What is BAAS?
BAAS is a cloud-based service that enables users to develop their own digital products by working with blockchain. It is in fact the distributed ledger equivalent of Software-as-a-Service or SAAS, the means by which businesses subscribe to and access cloud-based software.
These digital products may be smart contracts, decentralized applications (Dapps), or even other services that can work without any setup requirements of the complete blockchain-based infrastructure.
Why is BAAS needed?
Consumers and businesses are increasingly willing to adapt to blockchain technology. However, the technical complexities and operational overhead involved in creating, configuring, and operating a blockchain and maintaining its infrastructure often act as a barrier.
Blockchain requires huge investment when it comes to setting up infrastructure and maintaining it. It is much more resource intensive, as compared to traditional databases. It also consumes a huge amount of energy and requires huge bandwidth.
Is BAAS valuable for SMEs?
By organization-size, BAAS market is still dominated by large enterprises especially in the financial sector. The SMEs segment however is expected to grow at a higher rate, given the above mentioned opportunities of BAAS for these enterprises.
BAAS is ideal for such organizations that outsource their technological aspects, and are not involved in understanding the working mechanism of the blockchain. It allows these firms and other organizations to quickly get to grips with the technology without having to develop their own proprietary blockchain. It lets these enterprises focus on their core jobs and not waste time in setting up of infrastructure facilities.
BAAS is firmly growing across a variety of industries for issues such as supply chain management, identity management, payments. Blockchain technology is emerging as an optimal solution to many of the challenges faced by SMEs such as access to various financing sources. SMEs looking to expand their businesses in foreign countries can gain wider access to trade financing sources using BAAS as this technology is decentralized and cuts out the middlemen from the process.
Alibaba Cloud Blockchain as a Service
Alibaba’s BAAS offering, is under the umbrella of its cloud computing arm. Utilizing Quorum, Hyperledger Fabric and the Ant Blockchain, the platform integrates Alibaba Cloud’s Internet of Things (IoT) and anti-counterfeiting technologies to create blockchain solutions for product traceability, among other things. At present, Alibaba’s BAAS offering encompasses enterprise-level BAAS services, an agile BAAS platform that supports private deployment, and specific blockchain solutions for container services.
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