The Potential of Blockchain as a Service (BaaS) in India

In the midst of the economic meltdown, the crypto space has also been beaten to market conditions like most sectors of the economy. Although the crypto space has hit a downturn, the underlying technology, i.e. Blockchain, still shows some promising developments. The credit for these aggressive buildings in this bear market goes to the merits of blockchain technology.

With extensions like Blockchain-as-a-Service, developers in the space allow businesses of all sizes and types to access blockchain-based platforms without setting up an in-house development team, saving costs and resources. In this way, the companies gain access to the service of the blockchain provider and utilize the power of the blockchain at a minimal cost.

The potential of Blockchain as a Service (BaaS) in India is quite high. With the help of BaaS, various organizations can develop and use blockchain applications without having to invest in the underlying infrastructure. This will enable organizations to focus on their core businesses and use blockchain technology to drive innovation and growth.

What is Web3 as a Service/BaaS?

For those new to the “BaaS” concept, Blockchain as a Service is a term used to describe a service that allows users to access and use web3-enabled applications without having to run their own local copy of a blockchain urge. These services typically provide a web-based interface that enables users to interact with dApps and use their features.

Industries that can leverage BaaS:

Some of the industries that blockchain could potentially transform include:

→ Banking and financial services

→ Supply chain management

→ Health services

→ Voting

→ Property

→ Copyright and royalty protection

→ Personal identity protection

→ Vehicle registration and ownership

→ Money transfer

→ Internet of Things (IoT)

→ The government

→ Media

How does BaaS help businesses?

There are several ways blockchain helps businesses. One way is to provide a secure and efficient way to track and manage transactions. This is particularly useful for companies that handle large amounts of data or transactions. It also allows companies to automate processes and transactions, which saves time and money.

Some of the key benefits of choosing BaaS are –

• Structured experimentation
• Strategic evaluation
• Feasibility
• Reduce costs, increase efficiency
• High ROI
• Transformative business model
• No engineering maturity is required.
• Smooth Web2 to Web3 transformation
  

Why does an individual developer or SME/MSME need BaaS?

There are many advantages to using BaaS. Most notable is the fact that it can help reduce the costs associated with developing and maintaining a blockchain infrastructure. The pay-as-you-go basis further simplifies the process for the developer. The developer only pays for the credit he has used and nothing more. No obligation whatsoever.

Example:
For any operation on Ethereum, you need an Ethereum node. Setting up one node can cost $1,200, and as more and more blocks are added to the blockchain, the node’s hard drive must be upgraded. The incremental expense month later turns out to be expensive.

As a developer, you need more nodes to offer a better selection to your customers. The more blockchain nodes you set up, the more you pay for their master nodes.

The BaaS model eliminates the hassle of setting up nodes by allowing developers/enterprises to access all the nodes on the provider’s environment for a small subscription fee. Instead of paying close to $1000 per blockchain, developers can pay a nominal fee of $49 and gain access to 7-8 blockchains in total. This is a win-win for both the supplier and the developer as it makes the transaction economical for everyone.

Obstacles before Web3 developers:

Construction in the blockchain space is increasing, but the space has yet to unleash its true potential, and there are reasons to believe so. So let’s start by addressing the elephant in the room –

Lack of access:

Small web3 developers and clients often need help developing or using web3 applications. This is because there must be more user-friendly tools and documentation.

Unclear understanding of the technology:
Many web3 developers and clients need to understand the intricacies of the technology, which makes developing or using web3 applications challenging.

Insufficient capital security:
Setting up a blockchain node can be an expensive business. Right from the initial setup cost to incremental storage upgrades and maintenance, the overall cost is a deterrent to web3 transformation.

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