Blockchain is as popular as ever thanks to its superiority over any other centralized technology, as evidenced by the booming cryptocurrency market. The adoption of blockchain technology is increasing at an exponential rate. Almost every industry is trying to make blockchain a mainstay for its problem-solving capabilities.
Now, some tech companies are even offering blockchain to help other enterprises that could use this technology – a business model known as blockchain-as-a-service (BaaS). The biggest names in the tech industry are currently BaaS providers, including Microsoft, IBM and Amazon.
Just like software-as-a-service (SaaS) when it first arrived onto the scene, BaaS is a brand new market opportunity for firms who are looking to take advantage of blockchain’s emergence without taking on unnecessary risks associated with development.
It is no surprise that BaaS could be the way forward considering how technically complex blockchain is. There is a discernible shortage of mature blockchain platforms, and only the biggest players have the resources to adopt this technology and share it with others.
BaaS providers would save a substantial amount of time and money for nascent companies to develop the technology in-house. For example, a BaaS vendor like Microsoft can provide all the necessary blockchain technology and infrastructure to clients for a fee. Microsoft would then be responsible for setting up and maintaining this blockchain infrastructure. This strategy solves the talent shortage problem and expedites the growth of the entire industry.
The BaaS market is just getting started. According to Gartner’s 2018 CIO Survey, only 1% of CIOs indicated any kind of blockchain adoption within their organizations. The other 99% will surely catch up at some point in the future.