Blockchain as a Service (BaaS) is the product of the fourth-gen of Blockchain. It is new in the town but has already set up a strong market presence for itself, especially in the IT and Tech industries. BaaS market total was reported to be USD 1.9 Billion in 2019 and is predicted to reach USD 24.94 Billions by 2027. 

So, what is this BaaS all about? To put it simply it is just like a web host but for Blockchain and decentralized apps and platforms. It handles the backend operations and is a third-party tool for management, especially for cloud-based companies that are building and adopting new blockchain platforms. 

The widespread adoption of decentralized apps and platforms – among Tech, IT, and New age companies created demand for BaaS. Once companies started becoming more familiar with blockchain technology the demand for BaaS shot up and spread across various sectors like wildfire. 

We have already given a brief introduction to Blockchain as a Service (BaaS), but it won’t be fair if we don’t give you an in-depth definition, so let’s dive into the next section. 

A Deeper Insight

As discussed previously, Blockchain as a Service is a third-party tool that lets its customers develop, build and operate their own blockchain platforms, tools and applications. At the same time, the service provider keeps the infrastructure of these blockchain tools agile, functioning, and perfectly optimized. 

BaaS is somewhat similar to SaaS Model (Software as a Service) and helps businesses in the adoption process of the Blockchain Model. The increasing popularity of blockchain is making it a desirable solution for businesses, both big and small. 

Why Use BaaS ?

There is a list of hurdles that lie between companies and successful blockchain adaptation. Some of these are technical complexities of setting up the blockchain, the infrastructure management, creation of a proper system, and so on.

These barriers are eliminated by BaaS, as it manages the backend operations, the setting up and the smooth running of blockchain. Choosing the right partner for the creation, and deployment of BaaS is important, as distributed ledgers have a great deal of potential only when implemented correctly. 

How to Choose the Right BaaS Partner? 

Choosing the correct BaaS partner can save you tons of time, money, and effort. So, let’s look into the criteria for selecting the right BaaS Partner. 

Commitment to Quality 

Look for an organization whose main goal is to provide a seamless solution that is error-free and bug-free. Relying on an organization for blockchain development is a big step itself, so better choose an organization that values quality. 

Backend Services

Blockchain Platforms are designed and developed based on the needs and goals of the organization. Make sure that the organization you are partnering up with gives backend service according to your current requirements and goals. 

Security Assurance

Carefully inspect the security strategy that the organization is going to implement. Make sure that they provide full-proof security and error-free results because. Even a minor bug can cause a security breach in the distributed ledger. 

Costing Control 

BaaS is the most cost-effective solution when implemented correctly. Before moving ahead with an organization make sure that there are no hidden costs and their strategies are cost-effective. 

Adaptability 

The solution provided by the BaaS provider should be seamless and easy to adopt. User-friendliness plays an important part as at the end of the day the solution should fit perfectly with your team. 

Use Cases of BaaS

Document Tracking 

Blockchain as a Service gives the business a chance to track all its documentation from the ground level. It is a distributed ledger which makes it transparent, immutable alongwith sharing even the smallest data with all the members present on the blockchain. Hospitals and Financial Institutes can greatly benefit from this as it saves time, eliminates communication barriers and gives access to all members present on the platform. 

Data Storage 

Blockchain platform stores data which cannot be eliminated or changed till there is an agreement between everyone on the platform. This makes data swindling next to impossible. This can be a very beneficial service in large organizations such as Government bodies and NGOs. 

Contract Execution 

Smart contracts enable both the parties to set a predetermined set of rules and no knowledge is withheld from any of them. This makes the contracts solid and full proof. Pairing up with a good BaaS partner you can avoid any loopholes and execute your contracts with full trust and transparency. This is especially beneficial for real estate organizations and service based organizations. 

Summing Up 

Take a leap towards Blockchain technology without spending too much time and energy on setting up, training, development, and research. Let your Blockchain as a Service partner take care of your business goals and requirements by implementing and curating smooth strategies, while you reap the benefits. 

Be an industry leader and early adopter, to avail BaaS services contact us today. 

The post A Quick Guide to Blockchain as a Service – BaaS appeared first on ChainElevate.

Now that you have a little idea about Blockchain technology, we would like to tell you that blockchain has already evolved into the fourth generation. It has harnessed and unleashed its potential in the digital space quickly. 

Don’t worry if you have missed out on this evolution and growth because in this blog we will be rewinding to the first generation of blockchain and leading you straight back to the latest generation. So, let’s get aboard the Lampros ship of knowledge which will cruise around all the four generations. 

Blockchain 1.0 – The Journey Begins

It all started with Bitcoin, roughly a decade ago. It sneaked its way into the digital world in a very subtle manner. The idea behind Bitcoin was to empower people to conduct transactions. It eliminated the interference of any central authority such as banks and provided the users with a secure and immutable platform. 

Satoshi Nakamoto, the creator of the Bitcoin and Blockchain database, opened a doorway for other cryptocurrencies as well. 

There was an increase in the popularity of cryptos due to the rising demand in the market, but what created this demand? Well, simple yet astonishing features like immutability, accountability and transparency created a market for more ethical transactions without the need of any central authority. This was reason enough for the surge of demand, making it the most popular investment tool among the younger generation and new age companies.

Despite the rising popularity, the first generation of blockchain came with its own set of issues. One of the main issues was that the method deployed in the First Generation of Blockchain was Proof of Work. 

Proof of Work is an adequate method which follows a competitive validation method to confirm transactions. Despite advancements, it comes with its own set of issues, that is the process time of confirming a transaction is lengthy. The transactions become slower as more and more minters join the network. 

This issue created a need for a newer and faster way to operate, which led to Blockchain 2.0.

Fun Fact: The slowest cryptocurrency is Bitcoin

Blockchain 2.0 – New Features and Advancements 

It was time for blockchain to outgrow the era of powering cryptocurrencies that had slow process time at high rates. This need for advancement gave rise to Ethereum and Smart Contracts. 

Smart contracts gave the organizations an opportunity to automate their inter-organizational contracts, while Ethereum encouraged organizations and individuals to make their own programs on the blockchain platform.  

Let’s understand the functionality of smart contracts better as it powered DAOs, NFTs and DeFi .

The rules and conditions in Smart Contracts are pre-determined, making them self resilient and the functioning is of autonomous nature which executes the commands and conditions automatically when triggered.They shot up to popularity because of their cost-effective way to be an equal mediator between two parties. All the functionality of Smart Contracts are based on blockchain, making it transparent, immutable and secure. 

Despite these advancements the need for a better blockchain wasn’t completely warded off as the 2nd generation was still using the Proof of Work. 

Blockchain 3.0 – Advancements 

The third generation of blockchain is entirely focused on optimizing and utilizing the boundless potential of blockchain technology. Blockchain 3.0 is all about Decentralized Applications a.k.a DApps.

DApps utilize user friendly and user interactive front end, strong backend (Smart Contracts), and decentralized storage to optimize the potential of blockchain technology. 

They support various strong blockchain platforms like NFT Marketplaces, Crypto Lending Platforms, DeFi Platforms and many more. 

One of the newest and much needed features in this generation of blockchain was the introduction to the Proof of Stake method. 

You might be wondering how it is different from Proof of Work?In this method the miners are selected randomly to validate a transaction, this in turn saves more energy, increases security and is more scalable. 

Then why do we need Blockchain 4.0? Skip to the next section to know about what the future of blockchain holds. 

Blockchain 4.0 – The Future 

Blockchain has surpassed the stages of invention, experimentation and implementation. Currently we can see Blockchain expanding its reach and operations across various industries and it won’t be long until Blockchain 4.0 will become a mundane part of at least our work lives. Here are two segments in which the blockchain 4.0 can be categorized:

• Web 3.0
• Metaverse

As blockchain 4.0 is new not much can be said about it, but it is assured that it has the entire virtual field to explore and develop. There is a possibility that we might see a new mechanism, that is Proof of Integrity. To know completely what is Proof of Integrity, we might have to wait a while.

We know that the fourth generation of Blockchain will mainly focus on BaaS (Blockchain as a service) platform. It will optimize the functioning of blockchain platforms and provide time efficient and scalable solutions. 

Summary

Shifting your business model to a digital platform isn’t enough if you’re not utilizing the potential of blockchain. Don’t get left behind while your competitors move ahead.

 To start your blockchain journey you can contact us for consultation or go through the blockchain services and make a decision that fits your organizational needs. 

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