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Blockchain-as-a-Service (BaaS): Plug and play of blockchain solutions

- By Durga Prasad Balmuri and Kuljit Singh

In the recent past, Platform-as-a-service (PaaS) providers have expanded their blockchain capabilities to offer them as part of their cloud offerings. This as-a-Service offering is now known as Blockchain-as-a- Service (BaaS). If blockchain is in vogue, BaaS is the hottest trend in the blockchain ecosystem.

Large companies such as Microsoft, IBM, Deloitte, Amazon, and such are moving towards extreme agility in the blockchain space by building their own capabilities as well as collaborating with startups and system integrators to make their respective platforms' infrastructure compatible with the use of blockchain. These capabilities are needed at the backend for the smooth functioning of blockchain. Since the entire blockchain ecosystem is a convoluted labyrinth, plagued by infrastructure and developmental challenges in integrating functions and components, building blockchain solutions is not a very easy endeavor to follow. With BaaS, the journey may be smoother, practical, and also more profitable.

Banks have not only been interested in blockchain solutions, but have been exploring ways to incorporate them in the best ways possible. They can partner with a PaaS provider by simply subscribing to one or more of their BaaS packages in a matter of few minutes and start testing the value from each offering. The main benefits which banks would wish to avail with the use of BaaS are agility, reduced risks, better operational efficiency, and higher speeds in areas such as payments, loyalty, loans, asset management, and more.

Recently, Microsoft and Bank of America (BofA) have announced a collaboration to transform trade finance transactions with the use of Microsoft's Azure BaaS. Through this, trade finance processes can be digitized and automated, and also have shortened settlement times. This will result in more predictable working capital requirements, reduced counterparty risk, better transparency, and much more.

The path to success is never easy, and the situation here is no exception due to problems of fragmentation and interoperability between various BaaS solutions. With these challenges come the opportunities to overcome them and make the system more robust. It is said that the only impossible journey is one that you never begin. In this case, the journey has started. 

Comments

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