Blockchain as a Service (BaaS) by Big Tech Companies
Safle Labs offers leading tools and technologies to help businesses embrace automation and decentralization according to their specific needs and objectives.
1. Blockchain Technology: Scope and Applicability
Blockchain technology is among the most talked-about inventions of the 21st century. Even in the pandemic where most industries sectors have witnessed a sharp decline in their business prospects, blockchain continues with its winning streak by adding a number of clients from across the business segments.
In its simplest form, blockchain can be considered as a database that is immutable and shared across the participating stakeholders. The information on the blockchain is stored in blocks and once the storage capacity of a block is full, it is then added to the chain of previous blocks. This explains the name of the technology, the Blockchain.
2. Blockchain Benefits and use cases
The primary advantages associated with blockchain technology include its encrypted peer-to-peer distribution and immutability characteristics. It is particularly useful for transactions where timestamps and values need to be recorded in a safe and secure manner. No wonder, blockchain has found unprecedented favor among clients in the financial technology domain. Especially the use of blockchain technology in traditional banking operations can help businesses to achieve unparalleled efficiency. Not only the use of blockchain allows accurate and tamper-proof data management, but the technology also speeds us the processing speed significantly to save time, cost, and human resources. Even in the space of social media where the concerns for users’ privacy have become paramount, blockchain can provide a robust safety mechanism for preserving the sensitive information of users. The in-build privacy protocols in blockchain such as PoW or PoS offer users a high level of safety to their identity and personal information.
3. Types of Blockchain and Blockchain as a service (BaaS)
Among the types of blockchain, there are two main categories in which open ledger can be classified into permissioned blockchain and permissionless blockchain. While the former belongs to the Enterprise Blockchain used by businesses to streamline their business processes, the latter allows any stakeholder to become part of the public ledger
The rise of the permissioned blockchain can be attributed to the growing popularity of blockchain-as-a-service (BaaS). Many big tech giants including IBM, Amazon Web Services, Oracle, and SAP are offering BaaS to organizations cutting across industries. BaaS basically refers to the third-party services that offer infrastructure and management support through cloud-based computing systems and software. Nowadays, however, the popularity of the hybrid blockchain is also making headlines. The format combines the advantages of both permissioned and permission-less blockchain in a single package and offers it to customers.
4. Blockchain and AI Integration
Experts and analysts in the technology domain are now very bullish on the prospects of integrating blockchain with artificial intelligence (AI). This is because the integration can lead to the emergence of Decentralized AI which, in turn, will facilitate exploration, analysis, learning, and decision making among a wider base of stakeholders. This decentralization with bring more empowerment and flexibility to the process of inventions and can certainly speed up the rate of innovation across the globe.
The interoperability of blockchain is also playing a crucial role in catalyzing innovations across the business sectors. In the healthcare sector, data on the blockchain can be easily accessed by hospitals, doctors, paramedical staff, insurance companies, and pharmacists which makes the system more efficient and seamless in its operation. Similarly, the data of students on the blockchain give educators, schools, colleges, and employers easy access to their credentials. In the retail and hospitality sectors, too, data sharing through the open ledger is bringing enormous benefits in terms of enhanced efficiency and customer satisfaction. The application of blockchain is particularly important in the agriculture and food industry as the open ledger can fight effectively against the menace of adulteration and counterfeited products. By recording the journey of the food items from farm to store, blockchain empowers customers to track the entire process through which the product has moved and finally reached them.
5. Safle Labs: Helping Businesses to Embrace Blockchain
The scope of possibilities in the blockchain domain is enormous. The open ledger is still in its nascent stage of development and organizations like Safle Labs are becoming instrumental in helping technology to realize its full potential. The technology ecosystem offers a wonderful platform for companies to come together and harness the power of shared information. The tools and services offered by the platform are helping organizations cutting across industries to automate and decentralize their processes for achieving superior business results. In sum, Safle Labs can help your company to embrace the concept of decentralization according to your specific needs and objectives.
