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Well, it’s 2022, and a lot has changed. Public clouds like AWS, Azure and more offer BaaS (blockchain-as-a-service). Even enterprise software giants like Oracle, IBM and Microsoft have jumped on the bandwagon.
Why? Because they’ve all realized that blockchain is much more than just Bitcoin (BTC). In fact, it’s become the new standard for how businesses deal with trust, transparency and security.
The global BaaS market size was valued at $1.9 billion in 2019 and is forecasted to reach $24.9 billion by 2027. This growth is attributed to the benefits BaaS provides, such as cost-effectiveness, time-saving and improved security.
So, what is BaaS? It’s a cloud-based service that allows businesses 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.
Moreover, to help you succeed in your business, a blockchain app development company can serve as your go-to-solution. There are many benefits to using BaaS, so without further ado, let’s dive in.
Benefits of BaaS for enterprises
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 by using BaaS.
As 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 enterprises don’t have to worry about the underlying infrastructure.
Moreover, complex programs like legal agreements, like smart contracts, can also be used easily with BaaS. And also, BaaS can help speed up transactions as they’re verified and recorded in real-time on the blockchain.
As we move forward, data breaches are becoming more and more common. In fact, it’s estimated that by 2025, the global cybercrime damage will hit $10.5 trillion. This indeed will become a huge problem as the world becomes more digital.
One of the benefits of BaaS is that it can help businesses secure their data. So, by employing BaaS, companies can secure their online transactions and databases.
BaaS allows for 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 utilize this technology in their daily operations, employing BaaS can be a valuable asset for enhancing enterprise security.
Operational expenses can quickly add up for businesses – especially when it comes to maintaining their own infrastructure. BaaS can help reduce these costs as providers offer pay-as-you-use models.
This means that 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 businesses save on hardware and software costs as they don’t need to invest in their own infrastructure.
Companies looking to increase scalability may want to consider employing BaaS. BaaS offers a cost-effective way for enterprises to integrate blockchain technology – without the need for in-house resources or expertise.
It also allows for flexibility and customization, as the service can be scaled up or down as per the business needs. Additionally, BaaS can provide improved security through decentralized distributed ledgers. By utilizing BaaS, enterprises can streamline processes and improve efficiency, ultimately leading to increased scalability.
Now that it’s possible to automate processes with BaaS, businesses can save a lot of time. For example, when it comes to financial transactions, all the 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.
Another benefit BaaS includes improved transparency. As more enterprises are trying to become more transparent, BaaS can help them achieve this goal. By utilizing the power of blockchain technology, enterprises can provide a transparent view of their data and operations.
This can help build trust with customers and partners, as they’ll be able to see exactly what’s going on. For example, if a business is using BaaS to develop a smart contract, all the relevant parties will be able to see the terms of the agreement. This can help prevent disputes and build trust.
Enhanced data management
Data management is another area where BaaS can be beneficial. By ‘data management,’ it means 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’s no need to rely on centralized servers.
As we take a step ahead, more and more advancements are being made in the field of 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 businesses should consider employing BaaS. So, if you’re looking for various ways to streamline your business operations and improve your bottom line, BaaS may be the right solution.
Sudeep Srivastava is the CEO of blockchain app development company Appinventiv.