Blockchain as a Service (BaaS) is a promising offering that allows
customers to leverage cloud-based solutions to develop, use and host their own
blockchain apps, smart contracts and functions on the blockchain.
What is BaaS (Blockchain as a
Service)?
How Does BaaS Work?
Features of Blockchain As A
Service
 |
| Blockchain-as-a-Service (BaaS) is a unique model that allows companies to use cloud-based services to create, host, and adopt their blockchain apps, functions and smart contracts on the vendor's blockchain infrastructure. |
What is Blockchain as a Service (BaaS) and How Does BaaS Work?
What is BaaS (Blockchain as a
Service)?
Blockchain as a Service (BaaS)
is a third-party cloud-based infrastructure and management that allows
consumers to use cloud-based solutions to develop, use and host their own
blockchain applications, smart contracts and functions on a distributed network
while the supplier provides infrastructure and blockchain building tools.
Blockchain-as-a-Service (BaaS)
is an important part of the blockchain economy that boosts blockchain adoption
across businesses and contributes to the development of blockchain technology.
Blockchain technology has
arrived everywhere these days and is governing the markets as it delivers many
applications that provide higher efficiency and faster production compared to
the traditional network.
Blockchain-as-a-service makes
blockchain development simpler and safer for companies with core competencies
in the fields, but not in information technology (IT) and helps them focus more
on their central areas with less concern about the development space.
Blockchain-as-a-Service
provides an immutable and distributed documentation tracking system in which
all participants have equal access to the same information and no participant
can change records.
Blockchain-as-a-Service can
provide a platform for contract execution that enables a high degree of
transparency and flexibility. Therefore, contracts are processed more
quickly and efficiently which allows conclusion and payment to occur without delay.
BaaS companies act as a bridge
between enterprise firms and enterprise blockchain platforms.
There are several major cloud
service providers that offer Blockchain as a service such as Microsoft, IBM,
Amazon, Oracle, SalesForce, PayStand, Alibaba, Baidu and R3 delivers Corda -
the next-gen blockchain for business.
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How Does BaaS Work?
Blockchain
as a Service (BaaS) works in a very simple way just like a Software as a
service (SaaS) solution, allowing companies of all kinds to implement
blockchain technologies without investing heavily in their development.
Blockchain
consists of a network of nodes to verify transactions and respond to smart
contract inquiries.
Blockchain-as-service
providers set up all the necessary blockchain technologies and infrastructure,
but you have to pay for blockchain implementation to deploy and maintain the
nodes.
The BaaS
operator frees the client to focus on the primary function and the
functionality of the blockchain.
Moreover,
BaaS operators have to deal with complex back-end operations for customers and
companies.
The BaaS
providers usually offer support activities like bandwidth management, hosting
requirements, suitable allocation of resources, data security features.
anti-hack layering and much more.
A BaaS
supplier deals with the client's program core points and infrastructure online
and maintains the decentralized framework and nodes they own and work with.
BaaS Partner
can configure the blockchain network on any blockchain platform such as
Hyperledger Fabric, Bitcoin, Ethereum, Chain Core, Corda, Quorum or BlockApps.
BaaS
supports blockchain browsers, RAM users, sub-accounts and quick deployment of
blockchains for enterprises without concerns of complex configuration and
monitors the blockchain state in real-time and gives automatic alerts.
Blockchain
as a Service provides out-of-the-box services and allows you to create
consortia, invite the business participants to join the consortium, and manage
the smart contracts (chain-code) in the organization, handle the users and
grant business application access to the blockchain service.
BaaS models
create a multi-dimensional blockchain security system and certificate services
and provide ant blockchain SDKs, standard Fabric SDKs, built-in connection
information.
The BaaS
model enables you to focus on core website features and functions and enables
organizations to deploy blockchain resource services to access/build
decentralized applications.
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Features of Blockchain As A
Service
Blockchain as a Service (BaaS)
includes the following features:
⇒Easy and efficient setup
workflow.
⇒Flexibility, scalability and
interoperability.
⇒Cost-effective solutions.
⇒Platform architecture
management.
⇒Private transactions and
state/side channels.
⇒Auditable transaction record.
⇒Modular, preconfigured networks
and infrastructure.
⇒Block monitoring and explorer
tools.
⇒Middleware for monitoring and
development for app building.
⇒Professional and consultatory.
⇒Identity-based consensus
mechanisms.
⇒Dashboard to view and analyze
chain-code.
⇒A handful of permissioned
blockchain networks.
⇒Block monitoring and explorer
tools.
⇒Built-in connections to needed
services.
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