Blockchain as a Service (BaaS) focuses on providing blockchain functionalities to organizations that do not wish to create their individual platforms for the same.
Blockchain is a technology introduced by Satoshi Nakamoto, a mysterious individual or a group of people. Initially, blockchain technology came out with a cryptocurrency known as bitcoin. But with extensive research, blockchain found application in numerous industries. Blockchain is said to be a ground-breaking technology that can transform workforces from several organizations. According to statista, blockchain is expected to achieve a market value of approximately 2312 US billion dollars by 2020. Companies wish to leverage blockchain technology because of its features, such as decentralization, transparency, and encryption that can help in increasing the security of digital transactions, which hold the caliber to improve the current status of companies. Even though blockchain is a technology that organizations try to leverage in their workforce, there are numerous challenges faced by CTOs and CIOs that they need to counter, such as the cost of building a blockchain network and lack of resources to work on such blockchain networks or to create a blockchain platform. These difficulties seemed to be immovable and prompted the authorities to search for other ways through which they can leverage the same. BaaS stood out of all the other options and proved to be a solution that companies required. By using BaaS, organizations consult firms that are into IT solutions and buy their platforms on a contract basis, where their vendors provide them blockchain based platforms.
BaaS for Finance
For finance companies who do not wish to build their own blockchain based platforms, they can contact their vendors to arrive on the blockchain platform. By using the BaaS technology, speed of transactions increases relatively; companies want to leverage the same to increase productivity. Fintechs focusing on cross-border payments can use this technology to enhance the same while significantly reducing costs. These companies can benefit from such blockchain networks provided by several organizations. Deloitte is one of the companies that helps financial agencies with its Rubix BaaS service. Rubix is attractive to businesses because of its API that allows companies to focus on improving user experience and maintaining the flow of business without worrying about impelmentation of a blockchain network.
BaaS for SCM
Businesses are always eager to maintain their supply chain to ensure efficient transportation of products from one part of the world to another. Blockchain in supply chain managementis helpful for industries because of its functionalities that increase transparency for organizations to view where their packages have reached. Organizations that want to implement blockchain technology in their work environment have the availability of IBM’s blockchain as a service that can help them in increasing the efficiency of processes involved in the transportation of products. IBM offers blockchain based networks for companies that wish to arrive on the blockchain technology. Another company providing blockchain as a service for businesses is Microsoft. MS Azure delivers a blockchain network for companies to offer its blockchain-based services to its customers. Several companies are offering BaaS for other organizations to leverage. CTOs should now search for perfect vendors providing these functionalities based on the industry and the products they deal with. Apart from searching for 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.