Blockchain-as-a-Service (BaaS) are cloud solutions that provide managed blockchain functionality to organizations. These solutions provide management and infrastructure for blockchain applications that run critical back-end operations, similar to other cloud hosted SaaS applications. BaaS solutions are a relatively new category of products, but are quickly growing in popularity as a way for organizations to quickly adopt and build blockchain applications.BaaS solutions simplify the process of adopting blockchain for organizations of all sizes, particularly those that have limited expertise in the blockchain ecosystem.
Using a BaaS solution is often much quicker and more cost effective than building and operating a blockchain application from the ground up. As they are cloud-based tools, they can be very quickly deployed, and the Software-as-a-Service (SaaS) business model means that teams can easily manage payments and track costs. The technical complexity around blockchain is that there is a high barrier for organizations looking to invest in blockchain technologies, either for tracking cryptocurrency transactions or other use cases. BaaS is making blockchain far more accessible to organizations of all sizes and skillsets. BaaS providers offer the tools, support, and resources needed to create, maintain, and scale blockchain networks with ease.
As the demand for blockchain applications continues to increase, the BaaS market is becoming more competitive. In this article we’ll outline some of the top blockchain services available today, considering key features such as architecture management, app building, and managed services to help you compare BaaS solutions. This list will be regularly updated as new products come to market and the current leaders consolidate their offerings.
Everything You Need To Know About Blockchain-As-A-Service Solutions (FAQs)
What Is Blockchain?
A blockchain is a database or ledger shared among a computer network, similar in principle to a spreadsheet. Each block, or cell, in the database contains information and a header which is encrypted and given a hash. This is then entered into the header of the next block of the data base to create a linked chain of information across all blocks. This is a highly secure way of storing information, as if a single block is altered, the entire chain would be disrupted. This means if a copy is altered on one network, it would be clearly obvious to the other computers on the network that the chain didn’t match.
It’s important to note that as with everything, blockchain isn’t 100% secure. If multiple copies are altered at once, or a majority of the copies on a network are edited, then it can be possible for the data to become compromised. This is exceptionally difficult however, due to the speed at which the blockchain hashing process takes place.
Blockchain is best known for its application in cryptocurrency, specifically bitcoin. Bitcoin uses blockchain to database payments between different parties directly, with no intermediary such as a bank processing the transactions. However, blockchain does have wider applications than just cryptocurrency as it can be used to record any data electronically and securely. This could include public IDs, electoral votes, or library systems for example.
Blockchain technology has been increasingly adopted to improve security, transparency, and efficiency across industries. The benefits range from streamlining supply chain operations to enhancing data protection and reducing fraudulent activities.
What Are Blockchain-As-A-Service (BaaS) Solutions?
Blockchain-As-A-Service (BaaS) solutions are cloud platforms that allow teams to easily create and manage bitcoin applications. They enable customers to host, build, and operate blockchain applications, with monitoring functionalities and managed support services. BaaS works on the SaaS model, with monthly or annual billing, or pay-as-you-use functionality. Organizations don’t have to worry about building or operating their own infrastructure and can easily manage and deploy cloud-based bitcoin apps.
Bitcoin-As-A-Service is similar to web hosting providers such as WordPress – rather than having to build your own website from the ground up, you can simply use a pre-build platform with all the features you need to quickly get building apps.
What Are The Benefits Of Blockchain-As-A-Service?
Setting up a blockchain can be a highly technical and complex task. Many organizations simply don’t have the resources to invest in building their own blockchain, but still wish to use the technologies for hosting immutable data or investing in cryptocurrency. Blockchain-As-A-Service provides all the infrastructure and management capabilities needed for organizations and teams to build their own bitcoin apps.
What Features Should You Look For In Blockchain as a Service Solutions?
Blockchain-As-A-Service is a relatively new product category, and the solutions are, therefore, continuing to develop new capabilities and functionality. However, the key functionality of a BaaS solution is to build and run bitcoin apps, so here are some key features to consider:
- Customizable and pre-built blockchain applications: The ability to quickly build and customize blockchain applications
- Architecture management: The ability to manage blockchain app architecture and hosting along with bandwidth and resource allocations
- Security controls and app monitoring: The ability to monitor apps and proactively detect security vulnerabilities
- Management console: An intuitive management console with dashboards and reports to analyze code
- Managed services: Some BaaS solutions will offer managed support and app building services
- Audits and logs: Auditing is important to track records and spend across blockchain applications
Joel Witts
Content Director
Joel Witts is the Content Director at Expert Insights, meaning he oversees all articles published and topics covered. He is an experienced journalist and writer, specialising in identity and access management, Zero Trust, cloud business technologies, and cybersecurity. Joel is a co-host of the Expert Insights Podcast and conducts regular interviews with leading B2B tech industry experts, including directors at Microsoft and Google. Joel holds a First Class Honours degree in Journalism from Cardiff University.
Laura Iannini
Cybersecurity Analyst
Laura Iannini is an Information Security Engineer. She holds a Bachelor’s degree in Cybersecurity from the University of West Florida. Laura has experience with a variety of cybersecurity platforms and leads technical reviews of leading solutions. She conducts thorough product tests to ensure that Expert Insights’ reviews are definitive and insightful.
