Blockchain Semantics Insights
Business Case | Deep Tech | Announcements | Blockchain Glossary |
Blockchain as a ServiceBy Swati Keswani | April 6, 2018, 7:59 a.m. GMT
Heavily hyped, Blockchain technology gained its initial spotlight from Bitcoin cryptocurrency. It has the potential to offer a new prototype for the way information is shared. Tech organizations are losing no time to find out how they can use this cutting-edge technology to save time and costs. The challenge with Blockchain is that it is not easy to grasp and setup. This is one of the major reasons for traditional companies to be a bit hesitant in trying it out.
Then the concept of Blockchain as a service came into the picture. The BaaS offerings intend to help companies who don't want to build up a whole new setup to experiment with this new technology.
BaaS is an attractive option for many organizations as they can quickly leverage it to run the proof of concepts. It takes away the cumbersome process of setup and testing. Companies are spared from buying expensive hardware devices. BaaS takes away all the pain points and presents a platform for exploring the benefits of Blockchain.
The big cloud industry players like Microsoft(Azure), Amazon(AWS), IBM(BlueMix) have already seen the benefits of offering Blockchain services in the cloud and started providing some level of BaaS to their customers. In 2015, Microsoft Azure became one of the first cloud providers to offer BaaS. They offered Ethereum and Hyperledger Blockchain networks. Microsoft partnered with ConsenSys to offer Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure. IBM(BueMix) partnered with Hyperledger to offer BaaS to its customers. Amazon is also planning to offer the service in collaboration with the Digital Currency Group.
Recently, Hewlett-Packard Enterprise (HPE) joined a growing number of tech vendors who began offering BaaS. Most of its clients are financial services firms.
Similar to other BaaS offerings, HPE plans to offer a flexible charging model, with prices based on the server node, core or CPU.
HPE's new Blockchain SaaS offering is based on Corda. This platform is developed by New-York-based banking consortium R3. It’s the biggest commercial consortium among insurers, banks and others in a Blockchain environment.
Blockchain as a service offering will be very helpful for small organizations who wants to implement Blockchain in their business but at the same time does not want to spend much on developing a new Blockchain network and heavy hardwares.