Home » From SaaS to BaaS; how blockchain-as-a-service can benefit the global scenario

From SaaS to BaaS; how blockchain-as-a-service can benefit the global scenario

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The expected global digital rush appears to have laid the groundwork for the development of distributed ledger technologies (DLTs) such as blockchain. In recent times, market analysts seem to be exploring the potential of blockchain using software distribution models such as Software-as-a-Service (SaaS). Two forms of technology are believed to have given rise to Blockchain-as-a-Service (BaaS) and benefited a large audience.

According to market research firm MarketsandMarkets, the global BaaS market will grow from $632 million in 2020 to $1,1519 million in 2026, at a compound annual growth rate (CAGR) of 62.2%. is predicted to be The report cites the COVID-19 outbreak as a key reason to drive the BaaS market. “BaaS services can help drive blockchain adoption by mainstream companies. It means the BaaS market can drive blockchain adoption in the same way it has spurred cloud adoption, a blockchain-based platform, he told FE Blockchain.

Insights from market-oriented research show that BaaS offers the benefits of distributed infrastructure and reduced transaction costs. This is expected to be an important prospect in the global financial and security ecosystem. As global application development agency Appinventiv says, BaaS can help shape startups and small and medium enterprises (SMEs) that rely on large data silos. This technology has the potential to address issues such as elimination of intermediaries and lack of transparency.

“Blockchain is a technology with the potential to hold ideas and techniques that can be implemented in the current financial system. Blockchain allows stakeholders to conduct transactions without the need for intermediaries. RBI Punit Agarwal, Founder and CEO of KoinX, a cryptocurrency taxation platform, said:

From an organizational perspective, companies like NVIDIA, Bloq, and Coinbase are starting to use BaaS-powered solutions. Additionally, the use of this technology could also benefit sectors such as healthcare, automotive, financial technology (fintech), transportation and logistics, and document tracking. Appinventiv emphasized that his BaaS market in the world is growing, mainly in countries such as the United States, Mexico and Canada. Europe is considered to lead the BaaS market scenario with government support from various countries.

Moreover, the association of BaaS with financial models helps develop the concept of decentralization. BaaS integration is expected to help develop technologies such as report management, smart contracts, securities, and digital currencies, as reported by Datamatic Business Solutions Limited, a business-to-business (B2B) service. Experts say BaaS can solve problems such as transparency, efficiency and cost.

“In the global financial market, the use of BaaS is very prevalent in companies providing services such as tokenized custody and trading, all for a fee on blockchain as a service model to large institutions. This reduces infrastructure failure, capture, or change risk while being maintained and deployed by experts,” said Rooba.Finance, a blockchain and smart contract platform joint venture. Founder and Chief Legal and Strategy Officer Arjun Khazanchi said.

Also Read: Tim Draper Still Expects Bitcoin to Reach $250,000 Valuation in 2023

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