aware of the possibilities offered by BaaS and are now offering their services as suppliers. The choice is vast, and companies are spoilt for choice in their search for quality service.
Microsoft got involved early on and now offers Azure Blockchain Service. This BaaS service is designed to develop and deploy secure Blockchain applications. The development of the applications is done in a quick way. The customer pays only for the resources they use. For example, he pays for data storage. It is possible to choose his ledger according to his convenience.
IBM has also implemented a BaaS platform. Here again, all the company's experience and expertise has been brought to bear. In fact, IBM is considered a leader in the field of blockchaining. On a flexible platform, the service offered by IBM enables companies to develop and operate a block chain system quickly and cost-effectively. Premium support is part of the offer.
Amazon has not stood aside and has also been busy developing a quality Blockchain offering with Blockchain Templates. The service is delivered through Amazon's Cloud, AWS. It allows the development of projects based on the blockchain. The creation of the applications is done via two different ledgers. The enviable position of AWS in the Cloud makes this service an element to watch in the competition between companies to capture this market.
China is not to be neglected in the BaaS market as demonstrated by Alibaba's BaaS service. This service has been launched in several parts of the world, including Europe. This service helps the customer to set up secure environments for the Blockchain on Hyperledger Fabric and Ant Blockchain application frameworks.
The service supports several different applications. For example, it supports automatic deployment and intelligent contracts, as well as user and certificate management. This interest shows how important BaaS will become in the coming years.
To find out if you too could benefit from BaaS, Ryax is at your disposal and supports you in all your projects.
La Ryax Team.