Blockchain as a Service: a business revolution
Technological advancement today is at a level never witnessed before. As the world heralds the Fourth Industrial Revolution, technology has disrupted (and continues to disrupt) the way we do business.
Blockchain technology is the latest technology changing the way we make transactions, especially with the blockchain-as-a-service business model and cloud-based deployments.
Though these business models are not a panacea for all business challenges, they have succeeded in making IT transformation simpler and less risky for organizations whose core competencies remain in fields other than IT.
Many organizations are still grappling with questions such as finding ways to harness the power of the distributed ledger to their advantage. However, a few (mostly tech startups), have already buckled up to offer Blockchain as a Service (BaaS) to help ease the adoption journey.
What is Blockchain as a Service (BaaS)?
Blockchain as a Service (BaaS) is a type of blockchain service that allows business customers to use cloud-based solutions to develop, host, and adopt their own blockchain applications, smart contracts, and other relevant functions on the blockchain.
In this arrangement, the cloud-based IT partner or service provider manages all the required tasks and activities to keep the infrastructure up and running.
The emergence of Blockchain as a Service is a significant development and an essential milestone in the blockchain landscape.
As we speak, the trend holds the promise to accelerate the adoption of distributed ledger technology across businesses. Needless to say, the concept is based on and works on engagement principles similar to that of Software as a Service (SaaS).
BaaS Model and Its Impact
When an organization (customer) signs up for a Blockchain as a Service contract with an IT partner, they essentially enter into an agreement whereby the BaaS partner agrees to set up all the necessary Blockchain technology and infrastructure for the customer for a service fee defined in the contract agreement.
The Blockchain as a Service provider deploys the essential resources and leverages the required technology and infrastructure to set up and maintain Blockchain-connected nodes on behalf of the customer.
Based on the customer’s business requirements, the BaaS provider may configure the Blockchain network on any distributed ledgers such as Ethereum, Hyperledger Fabric, R3 Corda, Cardano, Polkadot, Ripple, Stellar, and Tron among others.
Forkchain as BaaS Partner
ForkChain is a leading blockchain-as-a-service (BaaS) provider.
The company lets you build whatever you want in the blockchain of your choice without the need for a developer or any technical skills. The BaaS is designed to help creators, influencers, and entrepreneurs among others to grow their hustle.
As your Blockchain as a Service partner, Forkchain assumes the responsibility of maintaining all the critical Blockchain-related artifacts and keeping the infrastructure up and running.
BaaS contracts also include support activities such as bandwidth management, optimization of resources, incident management, system health monitoring, as well as proactive security surveillance such as prevention of hacking attempts.
Using a Blockchain as a Service model, companies can focus on their core businesses and competition strategies while counting on the BaaS partner to handle the Blockchain infrastructure and its performance.
Eventually, it empowers them to execute distributed-ledger workloads in environments that demand an impeccable degree of fault tolerance.