Blockchain as a service: how and where technology can be used
We have collected the best outsourcing solutions for those who want to use Blockchain technology
Blockchain as a service: how and where technology can be used.
Blockchain technology is actively developing, but most companies that want to use it face many obstacles: the technology is new, relatively unknown, and its implementation entails organizational risks. However, the main problem lies in the practical plane - there are not so many professional blockchain experts, but they are expensive.
However, the interest in blockchain implementation and the real complexities of this process have led some companies to offer Blockchain as a Service (Baas) to businesses that prefer to outsource the development of blockchain solutions.
BaaS (Blockchain as a Service) is a way to use blockchain technology without incurring huge costs
BaaS is identical to more established concepts such as IaaS (Infrastructure as a Service), PaaS (Platform as a Service), and one of the most common - SaaS (Software as a Service). All of them, in fact, provide a common advantage - cost reduction, since the business pays a fixed amount for connecting or using a ready-made and simple solution.
PaySpace Magazine has prepared a selection of the best outsourcing solutions for companies that want to use Blockchain technology.
Baidu
Chinese search giant Baidu launched its BaaS platform in January. It builds on Baidu's proprietary technology and offers user-friendly blockchain services. Baidu Trust allows you to conduct and track transactions, and the service can be customized for various work options, including: cryptocurrencies, digital billing, bank credit management, financial audit of insurance management, etc. The company says the technology is already being applied in securitization and asset swaps, and claims it is the first blockchain-based solution of its kind in China.
BitSE
BitSE, a Chinese company, has partnered with PricewaterhouseCoopers (PwC) to develop VeChain, a blockchain platform that is driving wider adoption of the technology in the Asia-Pacific markets. VeChain focuses on four areas: anti-counterfeiting, supply chain management, asset management and customer experience. The platform solves one of the serious problems of the Asian market - counterfeiting, allowing the merchant to place unique IDs on its products. For the first time, the platform was used by China's largest wine importer, DIG, to prevent the spread of counterfeit drinks.
Blocko
The South Korean company Blocko accounts for more than 90% of the local market for enterprise blockchain solutions. Its BaaS platform Coinstac is used by Samsung, LG CNS, Hyundai and many other major South Korean companies. Blocko also unveiled a biometric authorization and payment confirmation system for Lotte Card, a major South Korean credit card provider. With this solution, authentication times were reduced from 7-10 minutes to 2-3 minutes, which in turn reduced the annual cost of security solutions by 10% of their initial operating costs.
Blockstream
Blockstream corporation Blockstream offers Lightning Charge micropayment processing system based on Lightning Network. The system allows you to make payments in bitcoins. It makes it easy for developers to build Lightning-based payment apps. Blockstream claims its network is cheaper and faster to use than Bitcoin's blockchain network.
Deloitte
Consulting giant Deloitte has unveiled an enterprise solution called Rubix Core. The Rubix Core blockchain architecture is designed to create a private network optimized for the needs of a particular industry or organization. Rubix Core offers a complete enterprise-grade Ethereum-compatible infrastructure as well as a set of GUI tools that allow you to quickly build smart contract writing applications.
R3
There is no clearer proof of how strong the impact blockchain is than the number of companies that make up R3. It is a consortium working with the Corda distributed financial ledger. It was formed in 2015 by financial institutions such as Barclays, Credit Suisse, Goldman Sachs, JP Morgan and Royal Bank of Scotland. The consortium has already grown to over 70 members, including Bank of America and Wells Fargo.
Corda is a register specialized for the needs of financial institutions for processing financial transactions. Registries are interoperable, so software applications can exchange data for future use.
Hewlett Packard Enterprise
American IT company Hewlett Packard Enterprise also offers a SaaS solution based on Corda. Mission Critical DLT allows the company's clients to register transactions on a decentralized network of computers on high-performance corporate platforms. The solution provides scalability and guarantees zero disruptions. In the event of an infrastructure error, transactions are not lost - they are saved and processed as soon as the system is up and running again.
IBM
The IBM Blockchain Platform is a fully integrated blockchain platform designed to accelerate the development, management and operation of a multi-institutional business network. This flexible SaaS solution is offered through the IBM Cloud to provide performance and security for even the most challenging use cases.
Microsoft
Tech giant Microsoft was one of the first BaaS providers with the Azure Blockchain Service back in 2015. Last year, it launched Enterprise Smart Contracts, which provides users with schemas, logic, counterparties, external sources, and a ledger to create their own blockchain services.
In November 2015, Microsoft and ConsenSys announced a partnership to build the Ethereum blockchain as a service (EBaaS) on Microsoft Azure. This service is designed to help users create private, public and consortium blockchain environments on the global Azure platform.
A year later, Microsoft announced that it was working with Blockstack Labs, ConsenSys and many developers on an open source blockchain identity system that allows people, products, applications and services to interact between blockchains, cloud providers and organizations. Microsoft Blockchain on Azure is an application development platform with a set of solution templates that allow a customer to select and customize a blockchain network for their needs with minimal technical knowledge.
Blockchain Cloud Service by Oracle
In late 2017, Oracle launched the Blockchain Cloud Service, expanding its PaaS portfolio. This cloud-based blockchain platform allows you to form blockchain networks, join other organizations, create and execute smart contracts to update and query ledger data. Integration with existing or new cloud and on-premises applications ensures reliable data exchange and trusted transactions with suppliers, banks and other trading partners.