The real-world applications of Blockchain are expanding by the minute. It has extensive real-world applications and benefits but the digital businesses are still struggling to leverage the true potential of Blockchain solutions. Now there are two possible questions that stand in front of business owners. 

• Is Blockchain-as-a-service a workable solution? 
• Is Blockchain-as-a-service for business the answer of how to make Blockchain technology accessible to an audience?

In this article, we are going to look into the BaaS solution for business works, the benefits of blockchain as a service, and how to choose the best BaaS providers operative in the market today.

What is Blockchain-as-a-service?

For offering the benefits of Blockchain based services to a wider audience, the technology has started being offered in the cloud as a service business model. On the operational front, it is more or less similar to the SaaS, PaaS, and IaaS models which enables using cloud-based apps and storage.

It allows businesses of all types and sizes to access Blockchain based technologies without investing in the in-house development. The BaaS model enables companies to access the Blockchain provider’s service wherein blockchain development services at minimal cost. This benefit is what has made it a key part of the Blockchain technology trends.

The only limitation of the BaaS solution for business is that it asks for a certain level of centralization since the transactions have to be funneled through the host’s Blockchain services. And because the answer to how Blockchain is used in business lies at the center of decentralization, companies tend to be wary of its adoption.

Key takeaways:

• Blockchain-as-a-Service is third party cloud infrastructure and management that businesses use for developing and managing Blockchain applications.
• It operates as a web host which runs an app’s backend.
• BaaS acts as a catalyst which leads to widespread adoption of Blockchain technology.

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

Blockchain-as-a-service business model describes the process through which third parties install, host, and maintain a Blockchain network on the behalf of organizations. The service provider offers the setting up of Blockchain infrastructure and technology in return for fees.

In many ways, the role of Blockchain-as-a-service for business is similar to that of a web hosting provider. It enables customers to make use of the cloud based solutions for developing and hosting Blockchain applications and smart contracts in the ecosystem managed by the provider.

Here is a visual showcasing the working of Hyperledger Cello Blockchain-as-a-Service, which is a BaaS-like Blockchain module utility system and toolkit under the Hyperledger project.

The BaaS integration in traditional business provides support around allocation of resources, bandwidth management, data security features, and hosting requirements. The biggest impact of BaaS on business is that the enterprises can concentrate on their main business without thinking of the complexities around Blockchain operation.