Published On : 19 Sep 2018
The global blockchain-as-a-service (BaaS) market looks highly promising with tech giants foraying into the space with the ready-to-use version of the online distributed ledger technology. IBM, Microsoft, HP, SAP, and Oracle are now being joined by Amazon to provide blockchain as a service for companies wanting to test the waters without wanting to invest heavily in building and rolling out the technology. And not just the big guns in tech world, even startups are foraying into the space. Currently blockchain technology is still said to be in its nascent stage and thus poised to rise.
Rising Applications of Blockchain to Stoke Blockchain-as-a-service (BaaS) Market
Blockchain enables data to be stored up in the form of blocks. The blocks are connected with each other building a chain. However, the blocks and the data contained in them cannot be tampered with thus making them safe and secure. However, they can be accessed by users to see changes and add new blocks. The technology’s rising application spells tremendous opportunity for blockchain-as-a-service (BaaS) market.
So far, the biggest use of blockchain has been in the creation of cryptocurrencies or virtual currencies which can be either mined by tech geeks or bought from exchanges. Other applications include maintaining records of payments and transactions which can literally wipe out banks in the future by acting as a public distributed ledger. Besides, uses in healthcare, education, and technologies are also coming up. This would provide a boost to the global blockchain-as-a-service (BaaS) market.
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Businesses’ and Individuals Uptake of Blockchain Generates Growth Avenues for Market
The BaaS model enables businesses to leverage Blockchain technology in their businesses without having to pour substantial amounts into its development. Not just businesses, even individuals are keen on adopting Blockchain. But the technical complicacies and operational overhead involved in building, configuring, and operating the blockchain, and also maintaining its infrastructure can be tough and expensive. So far, security remains a major concern as with most cloud applications.
What Oracle, IBM, and Others Offer in the Blockchain-as-a-service (BaaS) Market
Oracle entered the blockchain-as-a-service (BaaS) market in 2017-end as a part of the platform-as-a-service group. The service can allow users to create streams of income, increase the pace of business growth, and reduce costs. IBM is offering a Blockchain platform which is completely incorporated and is meant particularly to quicken operation and development in the network. One can easily develop an application via the network and operate it too.
Ardor is another company that is projected to have a major impact in the future of Blockchain-as-a- service market. So is Azure, the cloud provider. They are all competing to create better products to surge ahead of their rivals.
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