Blockchain-as-a-Service - Things to Consider While Choosing the Right Provider

Blockchain technology has a range of applications that offer higher output while being more reliable than traditional networks. Therefore, businesses are taking a deep dive into blockchain as a service to create exceptional solutions.

While some of you must know what NFTs are or why they are popular, other applications of blockchain technology are still come under unchartered territory.

What is Blockchain as a Service?

Blockchain as a Service (BaaS) consists of their-party making and management of cloud-based networks for businesses that create blockchain applications. Blockchain as a service is a relatively new concept in the field of Blockchain technology.

Today, Blockchain technology is known for much more than its use in cryptocurrency. Businesses are using technology to secure online transactions of all types. Hence, hosting services demands are increasing across the world.

What are the benefits of Blockchain as a Service?

Blockchain as a Service is a relatively cheaper option available for businesses of all sizes. It helps enterprises get blockchain provider’s services at the best price to build blockchain apps.

• Industries Exploring BaaS Today

BaaS has a lot of potential in today’s world. But some industries are more readily accepting new technology than others. And the four most prominent industries currently incorporating BaaS in their operations are Automotive, Healthcare, Transportation, and to no one’s surprise, Fintech.

What is the Importance of Blockchain as a Service?

Integrating BaaS into traditional business lends better support in allocating resources, bandwidth management, hosting requirements, and data security features. The outsourcing of BaaS services also allows the company to concentrate on its primary business without having to deal with the complexities that come with Blockchain operations.

How Does the Blockchain-as-a-Service Business Model Work?

With the BaaS business model, the organization is outsourcing the process of installing, hosting, and maintaining a Blockchain network. The BaaS providers set up the infrastructure and technology for a fee. Blockchain-as-a-Service, in theory, is similar to web hosting. It allows the clients to utilize cloud-based solutions to develop and host Blockchain applications and smart contracts within a managed ecosystem. Depending on your needs, the BaaS providers can set up your blockchain network on the platform of your choice. It can be on Ethereum, Bitcoin, Hyperledger Fabric, or others.

Things to Consider While Choosing the Right BaaS Platform

The market is filled with BaaS Providers. Here are a few points to consider while trying to find the right fit for your organization.

• Smart Contract Integration

Ensure that your provider offers the service of smart contract integration in your application. Smart Contracts add business logic to applications, but more importantly, they specify rules for specific triggers, help automate sophisticated business processes, and much more. For every Blockchain as a Service provider, it is essential to offer smart contract integration services.

• Implementing Identity Management

To ensure high levels of security inside the network, the BaaS providers must offer frameworks that manage permissions and access. The users should not have access to the network without prior permission. A proper access management system will authenticate and validate the users before granting them access to the network.

• Offer Diverse Frameworks

A good candidate for BaaS provider will have several platforms and framework solutions ready for you. It helps them offer a more flexible and versatile Blockchain application for their users.

• Backend Services

Offering complete support for backend services is an essential part of the BaaS providers portfolio. Each enterprise needs a variety of backend services. So, the services provider should offer high-end data security, manage system scalability in case of heavy traffic, cost optimization, 24/7 system availability, energy consumption optimization, and much more.

• High-Speed Provisions

As the hosting request can become abundant, with the demand coming from different browsers, hardware, servers, and databases, you need a competent BaaS provider. Each requirement is diverse and complex. The right choice of provider will manage all these requests with ease and exceptional performance.

The best choice will offer quick deployment, staging, testing, and production while ensuring no hassle and errors.

Moreover, it is also essential for the BaaS service provider to offer adequate backup and recovery solutions in the system failure scenario.

Final Thoughts

With ample Blockchain as a Service provider in the market today, you only need to determine your needs before finding the right fit. The various benefits and general importance of BaaS make it a sound investment for businesses that want to bring their businesses to new heights.

Also, the fact that companies are always looking for new ways to optimize costs while offering exceptional services to their clientele makes it an outstanding tool for the job.

For more information on BaaS, you can get in touch with MoogleLabs. We can help you find the best solutions possible in no time at all.