Blockchain service providers are third-party networks that enable developers to use cloud-based tools to create and deploy their own blockchains, thus playing an important role in the widespread adoption of blockchain technology. As a result, with BaaS providers, you don't have to build from scratch with your blockchain projects because these cloud-based service providers provide the necessary infrastructure, networking, and development tools.
BaaS has gained significant recognition in technology due to its benefits to businesses, including improved visibility and traceability, increased speed, trust, and security and privacy. Businesses are increasingly eager to embrace blockchain technology, but the complexities and operational overhead associated with building, configuring, and maintaining its infrastructure, usually act as a barrier.
So, suppose you want to employ blockchain technology in your business. In that case, BaaS can be a great way to enter the blockchain domain and run blockchain-based apps without worrying about building from scratch and managing operating systems, storage, infrastructure, or software updates.
BaaS is causing a stir in several industries, propelling enterprise adoption of blockchain technology. As a result, some blockchain-as-a-service providers incorporate these game-changing developments into everyday technology. Let's dive in.
Top Blockchain Service Providers
Amazon Managed Blockchain
Amazon provides a full-featured managed blockchain service built on the Hyperledger Fabric and Ethereum frameworks, making it adaptable to any environment. Hyperledger Fabric is well-suited for applications requiring strict privacy and permission controls with a known set of members, such as a financial application. While Ethereum is well suited for highly distributed blockchain networks where data transparency is important for all members, such as a customer loyalty blockchain network
Amazon Managed Blockchain is a fully managed BaaS that allows you to provision blockchain infrastructure using straightforward procedures. There is no need to create a private blockchain network or nodes for connecting to a public blockchain network with Amazon. It guarantees reliable blockchain networks for your business to build and transact in large numbers without constraints.
Dragonchain is a BaaS provider that guarantees a simple blockchain migration without needing a blockchain expert team. Dragonchain's business-ready developer-friendly integration allows you to build a scalable blockchain application tailored to your needs quickly. Dragonchain specializes in providing the following:
- Learning management system: This provides verifiable proof of course progress, completion, scoring, CEUs (continuing education units), and certification.
- Anti-fraud and compliance: Dragonchain offers security, transparency, and immutability to many business sectors, including fintech, supply chain, and many more, while demonstrating regulatory compliance and data records.
- Archival and proof system: Capture, sign, timestamp, and watermark documents with on-chain proof for contract transparency.
- Decentralized identity: This addresses the issue of consumer identity management by replacing the traditional use of usernames and passwords with blockchain technology, which uses cryptography for authentication to secure privacy and prevent data breaches.
- Provably fair system: Applicable to businesses that hold contests regularly. It provides measurable and unchangeable evidence that a contest, raffle, sweepstakes, or eSports tournament is fair to all participants.
Blockstream is a BaaS provider that builds a secure financial infrastructure on the Bitcoin blockchain to develop peer-to-peer financial solutions. Blockstream provides scalable, robust, cutting-edge technologies that encourage businesses to build applications on Bitcoin rather than Ethereum by offering the Lightning Network as a viable alternative for developing decentralized, privacy-preserving financial applications.
Blockstream offers a variety of business products and services, such as;
- The Liquid Network - a sidechain network for faster and more secure bitcoin transactions
- The Blockstream Satellite - a network of satellites that broadcasts the Bitcoin blockchain.
- The Blockstream Green wallet - a cryptocurrency wallet for mobile and desktop devices.
Kaleido is a full-stack, production-ready BaaS platform that rapidly enables enterprises to build and operate cloud-based blockchain networks. Kaleido is a multi-cloud blockchain platform that allows businesses to build and manage blockchain networks across multiple regions and protocols, such as Amazon Web Services, Microsoft Azure, Ethereum, Hyperledger Fabric, Quorum, Hyperledger Besu, and Corda.
Kaleido provides a suite of products that deliver out-of-the-box blockchain applications with enterprise-grade security, compliance, and scalability—shortening development timelines and delivering real business value on day one—to meet the most stringent enterprise requirements in highly regulated industries.
Paystand is a payment solution BaaS provider that offers blockchain anti-tampering features to businesses. Paystand is a business-to-business payment platform that integrates blockchain into payment and documenting processes to ensure immutability and automates parts of the end-to-end financial process, such as cash management, accounting, and reconciliation.
Paystand is revolutionizing business-to-business payments with a modern infrastructure based on blockchain that enables faster, cheaper, and more secure business transactions, allowing businesses to manage multiple collections plans and automate processes with customers about required payments.
Consideration For Choosing BaaS Provider
Here's a checklist to help you choose the best BaaS provider.
- Ease of use
- Security standard
- The expertise of the provider
A Blockchain-as-a-Service provider assists in the preservation and management of critical blockchain objects and services by deploying the necessary resources and leveraging the necessary technology and infrastructure to set up and maintain blockchain-connected nodes on behalf of the business without having to build from scratch, allowing businesses to focus on other critical operations while managing bandwidth, assessing storage needs, allocating capacity, and identifying security risks.
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