You’ve heard of Software as a Service (Saas), the means by which businesses subscribe to and access cloud-based software. Blockchain-as-a-service (BaaS) is its distributed ledger equivalent. It describes the process by which a third party installs, hosts and maintains blockchain networks on behalf of other organizations. Today, BaaS is utilized in industries such as fintech, IoT, supply chain and telecommunications to give businesses exposure to blockchain without getting their hands dirty. Let’s take a look at some of the service providers helping enterprises realize their blockchain ambitions.
Why Big Companies Are Embracing BaaS
The recent release of the second annual Blockchain 50 list highlights the growth of blockchain-as-a-service (BaaS) platforms and software, with established global players such as Microsoft and Amazon rubbing shoulders with newcomers such as Russia’s National Settlement Depository, China Construction Bank, and EDF.
Blockchain-as-a-service platforms give disparate businesses the opportunity to experiment with blockchain apps and smart contracts while letting service providers manage the network itself. By favoring this model, companies can take advantage of the many oft-cited benefits of blockchain tech – improved transparency and accountability, data security and trust minimization – without having to develop their own blockchain ecosystem or invest in expensive in-house computing resources.
Amazon Web Services
Jeff Bezos’ all-conquering conglomerate provides assorted blockchain tools to companies large and small via its cloud computing arm, Amazon Web Services. The vendor supplies a high-performance, immutable Quantum Ledger Database (QLDB) and lets businesses of all stripes deploy and manage private or public blockchains using Amazon Managed Blockchain, launched in 2018. There’s even an option for…