Blockchain-as-a-Service (BaaS) Is Attracting The Likes Of Barclays, Goldman Sachs, JP Morgan and Bank of America Into The Blockchain Ecosystem

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October 17, 2018 by
Blockchain-as-a-Service (BaaS) Is Attracting The Likes Of Barclays, Goldman Sachs, JP Morgan and Bank of America Into The Blockchain Ecosystem

Blockchain is fast becoming one of the most wanted technologies in the world, but building, running and configuring apps on blockchain networks involves a lot of technicality. Somehow, this has limited the adoption rate of blockchain technology, as such, blockchain easy-to-operate app development platforms are on the rise.

What is Blockchain-As-A-Service?

Blockchain-as-a-Service (BaaS) is a protocol that allows users of cloud-based platforms to build and operate blockchain and smart contracts powered apps. Unlike DApps hosted on blockchain networks, it is the cloud service provider that hosts and facilitates these apps.

How Does Blockchain-As-A-Service Work?

Cloud service providers set up platforms where developers can set up their applications for a fee. The BaaS provider is expected to operate and maintain these apps, as such, developers are able to focus solely on configuring app functionalities and features. Some of the services BaaS providers offer developers include:

  • Bandwidth management
  • Security systems
  • Hosting requirements
  • Application resources management

The concept of BaaS has been a success so far because A-list brands are currently linked to a number of existing platforms that offer BaaS services. Some of the BaaS platforms that are backed by A-list companies include:

Azure Blockchain Service

Azure blockchain service is among the first set of Blockchain service platforms introduced to the blockchain space. The Microsoft-owned Blockchain service provider was launched in 2015 and offers users a platform that supports smart contracts like the ethereum blockchain.

Corda

Although Corda claims to be a Blockchain service platform, its functionalities are very similar to that of a blockchain ecosystem. The platform was launched in 2015 by R3, which is a consortium of A-list financial institutions. Some of the companies backing R3 are, Barclays, Goldman Sachs, J.P. Morgan, Bank of America and Royal Bank of Scotland. Corda is specially designed to allow financial institutions to perform transactions.

Rubix Core

Rubix Core is owned by Deloitte and it is designed to allow users build networks which are tailored to serve specific industries. In addition, the platform offers developers GUI tools and infrastructure that are supported by the ethereum blockchain.

IBM Blockchain

IBM is one of the biggest names in the blockchain space. The company launched its Blockchain service platform dubbed IBM Blockchain in 2016. The platform functionalities are based on the Hyperledger Fabric and it is specially designed to allow clients build and customize private blockchain networks.

Application of Blockchain as a service?

Blockchain as a service is one of the major catalysts fast-tracking the adoption of blockchain by individuals and corporations. As earlier mentioned, some blockchain service platforms are strictly designed to permit seamless transactions.

In addition, retailers are looking to launch blockchain supply chain trackers while blockchain gaming apps are presently trending on blockchain service platforms. Hence, the applications of blockchain as a service is only limited by the developers’ ability to use blockchain to create innovative apps.

In general, Blockchain as a service (BaaS) is attracting major players to the blockchain space by allowing them to outsource the running of their blockchain applications. Therefore, they are considered to be integral to the blockchain movement.

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