Blockchain-as-a-Service market (BaaS) – Analysis of the global sector, dimensions, share, growth, trends and forecasts 2018 – 2026
This press release was originally distributed by SBWire
Albany, NY – (SBWIRE) – 01/02/2019 – Blockchain as a service (BaaS) allows companies to use cloud services for the creation, hosting and implementation of their own apps, agreements and blockchain utility. The cloud service provider supports all operations to maintain the reactive and functional infrastructure. Cloud-based blockchain services increase the adoption of blockchain technology across companies. The concept of blockchain as a service (BaaS) is similar to software-as-a-service (SaaS). Small and medium-sized businesses are eager to adopt blockchain technology. However, it is difficult to manage complexity and problems at the level of operations such as configuration and alignment of the infrastructure, which discourages the general adoption of blockchain technology.
To overcome these problems, leading technology organizations and small start-ups have introduced a solution called Blockchain-as-a-Service (BaaS) model & # 39; for all users of blockchain technology. The BaaS model sets all the external services necessary for setting up the technology and blockchain infrastructure for the customers. BaaS supports the management of complex blockchain technology operations for customers and their businesses. In addition, BaaS maintains the infrastructure ready and operational. It also supports activities such as bandwidth control, appropriate allocation of resources, hosting and security from hacking attempts.
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The main factors that increase the adoption of the blockchain-as-a-service (BaaS) market is that it allows organizations to focus on their core jobs instead of wasting time on infrastructure. Suppliers in regions such as North America and Asia Pacific have started providing BaaS. For example, in North America, organizations such as Oracle, Microsoft, Amazon and IBM have launched BaaS offers. Microsoft Azure has introduced platforms where users can develop, test and distribute secure blockchain apps. Microsoft charges its users only when the service is used. Microsoft's blockchain platform is also known for its instant application development tool. In China; Alibaba, Baidu and Huawei are the main actors providing the service. Huawei has developed its blockchain-as-a-service (BaaS) solutions on top of the open source Hypeledger Fabric 1.0 software, this Huawei solution helps its customers develop and manage smart blockchain technology contracts.
Big banks and insurance companies are becoming interested in technology. These are key industries that use blockchain technology. Bitcoin, a cryptocurrency, is built on blockchain technology. Technology has been adopted by many other sectors, from banking to social media. Blockchain uses distributed ledger technology (DLP) to reduce the risk of fraud and increase the transparency of all banking transactions. Therefore, the banking sector is witness to a better adoption of blockchain technology.
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The Blockchain-as-a-Service (BaaS) market can be segmented based on components, sector, company size, application and geography. Based on the component, the blockchain-as-a-service market (BaaS) can be classified into tools and services. In terms of application, the market can be broken down into supply chain management, payments, identity management, smart contracts and governance, risk and compliance management (GRC). Depending on the size of the company, the blockchain-as-a-service market (BaaS) can be segmented into large companies and small and medium-sized enterprises. In terms of industry, the blockchain-as-a-service market (BaaS) can be broken down into banking, financial and insurance services (BFSI), healthcare and life sciences, telecommunications and IT, transportation and logistics, retailing and e-commerce, government, public sector, production, energy and public services, media and entertainment. In geographic terms, the global Blockchain-as-a-Service market can be segmented in North America, Europe, Asia Pacific, South America and the Middle East and Africa.
For more information on this press release, visit: http://www.sbwire.com/press-releases/blockchain-as-a-service-baas-market-the-banking-industry-witnesses-better-adoption-of- the -blockchain-technology-1113109.htm
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