What is Blockchain?
Let us start with what is a block, in order to be able to understand what is blockchain. A block is like a book that stores and records some part or the whole part of your transaction. A transaction can only be verified by nodes for recording. Once the transaction is recorded, it cannot be altered in any way- this provides stability as well as security in the blockchain. In order to verify a transaction, every node has to solve a complex problem and in return for solving the problem, the reward is bitcoins.
Every block contains one part of the previous block. Each and every time a block is completed, it is linked to its previous block and one new block is created. This forms a long chain of blocks which is called as blockchain. A blockchain can record all transaction no matter how old they are. That is the entire transaction history from the very start is always available for verification. To secure the transactions they are encrypted so that no alternations can be done to the stored data. The information in the blockchain can be distributed but it cannot be copied. Cryptocurrency ensures that. Blockchains are secure because of its distributive nature. Each ledger is checked by the entire network in order to maintain it. If onode ends up having a different ledger than the rest of the blocks, it is removed from the network.
What is a Blockchain as a Service?
Companies like Microsoft, IBM have taken the lead in offering the Blockchain's benefits to the huge business community who can benefit from them by using it as a cloud service business model. The BaaS model works in such a way which allows the businesses be it be small or big to access blockchain technology without actually investing in it. The Blockchain as a Service actually allows the business companies to access the provider services which they can use to access or even develop the applications that are based on the blockchain.
The only disadvantage that one has here is that centralizing blockchain needs a huge transaction to be funneled through the host platform services. We know that the key feature that makes blockchain so useful is decentralization, which is why companies have to decide on whether this is the solution to their problem or not.
Advantages of Blockchain as a Service
- It increases data security
- Can be accessed from anywhere
- Much better software
- Companies are offered massive scalability
- Low-cost technology that can be accessed by any company
Uses of Blockchain As A Service
The advancement of Blockchain has made it possible that in the coming years, Blockchain will be used as a service that can securely maintain all the data of customers, help in improving stocks and possessing the records. The industries that could benefit from this technology are Healthcare industry, the Insurance industry, Finance, Advertisement, and Retail.
Here are the few platforms of BaaS services that are connected with the huge companies:
1. Oracle Blockchain Cloud Service
The Blockchain Cloud Service
by Oracle was launched by the end of the year 2017. This service can be used by the customers to generate new income, increase the pace of the business, reduce the cost, and also decrease the risk rate by offering secure services that keep the data safe. The service is extended for on-location applications so that they can make easy and secure transactions. This helps in delivering better results and also easy working operation with high accessibility.
It is an easier method to increase productivity in a business by securing the transactions which can only be shared inside or outside the boundary. This reduces the transaction cost and provides proper privacy. This service is used in open banking platforms that provide connectivity between other banks and keeps transparency plus security intact.
2. IBM Blockchain Platform
IBM has also provided the Blockchain platform which is totally designed specifically for quick operations and its development in the network. In this platform, one can create applications and also operate the network. The enterprise offered by them can help in accessing a highly secure environment with certified security. This gives customers the advantage to manage and develop the Blockchain network.
3. Amazon AWS BAAS
Amazon is the leading e-commerce service
providers in the entire world right now for many years. The Amazon Web Services allows customers to work in a more secure network which allows a protected environment provided by the Blockchain technology. It is now connected with DCG - Digital Currency Group to facilitate its services through the AWS platform. This allows an easy and quick implementation that ensures full security to the customers.
There are many more companies that have been motivating the Blockchain services to its customers as a product. Although there are many things that one should keep in mind before understanding the Blockchain Technology.