Blockchain-as-a-service is the new trend in the business
Blockchain technology is more useful and powerful than any other centralized technologies. Naturally, the use cases of blockchain technology go beyond cryptocurrencies. Though blockchain technology comes with overarching potentials along with it dwells the scope of improvements that need to be done in order to make it a mainstream solution to many existing discrepancies. It is known to everyone that almost all the sectors found a problem-solving feature in the blockchain technology’s decentralized and distributed ledger feature of data storage but with the huge buzz about blockchain technology going around the world, there are some experts who have been calling the craze as just an initial hype which is not going to stand its ground for longer times.
What is BaaS (Blockchain as a Service)?
These claims of the blockchain, not immature though, have not stopped it from being adopted by many organizations and companies of different sectors. Therefore, there is an exponential rise in technology companies offering blockchain-as-service (BaaS). Microsoft’s ‘Azure’ and IBM’s ‘Hyperledger’ are a well-known example to quote.
Blockchain may have its drawbacks, but ignoring it may make many companies miss out a golden opportunity. Organizations adopting blockchain must thoroughly evaluate the pros and cons of this technology before its adoption. BaaS provides the new startups and companies to test the yet to be fully matured blockchain technology without actually being getting the risk of developing it themselves. Thus BaaS comes up as the risk-free version of Blockchain.
Bill Fearnley Jr, the IDC research director of Worldwide Blockchain strategies, stated, “One advantage of partnering with a BaaS provider is users can leverage the lessons learned by the provider to help make their systems more secure.”
Like ‘DealMate’ allows one to generate escrow smart contracts using the platform as Ethereum. ‘Waves’ let companies create, use and implement their tokens and in turn, allows them to hold ICO’s.
Many developers are generating their own decentralized apps on platforms such as Ethereum, Qtum, etc. But the problem of their scalability and saturation with growing demand has been a topic that even ethereum’s developers are addressing.
Currently, the network used by more than 900 decentralized apps and can handle 10 transactions per second. A sudden increase in usage of one or some of them can hamper the services of others. For instance, the chat service, KIK shifted its KIN token from ethereum to stellar because of CryptoKitties craze caused them a setback.
Have a strategy in place
Thus, application of technology in a more strategic and evaluative way is the crux of BaaS. With the rise of BaaS, the companies and startups are finding it easier to go according to their limited business budget, needs, and requirements.
To overcome the scalability and other discrepancies occurring during the application of blockchain, the users must make a strategy in detail which exactly means to know your own requirements and then going for BaaS that will suit it the best. The blockchain technology has an overwhelming potential but its adoption comes with some challenges which should be considered before implementation. Along with technical aspects, the employee education on blockchain and their effective adaptation to technological change is the best strategy of an hour.
As Fearnley says, “the challenge will be developing a staff to build out and maintain the network.”