March 14, 2020
These third-party services are a relatively new development in the growing blockchain technology sector, the highly developed blockchain technology business embodied in cryptocurrency transactions and have been expanded to handle secure transactions that lead to demand for hosting services.
BaaS is based on the SaaS model and operates in a similar manner. It enables customers to leverage cloud-based solutions to build, store and operate their own blockchain applications and related functions on the blockchain while cloud-based service providers The cloud keeps the infrastructure agile and operational.
It is an interesting development in the blockchain ecosystem that is considered to promote the adoption of blockchains across businesses.
The “big guys” in the BaaS space include:
+ Microsoft – partnered with ConsenSys to introduce Ethereum BaaS on Microsoft Azure in 2015.
+ Amazon – the company introduced the Amazon Managed Blockchain, a service that “makes it easy to create and manage scalable blockchain networks” using open source frameworks including Ethereum and Hyperledger Fabric.
+ R3 – a group of global financial institutions has launched a distributed financial ledger called Corda.
+ PayStand – specializes in sending and receiving payments between companies.
Consumers and businesses are increasingly willing to adapt to the blockchain technology. However, the technical complexity and operational costs involved in creating, configuring and operating a blockchain and maintaining its infrastructure often act as a barrier.
BaaS brings an outside service provider to set up all necessary blockchain technology and infrastructure for a fee. After creation, the vendor continues to handle complex back-end operations for the client.
BaaS operators often provide support operations such as bandwidth management, appropriate resource allocation, storage requirements, and data security features. The BaaS operator frees customers to focus on the core work and function of the blockchain.
Hyperledger Cello, a BaaS-like modular toolkit, and a Hyperledger project utility system provide an illustration of BaaS’s operational model.
In fact, the role of the BaaS provider is similar to that of a web hosting service provider. Website creators create and run all web content on their own personal computers. They can hire support staff or sign up with an external hosting provider like Amazon Web Services or HostGator. These third-party companies are concerned about infrastructure and maintenance issues.
BaaS could be the catalyst leading to deeper penetration of blockchain technology across different sectors and businesses. Instead of creating and operating their own blockchains, a business, big or small, now only needs to outsource to those who handle complex technical tasks and focus on core operations.
With a strong force of engineers, hard to learn and ready to take new opportunities, Vietnam is considered one of the emerging Blockchain Hubs in the region.
Established in 2016, InApps Technology has continually evolved over the past years to reach to the forefront of being a leading software outsourcing company in Vietnam. If you are looking for a partner to deliver blockchain solutions and consulting services, we are the right partner to integrate the right type of blockchain technologies into your mobile application development.
We have 3 models for you to easily choose according to your needs and can change it flexibly:
Allocated to work only on the assigned project, tasks from the client
Financed by both partners to share risks and have desired time-bounded results
We build an ODC, set-up, launch and operate. The result is then transferred to the client
Each type of collaboration has its own benefits and disadvantages, depending on your project’s requirements and budget, we can advise the most suitable options to bring the best results. Contact us now for more details.
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