Blockchain as a Service is going to see a huge demand

Blockchain is the implementation of distributed networks and taking the centralized control out of the equation. Centralization in power often leads to corruption, and the main aim behind using DLT was to cut the middlemen out of the equation, The term blockchain is new, not the technology, as it is just an amalgam of the existing technology of distributed networks and cryptography. When major governments and private firms comprehended what blockchain is, they realized blockchain could solve the age-old issue of intermediaries.

As of today blockchain is being implemented in numerous industries namely,

The popularity of blockchain has ensured that it is widely accepted and implemented in both the private and public sectors. However, building a blockchain network from scratch is not just time consuming but highly costly too. This is the reason a new industry is cropping up where firms have started to provide blockchain as a service. These firms offer enterprise-grade blockchain solution, which can be implemented into their existing system, and they don't have to build a blockchain network from scratch.

How does Blockchain as a service works?

Blockchain, as a service provider, is responsible for understanding the need of the business and then implement the blockchain into their existing network, or transfer the necessary data onto the blockchain. The service provider is then responsible for maintaining the blockchain, provide back-end support and security. They need requires several clearances from the client sides as well for hosting requirements, distribution of resources, implementation of a security layer, and many more.

The service providers often develop these enterprise blockchains on top of open-source software like Bitcoin, Corda, Ethereum, Quorum, and many more. Blockchain as a service not only increases the enterprise's efficiency but also ensures that customers do not have to worry about being versed with the technology. The service providers provide that customer focus only lies in the core functionalities, while they take care of the back-end infrastructure.

 Top 5 Blockchain as a Service Companies

Blockchain and Decentralization are being rapidly implemented in many sectors, and the firms providing blockchain as a Service include the likes of IBM, Microsoft, and Amazon, among many others. The interest of these established technology firms is a shred of clear evidence that the Blockchain revolution is going to be as big as the Internet market place in the early 2000s.

The demand for this kind of service is only going to rise exponentially, given the awareness and increasing adoption of technology around the globe. Almost every other country is either studying the technology to implement it or are already in the implementation phase. So, look out for these five companies providing blockchain as a service.

1. Amazon AWS: Amazon, the leading internet marketplace, was among the first to realize the potential of Decentralization and its impact on the world, and thus as of today, it is the biggest platform to avail Blockchain as a service by several enterprises. Earlier it was speculated that Amazon might go ahead and launch a token of their own, but Amazon chose its niche as a service provider for blockchain. As of today, Amazon AWS felicitates the largest blockchain-based networks and enterprise-level solutions, including the likes of T-Mobile and PwC. The firm leverages Ethereum and Hyperledger Fabric blockchain frameworks to ensure the blockchain service it offers is compatible with

2. Bloq: Bloq is a Chicago based firm which provides a series of blockchain tools to help enterprises meet their needs. The service provider promises to build customized blockchain network as per their requirements. Some of the critical blockchain tools and services from Bloq include a decentralized cloud service, a smart wallet, and a smart contract platform. Bloq promises to resolve all your issues in one place with a diverse range of tools.

3. Symbiont: The New-York based Blockchain as a service provider is well-known for lending its services to fintech firms offering a variety of services. Firms which deal in loans for mortgages use Symbiont's services to verify digital identity, transparency, and transactions all on the ledger.

4. Blockstream: The California based blockchain firm provides a scalable solution for Bitcoin blockchain and its various protocols. The firm has created a more extensive peer-to-peer network without the need of third parties to be involved.

5. Tzero: tZero is known for leveraging its BaaS into the financial realm where the tools provide real-time tracking of the transaction and any other movement in the business world. The firm also offers a security token, which can be paired with other crypto transactions to track the progress of the funds from start to end.

Conclusion

Blockchain as a service is only going to see a more significant demand as we progress more towards Decentralization. The very fact that blockchain solutions are available for almost every sector reeling from the issues created due to centralization would drive the use of blockchain further. Be it banks, financial institutions, private firms, or governments; blockchain solutions are going to be the next big thing after cryptocurrency and decentralized finances.