Why Blockchain as a Service is the latest hot topic in town!

Blockchain as a service (BaaS) enables organizations to build innovative digital applications and services on cloud-based service providers.

Blockchain is a technology introduced by Satoshi Nakamoto, a mysterious individual or group of people. Initially, blockchain technology came out with a cryptocurrency known as bitcoin. But through extensive research, blockchain has found application in many industries. Blockchain is considered a revolutionary technology that can transform the workforce of several organizations. According to statista, blockchain is expected to grow to over US$39 billion by 2025. Businesses want to take advantage of blockchain technology because of its features, such as decentralization, transparency, and encryption, which can help to increase the security of digital transactions, which hold the caliber to improve the current status of businesses. Even though blockchain is a technology that organizations are trying to leverage within their staff, there are many challenges faced by CTOs and CIOs such as the cost of building a blockchain network and the lack of resources to work with. on such blockchain networks or to create a blockchain platform. These difficulties seemed insurmountable and prompted the authorities to look for other ways in which they could take advantage of them. BaaS stood out from all other options and proved to be a solution that businesses needed. Using BaaS, organizations consult companies that use IT solutions and purchase their platforms on a contract basis, where their vendors provide them with blockchain-based platforms.

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BaaS for finance

For financial companies that do not wish to create their own blockchain-based platforms, they can contact their vendors to arrive on the blockchain platform. By using BaaS technology, transaction speed increases relatively; businesses want to leverage the same to increase productivity. Fintechs that focus on cross-border payments can use this technology to improve them while significantly reducing costs. These companies can benefit from such blockchain networks provided by several organizations. Deloitte is one of the companies helping financial agencies with its Rubix BaaS service. Rubix is ​​appealing to businesses because of its API which allows businesses to focus on improving user experience and maintaining business flow without worrying about setting up a blockchain network.

BaaS for SCM

Companies are always keen to maintain their supply chain to ensure efficient transportation of products from one part of the world to another. Blockchain in supply chain management is useful for industries because of its features that increase transparency for organizations to see where their packages have arrived. Organizations that want to implement blockchain technology in their work environment have IBM’s blockchain as a service that can help them increase the efficiency of the processes involved in the transportation of products. IBM offers blockchain-based networks for companies that want to arrive on blockchain technology. Microsoft is another company providing blockchain as a service to businesses. MS Azure provides a blockchain network for businesses to offer its blockchain-based services to its customers. Several companies offer BaaS to other organizations. CTOs now need to search for perfect vendors offering these features based on the industry and products they deal with. Apart from finding vendors, companies should also focus on how they can train their employees to work with such platforms to increase the overall efficiency of their business.

Jessica C. Bell