Blockchain as a service (BaaS) is an interesting development in the blockchain technological space. Increasingly, we are witnessing the traditional adoption of blockchain technology from start-ups to large corporations and technology giants.
The mass adoption of the blockchain is driving the growth of blockchain as a service
We quickly take a look at the context of what is happening with blockchain. The benefits of using blockchain are broad and are driving mass adoption in most sectors, including financial services, retail and travel.
Many of the companies that adopt the blockchain are family names. When we looked at the top 10 retailers using blockchain, the list included Amazon, Walmart and Starbucks.
Large multinationals like these can afford to invest in the development of their blockchain solutions, employ the best and most experienced staff and train the existing workforce in this emerging technology.
But for many companies these options are not necessarily available or the most convenient.
The growth of blockchain courses
More and more people are being involved in the sector, which has driven the rapid growth of education and training opportunities.
42% of the best universities in the world now offer courses related to blockchain technology (or cryptocurrencies).
The growth of blockchain skills and jobs
The growth of blockchain courses is also causing a rapid evolution of skills. In the United States, Upwork.com reports that blockchain is the fastest-growing researcher researchers are looking for.
"Blockchain is at the top of the list as the fastest growing ability in the second quarter of 2018 out of over 5,000 on Upwork.com for the second consecutive quarter," says the California recruitment company on its website. "The growth on an annual basis exceeded 2000% in the last four quarters and recorded a year-over-year growth of over 3,500% in the second quarter".
The growth of blockchain as a service
So we can see technology is growing, many companies are building their own solutions, universities are launching more training courses and the labor market is growing rapidly. For some companies, however, the overhead costs generated by the development of a blockchain solution and its effective retention are too high to be supported by their activities.
Increasingly, companies are trying to outsource their blockchain requirements to a third party that will configure, maintain and execute the system. For this, the supplier is paid a fee. The advantage for the customer's business is that they can focus on their business without having to manage the back-end infrastructure.
An example of a provider is Hyperledger. Their product "Hyperledger Cello" is a blockchain module toolkit and one of the Hyperledger projects hosted by The Linux Foundation Hyperledger Cello aims to bring the "as-a-service" on-demand distribution model to the blockchain ecosystem to reduce the effort required to create, manage and terminate blockchain. "
Blockchain as a service is a proven business model
This is not a new business model: as a service software (SaaS) has existed for years and works on the same basis as BaaS. Rather than buying software and the necessary hardware to run it, companies can subscribe to a SaaS product. This offers flexibility and the possibility of varying the subscription level if the market conditions change for the company, avoiding the need to make a huge and expensive investment. BaaS is the same.
We have a wide range of blockchain guides on our site along with the latest cryptocurrency news.