- CA Ashutosh Kar, CPA,PhD
- | Finance - Articles
- 16 Sep 2020
- 825 Views
- 0 comment
Blockchain is an evolving technology and it has emerged exponentially because companies are now understanding the benefits of the blockchain. However, many companies are not able to implement blockchain for array of reasons. Block Chain-as-a-Service (BaaS) providers have made it easier for the companies to implement blockchain whose core proficiency is in fields other than IT.
Block Chain-as-a-Service (BaaS) is a cloud based managed platform allowing customers to use cloud-based solutions to build blockchain applications and digital services on a distributed network while the vendor supplies infrastructure and blockchain building tools.
BAAS help businesses develop and host blockchain apps and smart contracts in a blockchain ecosystem that is managed and administered by cloud-based service providers.
The BAAS operator typically offers support activities like bandwidth management, suitable allocation of resources, hosting requirements, and data security features. As a result, enterprises can focus on their core business without worrying about the day-to-day complexities of operating a blockchain. Some of the popular BaaS providers in the market are Microsoft, Amazon, R3-Corda, IBM, SAP Cloud Platform Blockchain.
Points need to be factored while choosing right BaaS Platform
- Service Company should provide Smart Contracts Integration with the deployment
- BaaS platform should provide IAM (Identity Access Management) framework integration to ensure authentications are in place for giving users access to the information.
- BaaS platform should provide disparate range of runtime & framework
- BaaS platform with Identity-Centric consensus to be preferred to enable users to operate with authorized identities
BaaS may become the spur that leads to widespread adoption of blockchain technology and to a deeper comprehension across various sectors and businesses
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