The blockchain technology continues to disrupt several industries across the globe. The growing interest in blockchain use cases has occasioned developers to simplify the technology. This is for companies looking to utilize the technology to streamline their operations. Microsoft introduced the concept of Blockchain-as-a-Service (BaaS) in 2015. This opened avenues for enterprises who seek to familiarize themselves with the technology before investing.
Essentially, Blockchain-as-a-Service allows companies to use the blockchain technology without worrying about the intricacies of implementation. You can outsource the development, operation, and maintenance of the blockchain platform for your business. This way, you can enjoy the benefits without losing focus on your core business. It’s more like getting water out of your kitchen tap and paying a fee to the utility company. You can simply turn on the tap and fill up your cup. You don’t have to worry about the technicalities of where the water came from, how it was treated, or even how the pipes look like.
Why are companies switching to BaaS?
Many companies are trialing the blockchain technology and its potential uses. As with many other technologies, experienced executives understand that it’s more efficient to rent than to build. If you’re looking to benefit from this innovative technology without spending a fortune, read on.
Blockchain technology allows for smart contracts to be executed with all parties seeing the chain. With BaaS platforms, you don’t need multiple systems to monitor the progress of any contract. Such transparency helps companies to choose the best suppliers and allow for timely and efficient payment of contractors.
Microsoft Blockchain on Azure is among the first BaaS platforms to launch into the market. It allows businesses to deploy and configure blockchain networks without deep technical knowledge. The platform is extremely user-friendly and allows for single-click deployment.
Companies make payments to multiple suppliers using different payment systems and covering wide geographical locations. Blockchain is the best way to bring those expenditures together. This will help you monitor how much you spend and rationalize or optimize your spending.
IBM blockchain platform helps businesses to develop, manage, and run multi-institution networks with ease. It provides an enterprise plan that allows for a transaction ordering service, network peer, and certificate authority. This makes it a unique BaaS platform. With the new proposed pluggable architecture, consensus algorithm, and foolproof identity management system, the platform is poised to become the most secure and highly-customizable blockchain-as-a-service solution.
Many transport companies maintain their own fleets, which can be costly in some instances. For example, if you have a cargo that doesn’t maximize its fleet capacity, a fleet sharing arrangement could be a good idea. Blockchain technology offers a trusted and reliable platform to measure and transact fleet costs. This is always based on the actual usage of fleet resources. You can make up 30 percent savings on fleet costs.
Oracle has opened an avenue in this area by coming up with a blockchain cloud service to give companies the power to save costs. They can do this by building resource sharing systems on their easy-to-use platform. You can securely transact on your business network with rapid onboarding and swift scalability across the globe. The system comes with sample codes, integrated applications, design patterns, and development templates. This makes your blockchain integration across business networks easier and faster.
Implementing an incentive contract with suppliers is one of the areas where blockchain technology has established itself. If your suppliers exceed a certain threshold, they receive some bonus. But, if they fall short, they part with a penalty fee. Blockchain platforms can help your company to digitally measure and encode every term of the contract; which helps in eradicating any loopholes for disputes.
Document origin tracking
Keeping clear records of all the documentation, manufacturing, and service records of every piece of equipment in your company can be a tedious task. BaaS platforms allow you to seamlessly keep that information on a block and access it whenever you need. Everything that happens to that equipment is updated on the network for future reference.
The process of handling the paperwork when ships navigate international waters into national waters is never easy. Blockchain-as-a-Service provides a platform that collects all that data together. This, in turn, allows government agencies to easily track the location of ships and boats in real time. This use case was initially meant for governmental reporting systems. However, private travel or cargo companies can reap massively from the same.
The bottom line
BaaS platforms will continue to penetrate industry segments like financial services, supply chain, and healthcare among others. Due to the impressive benefits of these platforms, they will catalyze the adoption of blockchain technology at the enterprise level.