How Blockchain-as-a-Service will benefit your business
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Well, it’s 2022 and a lot has changed. Public clouds such as AWS, Azure and more offer BaaS (blockchain-as-a-service). Even enterprise software giants such as Oracle, IBM and Microsoft have jumped on the bandwagon.
Why? Because they have all realized that blockchain is much more than just Bitcoin (BTC). In fact, it has become the new standard for how businesses manage trust, transparency and security.
The global BaaS market size was valued at USD 1.9 billion in 2019 and is forecast to reach USD 24.9 billion by 2027. This growth is attributed to the benefits that BaaS provides, such as cost efficiency, time savings, and improved security.
So what is BaaS? It is a cloud-based service that allows companies to build, host and use their own blockchain applications without having to worry about the infrastructure. This means that businesses can focus on their core competencies and leave the heavy lifting to the BaaS providers.
Also, to help you succeed in your business, a blockchain app development company can act as your go-to solution. There are many benefits to using BaaS, so let’s dive right in.
Advantages of BaaS for companies
With businesses increasingly looking for ways to cut costs and save time, BaaS has become an attractive option. Here are some of the benefits that businesses can enjoy using BaaS.
Improved automation
Since businesses are in a state of constant change, they need to be able to rapidly deploy new applications and services. BaaS provides the perfect solution as it allows businesses to automate the process of provisioning and deploying blockchain applications. This saves a lot of time and money as companies don’t have to worry about the underlying infrastructure.
Moreover, complex programs such as legal agreements, such as smart contracts, can also be easily used with BaaS. And also, BaaS can help speed up transactions as they are verified and recorded in real-time on the blockchain.
Improved security
As we move forward, data breaches are becoming more and more common. In fact, it is estimated that by 2025, global cybercrime damage will reach $10.5 trillion. This will actually become a big problem as the world becomes more digital.
One of the benefits of BaaS is that it can help businesses secure their data. So by using BaaS, businesses can secure online transactions and databases.
BaaS enables secure storage and distribution of sensitive data as information on a blockchain cannot be tampered with or hacked without changing every other block in the chain.
As more industries use this technology in their day-to-day operations, using BaaS can be a valuable asset in improving corporate security.
Cost effective
Operating expenses can quickly add up for businesses especially when it comes to the maintenance of own infrastructure. BaaS can help reduce these costs as providers offer pay-as-you-go models.
This means businesses only need to pay for the resources they use, which can save a lot of money in the long run. In addition, BaaS can also help companies save on hardware and software costs as they do not need to invest in their own infrastructure.
Increased scalability
Companies looking to increase scalability may want to consider using BaaS. BaaS offers a cost-effective way for businesses to integrate blockchain technology without the need for internal resources or expertise.
It also allows for flexibility and customization, as the service can be scaled up or down according to business needs. In addition, BaaS can provide improved security through decentralized distributed ledgers. By using BaaS, companies can streamline processes and improve efficiency, ultimately leading to increased scalability.
Time saving
Now that it is possible to automate processes with BaaS, companies can save a lot of time. When it comes to financial transactions, for example, all necessary information can be recorded in real time on the blockchain.
This eliminates the need for manual processing, which can save a lot of time and money. In addition, BaaS can also be used to develop smart contracts. This means that businesses can automate processes such as contract negotiations, agreements and more, which can save a lot of time and hassle.
Improved transparency
Another benefit of BaaS includes improved transparency. As more businesses try to become more transparent, BaaS can help them achieve this goal. By harnessing the power of blockchain technology, companies can provide a transparent view of data and operations.
This can help build trust with customers and partners, as they will be able to see exactly what is happening. For example, if a business uses BaaS to develop a smart contract, all relevant parties will be able to see the terms of the agreement. This can help prevent disputes and build trust.
Improved data processing
Data processing is another area where BaaS can be beneficial. By “data processing” we mean that the data is properly stored, kept organized and is easily accessible.
So with BaaS, businesses can manage their data more securely and efficiently as there is no need to rely on centralized servers.
Final thoughts
As we move forward, more and more advancements are being made in blockchain technology. BaaS is one such innovation that has the potential to revolutionize the way businesses operate.
From cost savings to increased efficiency, there are many reasons why companies should consider using BaaS. So if you’re looking for different ways to streamline your business and improve your bottom line, BaaS could be the right solution.
Sudeep Srivastava is the CEO of blockchain app development company Appinventiv.
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