Blockchain as a Service (BaaS) and Why Does Your Company Need It? A SWAZM Point of View
What is the first thing that pops into your head when you think about blockchain? For most people, the instant association they make is with Bitcoin. But cryptocurrency was just the beginning of an underlying technology that has the power to improve business outcomes by streamlining their processes and fixing most of their problems with costs and dev teams.
How does Blockchain as a Service (BaaS) Help Your Company?
Think about it in terms of website hosting services. Drawing an easy parallel, BaaS has its own storage capabilities and offers all of the tools you would need in order to implement your decentralized project.
The service providers take care of everything for you, from setting up the blockchain implementation, deploying and maintaining your given nodes, to then manage the back-end services, making sure your project runs smoothly and without any downtimes.
Blockchain as a Service (BaaS) is a significant part of the blockchain economy and is contributing to the blockchain development. It has been introduced as a result of the high rate of technology disruption.
Business process management is a system that each company needs to look into. As it refers to the design, execution, and improvement of entire operations, these are procedures that have always been used to streamline and automate the way firms bring their products or services to the mass market and finally to the end consumers.
Within the blockchain, the information is grouped into blocks, which link to form a chain with other blocks of similar information. It is this act of linking blocks into a chain that makes the information stored on a blockchain so reliable. Once the data is recorded in a block it cannot be altered without having to change every block that came after it, making it impossible to do so without it being seen by the other participants on the network.
Using blockchain as a service comes out more of a hidden benefit, as not many people think of it as a decentralized Google Drive or remote application they can use to run their business operations in a more transparent and safe way. Instead of running storage through a company that controls it centrally, a decentralized blockchain network stores the data among many compute nodes, allowing for the information to be accessed from multiple places and also adding a safe layer in case of any server damage should happen.
“Using a Blockchain as a Service model, customers can focus on their core businesses and competition strategies while counting on the BaaS partner to handle the Blockchain infrastructure and its performance. Eventually, it empowers them to execute distributed-ledger workloads in environments that demand an impeccable degree of fault tolerance.”
