Way back, companies were known to purchase, install, and manage their traditional IT models by themselves. As technology advanced, the need for third-party service providers sprung up as the internet became more realistic. The need for everything as a service became stronger. Everything as a service is not far-fetched, because if you are not familiar with Blockchain as a Service (BaaS), you must have heard of Software as a Service (SaaS). In general terms, everything as a service is represented as XaaS. It is a technology that allows companies to outsource third-party service providers to provide technical solution services via the web.

With that said, the invention of Blockchain as a Service (BaaS) has emerged as an important factor to catalyze the growth of businesses in the blockchain ecosystem. Being a cloud-based solution, it is recognized for its pay-per-use approach and cost-effectiveness, in addition to the transparency it introduces to the business realm.

Let's dive deep to discover more about BaaS

What Is Blockchain as a Service (BaaS)?

Blockchain as a Service, abbreviated as BaaS, is a third-party service provider that allows companies to leverage cloud-based solutions to create, host, and operate their blockchain products.

Blockchain as a Service (Base) Use Cases

Below are a few of the use cases of Blockchain as a Service.

Tracing And Tracking Products/System

Blockchain can allow you to trace and track a system by allowing you to follow the history of a product from every point in the supply chain. This can help businesses eliminate counterfeits, curtail human errors, and shorten the time of operations.

Smart Contracts

As the name implies, smart contracts are self-executing contracts that use lines of code written in terms of agreement between the buyer and the seller. It does not require central authority to permit the execution. Since the code written is contained within the blockchain network, BaaS can be outsourced for easier operation.

For Security of Data

Blockchain Technology can be used to store and secure sensitive data or information. Since it uses a distributed database that is tamper-resistant, it makes it impossible to manipulate information stored on the ledger. Companies can outsource BaaS to help store and secure their important information.

Logistics

The application of blockchain technology in the logistics industry is of Significance when it comes to streamlining the supply chain. While blockchain can enhance the efficiency of the operation, it also improves transparency in the pipeline.

Given the extensive applications of blockchain technology, BaaS stands as the potential driver for rapid adoption across various industries. Rather than creating and managing their blockchain, businesses can opt for BaaS to efficiently provide services while reducing costs.