The Fourth Industrial Revolution is the result of the extraordinary pace, breadth, and depth of technological advances. Technology disruption has driven businesses and organizations to the edge of their capabilities, leaving them little time to develop and nurture Information Technology (IT), skills and platforms on-premises.

Enter the Blockchain-as-a-service business model and cloud-based deployments. These business models aren’t the panacea for all business problems, but they make IT transformation easier and less risky for companies whose core competencies are in other areas.

It is not surprising that Blockchain technology has emerged at this moment. However, while many organizations still have questions about how to harness its power to their advantage, a few enterprises as well as startups technology companies have started to offer Blockchain as a Service (BaaS), to ease the adoption process.

What is Blockchain as a service (BaaS), and how can it be used?

Blockchain as a Service (BaaS), a type of cloud-based service that allows customers to create, host, and adopt their own blockchain applications and smart contracts. The cloud-based IT partner or service provider handles all the necessary tasks and activities to keep the infrastructure running.

Blockchain as a service is a significant milestone in the blockchain landscape. It holds the promise of accelerating the adoption of distributed ledger technology within businesses. The concept is based on the same engagement principles as Software as a Service (SaaS) and works with them.

Why do Organizations Need Blockchain As a Service (BaaS)?

Many IT companies are now exploring the strategic benefits of Blockchain technology. Key decision-makers are often slow to adopt Blockchain technology due to the technical complexities and lack of domain expertise. BaaS is being considered as a viable solution.

The right Blockchain as a service provider will provide businesses with access to Blockchain developers, process and governance specialists, as well as all the cloud infrastructure needed for development and deployment.

A trusted BaaS partner is often a source of wisdom and practical experience that can be used to improve security. This significantly reduces the risks one would need to manage if it were developed in-house.

What is the BaaS Model?

An organization (customer), signs up for a Blockchain as a Services contract with an IT Partner. This basically means that the BaaS partner agrees, for a specified service fee, to create all necessary Blockchain technology and infrastructure for customer.

Blockchain as a service provider or partner deploys the necessary resources and leverages technology and infrastructure to create and maintain Blockchain-connected nodes for the customer.

Based on the requirements of the customer, the BaaS partner can configure the Blockchain network using any distributed ledgers like Ethereum, Bitcoin or Hyperledger Fabric.

The Blockchain as a Service partner is responsible for maintaining the Blockchain-related artifacts as well as the infrastructure. BaaS contracts include support activities like bandwidth management, optimization, resource monitoring, system health monitoring, and proactive security surveillance, such as prevention of hackers.

Customers can use a Blockchain as a service model to focus on their core business and competitor strategies, while the BaaS partner manages the Blockchain infrastructure and its performance. It eventually empowers them in executing distributed-ledger workloads within environments that require an exceptional degree of fault tolerance.

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