How Will Modern Businesses Benefit From Blockchain Technology?

Key Insights:

• Blockchain-as-a-Service enables businesses to launch and run their application and services on the blockchain.
• It offers immense benefits to business enterprises.
• The benefits include increased scalability, secured storage, and cost-effectiveness.

Blockchain-as-a-Service (BaaS) is considered a technological advancement that has characterized the 21st century. It is one of the futures of the internet that is widely discussed.

Little wonder enterprise giants like Oracle, IBM, and Microsoft have integrated BaaS into their service. Similarly, public cloud service providers such as AWS, Azure, and a few others now offer it.

You can then wonder what is exceptional about it and how these enterprises seek to benefit from it. 

Understanding Blockchain Technology

Blockchain technology goes beyond powering cryptocurrency. It is a powerful tool for multipurpose functions. 

Blockchain-as-a-Service is a cloud-based service that enables businesses to build, host, and use their blockchain applications. Businesses that host their applications on this platform do not have to worry about the infrastructure.

This technology takes off the heavy load from enterprises while they focus on their core competencies. It has become the standard for trust, transparency, and security businesses.

It is also a third-party service business that can use to create blockchain-based networks over cloud technology. This service’s foremost benefit is the minimal acquisition and maintenance cost. 

How Business Enterprises Can Benefit From Baas

Experts and industry players say there are numerous benefits to using BaaS. Its first benefit is its cost-effectiveness. Business enterprises that maintain their infrastructure have huge costs to bear. 

However, with Blockchain-as-a-Service,  businesses can reduce costs by running the infrastructure on a pay-as-you-use model. Similarly, businesses that use it can save on hardware and software costs. 

Secondly, businesses that use it have improved security architecture. As enterprises strive to prevent data breaches and unauthorized access, BaaS helps to secure their data.   

Furthermore, it enables secure storage and distribution of data. Data and Information stored on the platform are secured compared to conventional storage. 

It is important to know that Cybercrime magazine estimates that global cybercrime damage will hit $10.5 trillion by 2025. Therefore, it is expedient for enterprises to employ BaaS.   

Finally, BaaS is synonymous with increased scalability. Companies looking forward to increasing their scalability need to employ BaaS. 

Additionally, BaaS enables enterprises to streamline their processes and improve efficiency. The deployment allows flexibility and interoperability of all functions as fast as possible. 

Conclusion 

This technology offers more than cryptocurrency and decentralized apps. Enterprises will benefit greatly when they host their functions on the blockchain (as a cloud service). Some benefits for enterprises include improved transparency, enhanced data management, time-saving, etc.