Although blockchain is one of the fastest-growing technologies with extensive real-world use, many industries are still struggling to leverage its power. However, Blockchain-as-a-Service could potentially be the solution to this.

Blockchain is no longer only limited to cryptocurrency but is finding its place in many different industries. 60% of CIOs across multiple sectors will soon be integrating blockchain technology into their infrastructure. Between 2019 and 2025, the global blockchain market is expected to grow at a CAGR rate of more than 69%. These numbers are evidence that blockchain is quickly becoming a mainstay alongside other AI-driven services.

What is Blockchain-as-a-Service?

Blockchain-as-a-Service allows organizations to use cloud-native solutions to host, develop, and adopt their own blockchain applications. The BaaS service provider is responsible for managing tasks and activities that keep the infrastructure up and running.

Why does your company need Blockchain-as-a-Service?

There is a growing demand for BaaS tools and services worldwide and the BaaS market is expected to reach $24.94 billion by 2027.

Here is how your company can benefit from Blockchain-as-a-Service:

Data storage

Secure data storage is essential for applications that are not centralized. Organizations that use such applications can benefit by storing data on blockchain technology. The risk of data loss is greatly reduced when data is stored on a decentralized blockchain.

Documentation tracking

Blockchain-as-a-Service also offers a documentation tracking system. When documents are stored on the blockchain, it ensures that all employees in the organization have access to the same information. Since the blockchain is immutable, employees cannot make alterations to any records, keeping them safe and secure.

Contract execution

Blockchain offers smart contract services, a platform for contract execution that delivers high levels of transparency. Since blockchain is decentralized, it ensures that all parties are equally informed.

Blockchain allows contracts to be processed more efficiently, which in turn, also allows payments to be done on time.

How to get started on Blockchain-as-a-Service?

If your organization is contemplating the adoption of Blockchain-as-a-Service, you need to avail the services of a BaaS service provider. The services offered are similar to that of a web hosting provider. The service provider installs, hosts, and manages a blockchain network on behalf of your organization. In return for subscription fees, the service provider sets up the blockchain infrastructure and technology. The service provider empowers customers to make use of cloud-native solutions for developing and hosting blockchain applications and smart contracts in the infrastructure maintained by the provider.

Organizations that want to be future-ready can benefit greatly by adopting Blockchain-as-a-Service as it can help them gain a competitive advantage in the market.