Blockchain-as-a-Service Market — An Insight On the Important Factors and Trends

Posted by RASHMI on May 22nd, 2019

Blockchain as a service (BaaS) allows enterprises to use cloud services for building, hosting, and deploying their own blockchain apps, agreements, and utilities. The cloud service provider supports all operations to keep the infrastructure responsive and functional. Cloud-based blockchain services increase adoption of the blockchain technology across businesses.

The concept of blockchain as a service (BaaS) is similar to software-as-a-service (SaaS). Small and medium businesses are keen for adopting the blockchain technology. However, its complexities and operation-level issues such as configuration and infrastructure aligning are difficult to manage, which is discouraging overall adoption of the blockchain technology. 

Major factors increasing the adoption of blockchain-as-a-service (BaaS) market is that it allows organizations to focus on their core jobs instead of wasting time in setting up of infrastructure facilities. Vendors in regions such as North America and Asia Pacific have started providing BaaS. For instance, in North America, organizations such as Oracle, Microsoft, Amazon, and IBM have launched BaaS offerings.

Microsoft Azure has introduced platforms where users can develop, test, and deploy secure blockchain apps. Microsoft charges its users only when the service is used. Microsoft’s blockchain platform is also known for its instant applications development tool. In China; Alibaba, Baidu, and Huawei are major players providing the service. Huawei has built its blockchain-as-a-service (BaaS) solutions on the top of open-source Hypeledger Fabric 1.0 software, this solutions of Huawei helps its customers to develop and manage smart contracts on the blockchain technology.

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Key players operating in the global Blockchain-as-a-Service (BaaS) market are IBM corporation, SAP, Deloitte, Accenture, Cognizant, Infosys, Pwc, NTT Data, Capgemini, Wipro, Mphsis, Microsoft, Amazon, Alibaba, Oracle, Baidu, OpenXcell, lntinfotech, KPMG, and Huawei. IBM is among the top players offering blockchain platforms that allow businesses to develop, design, operate, and monitor the blockchain network quickly and cost-effectively on cloud-based platforms.