Everything You Need To Know About Blockchain-As-A-Service Solutions (FAQs)
What Is Blockchain?
A blockchain is a database or ledger shared among a computer network, similar in principle to a spreadsheet. Each block, or cell, in the database contains information and a header which is encrypted and given a hash. This is then entered into the header of the next block of the data base to create a linked chain of information across all blocks. This is a highly secure way of storing information, as if a single block is altered, the entire chain would be disrupted. This means if a copy is altered on one network, it would be clearly obvious to the other computers on the network that the chain didn’t match.
It’s important to note that as with everything, blockchain isn’t 100% secure. If multiple copies are altered at once, or a majority of the copies on a network are edited, then it can be possible for the data to become compromised. This is exceptionally difficult however, due to the speed at which the blockchain hashing process takes place.
Blockchain is best known for its application in cryptocurrency, specifically bitcoin. Bitcoin uses blockchain to database payments between different parties directly, with no intermediary such as a bank processing the transactions. However, blockchain does have wider applications than just cryptocurrency as it can be used to record any data electronically and securely. This could include public IDs, electoral votes, or library systems for example.
Blockchain technology has been increasingly adopted to improve security, transparency, and efficiency across industries. The benefits range from streamlining supply chain operations to enhancing data protection and reducing fraudulent activities.
What Are Blockchain-As-A-Service (BaaS) Solutions?
Blockchain-As-A-Service (BaaS) solutions are cloud platforms that allow teams to easily create and manage bitcoin applications. They enable customers to host, build, and operate blockchain applications, with monitoring functionalities and managed support services. BaaS works on the SaaS model, with monthly or annual billing, or pay-as-you-use functionality. Organizations don’t have to worry about building or operating their own infrastructure and can easily manage and deploy cloud-based bitcoin apps.
Bitcoin-As-A-Service is similar to web hosting providers such as WordPress – rather than having to build your own website from the ground up, you can simply use a pre-build platform with all the features you need to quickly get building apps.
What Are The Benefits Of Blockchain-As-A-Service?
Setting up a blockchain can be a highly technical and complex task. Many organizations simply don’t have the resources to invest in building their own blockchain, but still wish to use the technologies for hosting immutable data or investing in cryptocurrency. Blockchain-As-A-Service provides all the infrastructure and management capabilities needed for organizations and teams to build their own bitcoin apps.
What Features Should You Look For In Blockchain as a Service Solutions?
Blockchain-As-A-Service is a relatively new product category, and the solutions are, therefore, continuing to develop new capabilities and functionality. However, the key functionality of a BaaS solution is to build and run bitcoin apps, so here are some key features to consider:
- Customizable and pre-built blockchain applications: The ability to quickly build and customize blockchain applications
- Architecture management: The ability to manage blockchain app architecture and hosting along with bandwidth and resource allocations
- Security controls and app monitoring: The ability to monitor apps and proactively detect security vulnerabilities
- Management console: An intuitive management console with dashboards and reports to analyze code
- Managed services: Some BaaS solutions will offer managed support and app building services
- Audits and logs: Auditing is important to track records and spend across blockchain applications
