Blockchain-as-a-service (Baas), a Platform to Facilitate Business Development

Technology in every stream is growing excessively. Be it in the information technology arena, government sectors, astronautical, research, and education department, the technological revolution touching the highest peak in every business sector.

Whether talking about 4G or 5G, infrastructure-as-a-service, or software-as-a-service, the market rate of technology growth has pushed businesses and enterprises to cope-up with top technology vendors to meet customer demands.

Isn’t it pressure over business leads to match their frequency to make stand in the business sector? Top cloud vendors, enterprises, and start-ups have already started adopting the Blockchain-as-a-service to help fast-track their business journey.

What is Blockchain-as-a-service?

Blockchain-as-a-service is a type of blockchain service offering that helps entrepreneurs to use cloud-based services to increase, develop, and adopt, their blockchain applications.

In other terms, if a user wants to store a huge record take note that previously-stored records shouldn’t get affected. So, what he must do to maintain the storage level of that record? He can use Blockchain-as-a-service.

By using the blockchain as a service when any new information is added a new block of storage is attached. Each block is logically connected.  If previous data is meant to store or change, you can change it. All the information, may be any of the medical records to virtual data storing or retrieving that is added in each block are secure because a blockchain is a digital recreation system that is spread over a variety of networks.

The below diagram will give a clear representation of the above-stated statement.

Fig: Multiple blocks containing multiple data

BaaS helps users to create and deploy a production-level blockchain environment.  Blockchain-as-a-service develops an end-to-end network connection where each sharer in the network has equal authority for accessing the other record. This helps in the maintenance of data, security, computing, and so forth.

Working of BaaS

In today’s generation of technology, vendors and entrepreneurs are opting for blockchain technology. But at the same time, maintenance, configuration, monitoring, and operating a blockchain and its infrastructure is a tedious job.

In such a case, BaaS (Blockchain-as-a-service) provides outsourcing for managing, monitoring, maintaining, and operating the overall infrastructure. It is slightly like a web hosting provider. BaaS is also considered as a third party that handles the overall maintenance of infrastructure with installation, setup, monitoring, operating facilities.

Instead of running and creating their blockchain, small and large industrial firms outsource the technology and the technical team of blockchains handles the complexity and gist functionality of services.

Fig: Working of Blockchain

In the above diagram, the workflow of blockchain is mentioned. It shows that the user requested for the data transaction. It may be either for fetching or storing the data. While storing the data block is being created that represents a data or information transaction. This data block is sent to every node in the network for data validation. Each of these nodes validates the data transaction. Nodes keep all records of incoming and outgoing data blocks. These data blocks are sent to every node. And at particular node, all data blocks get stored in a proper logical manner. The nodes receive a reward for the work done of each data transaction. Then it completes the transaction.

Architecture of Blockchain

Below depicted is the architecture of the blockchain. Let us take a quick overview of its architectural details. The blockchain consists of nodes and each of the nodes has a local ledger. These nodes are nothing but consists of various organizations. Each of these nodes directly communicates with the ledger and they do not require a third party for interaction.

Here users send the transactions request to the blockchain, these users can be a regular user, an auditor, an administrator, etc. Once the transaction of one and ledger completes it pass it on to another node and ledger.

Fig: Architecture of Blockchain

Blockchain allows users to establish cross networks, business, and network transactions to implement the blockchain.

Benefits of Blockchain-as-a-service

1. Openness and distributive
2. Security
3. Availability
4. Ease-of-use
5. High execution
6. High dependability
7. Cross-network deployment

Conclusion!

As businesses are running and trying to keep their foot on the top technologies, Blockchain-as-a-service has been giving them a realm to enhance their productivity, increase network connectivity, storage capabilities, allow multiple data gathering at single resources and much more.