As industry 4.0 concepts herald new ways in which various industries will be compelled to inter-operate with each other from one single platform without trusting one another, there’s a significant challenge of economic loss that most stakeholders foresee. Blockchain Technology, a trustless, decentralized, ledger technology paves the way through B-a-a-S services where enterprises can compete in their relevant field yet enjoy the benefits of using blockchain technology while inter-operating.
What is B-a-a-S?
B-a-a-S is not on premise but over the cloud based blockchain technology service which allows various businesses to develop, host and adopt all the blockchain business processes in their business management. They need not have to set-up their own infrastructure to run their BApps (Blockchain Apps) or Dapps (Decentralized Apps), rather, use cloud based blockchain services to keep their applications up and running always.
Why Do Organizations Need B-a-a-S?
Blockchain is one of the revolutionary concepts in industry 4.0 and businesses wish to strategically use this technology for their undisrupted growth. But since this technology is very new and adequately complex, it obstructs mass adoption. There are sectors who are intrigued by this technology but they do not have the resource or required skill-set to evaluate developers and support providers to integrate the same in their operational capability. B-a-a-S partners are highly skilled in blockchain technology and they can give the assistance necessary to develop and set-up the right enterprise architecture accommodative of adopting the blockchain technology.
How Will The B-a-a-S model Work for Businesses?
There is a specific SLA or Service Level Agreement that different companies will have to sign with their blockchain partners. The blockchain partners or IT experts who are delivering the B-a-a-S services will evaluate the areas where they can integrate the blockchain technology and those areas will be uploaded on the blockchain node. They will be informing the partners or their clients about the types of blockchain that can rightfully fit in their requirement. There’s a specific analysis process that these B-a-a-S service providers have to go through.
They educate the clients about distributed ledgers like Ethereum, Bitcoin, HyperLedger Fabric, R3 Corda, Quorum, Chaincore and Blockchain Apps. Once they have explained the features and capability of the above mentioned blockchain network, they advise the clients which one can best fulfill their purpose. Once everything gets sorted, they will help in the deployment of the B-a-a-S service and ensure that their operations are up and running always on the blockchain network.
Should Going for a Self-Hosted Blockchain Service Make More Sense Than B-a-a-S?
Basically, everything depends on the budget that the enterprise is having. For startups, it might be challenging to straightway jump to on-premise blockchain IT infrastructure. They need to have the personal infrastructure, IT hardware, software licensing, and consultations for handling the glitches. On the contrary, when they are availing B-a-a-S service providers like (client name), they can significantly cut down on the cost and enjoy all the benefits of blockchain technology without the hassles. But again, for big enterprises, they might have scalability issues and they need better operational efficiency, hence they might be more interested in setting up their dedicated blockchain IT infrastructure.
What Will Be the Security Concerns Using B-a-a-S for Enterprises?
Most enterprises are always concerned about sharing the customer data on any open network. With blockchain being decentralized and open source, there’s always a contentious struggle in the minds of businesses to adopt this technology. B-a-a-S services will help educate them about the benefits of trustless, peer-to-peer dealing. Since, open-source doesn’t necessarily mean that the data will be readily available to everyone. Those data are shared in an encoded or scripted manner. Meaning, in codes which can only be decoded using public key encryption, hashing, digital sig and consensus mechanism to ensure that you are always safeguarded while using B-a-a-S or blockchain technology.