Blockchain, in simple terms, is a technology to store data. It’s not controlled by power centers like Governments or giant corporates. The users of blockchain are the ones responsible for keeping this technology alive and running. In addition, it’s far more advanced than an entry on a piece of paper. It’s tamper-proof. And with the ever-growing digital footprint of users, there is an increasing need for an efficient data keeper. Blockchain presents the perfect solution for the present-day data-heavy commercial landscape. This article will share some of the BAAS companies and their products for small to big businesses. Let’s start decoding what this nascent cloud technology–blockchain-as-a-service–has in the offer.
What is Blockchain-as-a-Service
Blockchain-as-a-service is using 3rd-party expertise to reap blockchain benefits. That assistance can be in the form of infrastructure or beyond. And accordingly, businesses are charged for using rented blockchain infrastructure.
Benefits of Blockchain-as-a-Service
Since blockchain is still practically limited to cryptocurrencies, it’s not common to use this digital distributed ledger technology at a business scale. Most of us lack the expertise to calculate a clear ROI for its enterprise usage. In this situation, blockchain-as-a-service companies are undeniably valuable. By using their BAAS capabilities, one can take leverage of the fault-proof characteristics of blockchain technology.
BAAS Industry Specific Solutions
As already stated, blockchain is a data management technology. So all the solutions offered in the name of blockchain-as-a-service will have data keeping to their center. These solutions use the vital traits of blockchain to make your business immune to cyber theft and transparent to its customers. This section will explain the most prominent applications related to specific industries.
Automotive
The major challenge for the automotive industry is to fight off counterfeit parts and manage supply chains. Blockchain provides end-to-end accessible records for the transport of automobile parts. This enables automotive companies to track and differentiate genuine spares from fakes. Additionally, blockchain empowers to manage the supply chain efficiently. This means no shortage of vital parts and optimal production with minimum setbacks.
Healthcare
Healthcare can use blockchain-as-a-service to a great extent. This technology can help in keeping a transparent and universal version of a person’s medical data. It can be beneficial for collaboration between various healthcare professionals treating a single patient instantly or otherwise. Besides, blockchain can aid in identifying the authenticity of medicines. Any drug can be checked to its source. This can also assist manufacturers in recalling particular products.
Fintech
The fintech industry is riddled with surcharges and intermediaries. Blockchain, much to the peace of an average consumer, makes most financial processes effortless. Blockchain adds much-needed transparency and immutability to prevent disputes. Its smart contracts can help in the faster settlement of funds without the time-taking process of verification by any central authority.
Arts and Entertainment
Blockchain solutions empower the artist community to track and receive royalties for their creations. It holds the record of each resale. So, smart contracts assist the original creator in receiving their legit share with each resale. Similarly, BAAS offerings in the entertainment industry can help to track the use of copyright material. This can be utilized to initiate a micro-payment structure for streaming services such as Netflix. Many of us subscribe to streaming platforms only to watch our favorite shows. Blockchain can keep track of the content use. It’ll ultimately increase the user base while making the subscription economical for many consumers.
Transportation
The transportation industry relies heavily on identity verification for passengers and cargo alike. With a single identification token, this process can be made authentic and easy for travelers. They won’t need to travel with multiple documents. Imposters can be identified while ensuring the safety of others. Similarly, it’ll make cargo management and verification efficient and fault-proof. Conclusively, blockchain principles can provide a fail-safe mechanism for industries using vast amounts of data. The following sections will introduce some blockchain-as-a-service companies in no particular order.
Bloq
Bloq helps you to build upon existing blockchains by lending their infrastructure. Much like any IaaS (infrastructure-as-a-service) contract, you get the freedom to develop your applications on top of blockchain technology. In the background, Bloq promises to manage your applications and data on the blockchain.
Bloq currently offers its services in two forms:
Bloq Connect
Bloq Connect is a blockchain API service (REST and Websocket) that assists you in developing apps over the blockchain. It powers you to build on major blockchains like Bitcoin, Ethereum, Ethereum Classic, etc. Bloq Connect ensures scalability as you grow. It also boasts of real-time multiple blockchain data in milliseconds with its intelligent caching system.
Bloq Nodes
This service caters to your concerns regarding the setup and management of blockchain nodes. Similar to Connect, you can create your nodes on established blockchain networks with just a few clicks. This helps you to evade the technical complexities that otherwise come with node setup. Nodes is currently available for seven blockchain networks, including BTC, ETH, ETC, LTC, etc.
Nodesmith
Nodesmith offers modified blockchain nodes to offer better performance, uptime, and scalability. It guarantees fast data rendering due to its smart caching layer.
It’s aimed primarily at Web 3.0 developers. Nodesmith is currently fully functional in three data centers around the globe. And, with its latency-based routing, it ensures all API requests are directed towards the nearest data center. At present, Nodesmith supports five blockchain networks, including Ethereum, AION, POA XDAI, etc.
Dragonchain
Dragonchain assures an easy migration to the blockchain without you having a blockchain expert team. It has quite a few business-ready applications specific to your needs. Let us look at some of these.
Anti-Fraud and Compliance
Under this umbrella, Dragonchain offers security, transparency, and immutability to various business spheres like fintech, supply chain, identity and IoT (Internet of Things), and sensor data management.
Decentralized Identity
This caters to consumer identity management. It’s an attempt to secure privacy and prevent data breaches with blockchain technology. It uses cryptography for authentication to a website or service. This eliminates the traditional use of usernames and passwords. Simultaneously, it lifts off the burden from a corporate to store sensitive user data. It also helps in compliance with regulatory systems like GDPR.
Provably Fair Systems
This is applicable if you organize contests frequently. It can also be used for giveaways. It helps in proving to your users that your contests are indeed fair. You can provide much-needed transparency in these situations earning consumer trust and loyalty for your platform. Similarly, Dragonchain has a Lyceum platform for the education marketplace. Lyceum can assist in preventing forgery of certifications and promotes fair play in training. In addition, it presents solutions to incentivize people to develop skills specific to their work.
Corda
In a nutshell, Corda is a platform for blockchain application development. It has a sample portfolio to help the developers starting with their blockchain projects. These samples present use cases of the Corda platform and can jump-start the application development process. Additionally, all samples are Apache 2.0 licensed, so developers are free to use them to build their apps. Corda uses smart contracts to help businesses to transact seamlessly and in strict privacy. It also promises to keep the transaction and data management costs at a minimum.
Skuchain
Next on the list of top BAAS companies is Skuchain. With its website, you can easily find information particular to your industry. This helps find the exact use case for your business type and how Skuchain can help you with their blockchain expertise.
Alternatively, you can browse from their list of products.
Blockstream
Blockstream has a cluster of blockchain-related products. But its main product is Liquid Network, a sidechain network for faster and private transactions. In addition, Blockstream also has a hot wallet (Aqua) and a hardware wallet (Jade) for liquid and bitcoin networks.
They propose a 3-year cloud mining for bitcoin networks as well. Blockstream assures its users to deploy cold storage (like hardware wallet) to prevent any hacking attempt by cybercriminals.
Paystand
Paystand, as the name hints, is a payment solutions company that has numerous products for a wide array of industries.
It provides Enterprise Blockchain in the blockchain-as-a-service category. This takes the benefit of blockchain’s anti-tampering features and applies it in the payments section of your business. Paystand uses a hybrid blockchain to make the records easily verifiable while maintaining the privacy of either party. At the same instant, the payment process is fast in comparison to a public blockchain.
iCommunity
iCommunity presents a platform for no-code blockchain application development. It gives the option to develop on multiple blockchains while assuring to keep every record traceable. They also add certification to each data entry in addition to traceability.
They promise to eliminate the hassles of testing on the blockchain platform. Their APIs can be integrated with some of the most well-known software utilities (Shopify, WooCommerce, etc.) and content management systems (WordPress, etc.).
IBM
IBM, with its blockchain-affiliated solutions, has something for everyone. It has blockchain solutions for all the major industries such as automotive, healthcare, entertainment, travel, telecommunications, etc.
Their websites also have a help section where you can enquire about the ROI of your blockchain investment.
AWS
It facilitates easy joining to public networks or managing own private scalable blockchain networks. Their solutions work for two leading enterprise blockchains: Hyperledger Fabric and Ethereum. AWS assures reliable blockchain networks for your business to build and transact in large numbers without any bottlenecks. Their platform enables you to choose a plan according to the number of nodes created and storage required on the blockchain networks. For detailed pricing, head on to their pricing segment and then select the preferred blockchain.
Final Words 👨🏫
Blockchain is reliable, but at the same time, it’s new. There are only a few big players in the BAAS domain yet. It becomes imperative to calculate ROI before going for any blockchain-related solution. Conclusively, go through the detailed client history, past projects, etc., before signing up with any blockchain-as-a-service company.
