Blockchain as a Service (BaaS) technology describes the process by which a provider installs, hosts, and maintains blockchain networks on behalf of other organizations. Today, BaaS is used in industries such as Fintech, IoT, the supply chain and telecommunications to give businesses exposure to the blockchain.
Blockchain technology as a service gives companies the opportunity to experience blockchain applications and smart contracts. Customers can benefit from the benefits of technology without having to develop their own blockchain ecosystem or invest in specialists.
The annual Blockchain 50 list highlights the growth of blockchain platforms and software as a service (BaaS). Well-known global players, such as Microsoft and Amazon, compete with newcomers, such as National Settlement Depository in Russia, Construction Bank in China and EDF in France.
Currently, these are the most important companies offering Blockchain technology as a service:
Amazon Web Services
Jeff Bezos’ conglomerate offers a variety of blockchain tools for companies of different sizes through the Amazon Web Services cloud affiliate. This is the Quantum Ledger network that allows companies to deploy and manage private or public blockchains. The service called Amazon Managed Blockchain was launched in 2018.
Amazon has the resources to support thousands of blockchain applications on a large scale, which has ensured a steady flow of high profile customers. These include Nestlé, BMW, Accenture, Sony Music Japan and Singapore Exchange.
IBM offers Blockchain technology as a service
Another company on Forbes’ Blockchain 50 list is IBM, which offers a blockchain platform based on Hyperledger Fabric. It is widely used in industries such as food supply, media, advertising and commercial finance.
Among the inclines are Kroger and Plastic Bank, which have the possibility to
“Easily build and join your own blockchain network or any private, public or hybrid multicloud using Kubernetes.”
IBM has expanded its services through strategic partnerships. For example, he created the Trust Your Supplier platform alongside the blockchain company Chainyard, now used by Vodafone.
It also launched the Contingent Labor platform in collaboration with IT People.
Microsoft Azure
The Microsoft Azure platform allows customers, such as General Electric and T-Mobile, to implement blockchain networks, build applications and store off-chain data. Customers can choose to use one of three services offered: Azure Blockchain Service, Azure Blockchain Workbench and Azure Blockchain Development Kit.
Microsoft frequently mentioned the differences between Azure and AWS, noting that the latter is “five times more expensive than Azure for Windows Server and SQL Server.” The company also has the benefit of integrating Azure with other Microsoft products, such as Logic Apps and Flow.
Alibaba Cloud Blockchain
Alibaba has Blockchain technology as a service since 2018, under the umbrella of cloud computing.
Using Quorum, Hyperledger Fabric and Ant Blockchain, the platform integrates Internet of Things (IoT), Alibaba Cloud and anti-counterfeiting technologies. The result is a broad range of blockchain solutions for product traceability, among others. Currently, Alibaba’s BaaS offer includes services for flexible companies, which accept private implementation and blockchain solutions specific to transport services.
Oracle Blockchain Cloud Service
Launched in 2017, Oracle’s Blockchain Cloud service seeks to help businesses “build trust and provide agility in their network transactions.” Its enterprise platform is built on Hyperledger Fabric, just like the one provided by IBM.
Customers can create authorized blockchain networks for private models or consortia, enroll member organizations and execute smart contracts to update and query the registry. The Blockchain platform is intended for use alongside other Oracle-implemented tools, such as identity management and remediation tools.
Corda
Developed by global enterprise solution provider R3, Corda is an open-source blockchain platform that allows companies to trade directly and privately using smart contracts. The BaaS solution has been used by companies such as KLM Royal Dutch Airlines to simplify financial processes and improve settlements. Corda’s 300 customers include Monetago and Tradeix. The Corda platform offers interoperability, security and confidentiality and is considered one of the best blockchain platforms available today.
Blockchain technology as a service is in high demand
Demand for blockchain solutions is growing worldwide. Suppliers strive to provide easy-to-implement solutions for those interested. According to a study by Gartner, the value added by blockchain will exceed $ 360 billion by 2026 and will reach $ 3.1 trillion by 2030.
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