Technology-Ecosystem enabler for BaaS
Blockchain as a service (BaaS) is increasingly becoming relevant in the blockchain domain as it brings significant economic and operations benefits to the table.
Blockchain as a service (BaaS): What is it?
The latest star emerging within the growth story of blockchain technology is the Blockchain-as-a-Service (BaaS). In simple terms, BaaS can be defined as the installation and maintenance of a blockchain network by a third party for a specific company or organization. BaaS contributes to the development of blockchain applications, smart contracts, and a range of other products based on decentralized technology with the entire ecosystem being administered and managed by cloud-based companies.
BaaS: What advantages it offers?
BaaS has sprung into prominence thanks to its ability to offer transparent and efficient solutions for complex issues and that too in a cost-effective manner. Availing BaaS is also a simple and straightforward procedure as it doesn’t require any considerable change in the existing infrastructure of the company. Some of the prominent industries where BaaS is already delivering wonderful results include financial technology, software, supply chain, logistics, and retail.
BaaS: Prominent Players and applications
The business aspect of BaaS has become so popular today that many big names in the technology sectors including the likes of IBM, Oracle, Microsoft, and Amazon have BaaS as a part of their services portfolio. There are a number of applications that BaaS is offering to clients across the business domains. BaaS can be used to protect important business data and assets. Take, for instance, the BaaS platform services offered by Dragonchain, a Disney company. The organization uses the technology of server-less cloud and offer customized services to its clients focused on improving the interoperability and privacy of interacting blockchain systems. Especially, handling the crucial data related to the finances of organizations is a very sensitive issue and by using BaaS of Dragonchain, the same can be achieved with utmost safety and privacy.
The BaaS service architecture offered by Bloq caters to issues such as authenticity, security, and reconciliation in business. Its specific blockchain products include decentralized cloud, smart contract platform, and smart wallet that help its clients to store and manage the data with utmost safety and privacy.
Factom, on the other hand, offers two specific tools as a part of its BaaS platform — Factom Harmony and Factom dLoc. While the former converts the document into a single digitized platform to save cost and time involved in audit, dLoc makes use of encryption technology to verify and authenticate the documents.
Amazon Web Services (AWS) is one of the dominating players in the BaaS segment offering its services to a large number of clients across industries. Its BaaS platform is focused on improving the business processes, financial transactions, human resources, and supply chains of the clients. AWS uses the hyper ledger fabric and Ethereum framework that extend extra flexibility to its clients in terms of adapting to changing requirements of the business. IBM, one of the behemoths in the IT sector, is transforming the prospects of the food industry by offering its Food Trust Blockchain services. The company is also offering we. trade blockchain services to a consortium of European banks consisting of 15 banks.
Safle Labs: Technology Ecosystem Enabler
In addition to these large technology companies, the emerging enablers of the technology ecosystems such as Safle Labs are also playing an important role in furthering the prospects of BaaS. Safle Labs offers world-class services and tools to empower a wide variety of stakeholders participating in the blockchain ecosystem. The platform can be utilized in a number of ways including learning new skills, enhancing the transparency and authenticity of the business, exploring opportunities with the help of the crypto studio, and building a community of like-minded people to explore and develop opportunities in the field of cryptocurrency and blockchain technology.
The future scope of blockchain technology is immense and on the Safle Labs platform, one can easily find the relevant blockchain books and relevant blockchain courses in India. Further, insightful details on things like how blockchain works, what records all the transactions in a blockchain, and how can a blockchain be used to manage sharing can be found. In sum, the platform offers all supporting tools and techniques that one requires to start exploring the vast and immense potential of Blockchain and its business applications.
Conclusion
The growing popularity of BaaS is just the tip of the Iceberg as crypto experts predict that in the future, this segment is going to power the next round of growth in the blockchain sector. In order to leverage the opportunity, it’s important for companies to be prepared and this is exactly where the importance of technology ecosystem enablers such as Safle Labs comes into prominence. By offering state-of-the-art technology combined with its responsive and user-oriented approach, Safle Labs can help you in realizing your dream of shining bright in the blockchain sector. The platform is a preferred choice of companies and startups from across the globe and offers wonderful opportunities to envision, engage, and innovate for the greater good.
