The Rise of Blockchain as a Service (BaaS)

Every business works with the purpose of boosting the company's development and bringing in more income. However, there are certain factors that companies cannot control. Both enterprises and customers are targeted by the "as-a-service" approach. Furthermore, it provides adaptability to the firm by catering to on-demand services.

Cloud services are increasing, with a market value close to $170 billion expected in 2024. In 2026, the Blockchain-as-a-Service (BaaS) market will be worth more than $11,500 million. Companies are increasingly focusing on data encryption as well as trouble-free maintenance. This is mostly accomplished by using customised as-a-service solutions.   

Businesses primarily use "as-a-service" for two reasons: infrastructure or application deployment. To begin, cloud computing has enabled the services. Although there are various models, the following are the most common: SaaS, PaaS, IaaS, and BaaS. With the "as-a-service" approach, you may concentrate on your company's core offerings.

Moris Media, the leading digital marketing agency in India, discusses everything about blockchain-as-a-service (BaaS) and other cloud computing services including SaaS, IaaS, and PaaS. We will also consider blockchain integration with IaaS and PaaS.

The "As a Service Model"

Cloud computing is described as computing that uses on-demand computer resources rather than local servers. As a consequence, cloud services minimize upfront IT expenses and remove the need for local infrastructure maintenance.

As-a-service models are built on cloud computing. However, the model's popularity grew following the introduction of both IoT and edge computing. The services are mostly employed by businesses, but they are also desired by people.

The services serve as a gateway to the final application. Users access the services using a web browser. Gmail, for example, is a SaaS program that many of us use in the browser. Let us now learn more about the services.

Software as a Service (SaaS) (SaaS)

Web-based software, hosted software, or on-demand software are other terms for SaaS. The cloud manages everything in SaaS. Software as a service is accessible through the Internet, and no hardware administration is required. As a result, rather than installing the program, you access it over the Internet.

SaaS is multitenant, which implies that all users share the same infrastructure. The code base for users is likewise unchanged. It modernizes standard business processes with point-and-click. Many businesses also provide SIPs or SaaS integration platforms. Because CRM software is too expensive for small organizations, SaaS provides better data access and administration from a networked device.    

In the form of a service, the cloud provider provides the whole program, such as application codes, databases, servers, and so on. The service is on-demand software for customers that is licensed and delivered to them.

Benefits of SaaS On-demand Service

There is no need for a large capital investment; just pay and get an on-demand service.

Self-Updated: 

Because SaaS software operates on the cloud, there is no need to update it; it automatically updates to the most recent version.

Easily accessible: 

The services are simple to use and may be accessed from any networked device.

Scalable: 

The system can be used by more individuals in an organization, and the services can handle large amounts of data effectively.

Simple transition to hybrid model: 

Development solutions for hybrid devices such as smartphones, PCs, and cross-platform programs are available.

Limitation in modification: 

Because the software is often incompatible with current hardware, there is limited flexibility for modification.

Concerns about security: 

The SaaS business handles security. As a result, any data breach might put your firm at danger.

Fewer Features: 

Because SaaS programs are standardized, there is no ability to personalize the software. The solutions are also slower since they have greater latency than server applications.        

BaaS (Blockchain-as-a-Service)

BaaS maintains cloud-based networks for companies that use blockchain-based applications. BaaS is comparable to SaaS in that we can run, create, and host applications.

Backend operations such as bandwidth management, hosting, and data protection are handled by a service provider. Cloud services are required for blockchain-based application operation, hosting, and development.

The BaaS service provider is in charge of the upkeep of blockchain-related pieces and infrastructure. The blockchain network may also be chosen according on the needs, such as Bitcoin, Ethereum, Hyperledger, Avalanche, Corda, and many more.

Is Blockchain as a Service the same thing as Backend as a Service?

We should not relate these two things as the same. Although blockchain enables customizable business logic as well as APIs, it is close to being defined as a backend. However, blockchain has frontend functions like operating, distributing, and scaling. As a result, blockchain functionality exists between the backend and the frontend.

Benefits of Blockchain-as-a-Service

Untrusting factors eliminated: 

The word "trustless" refers to the fact that we do not need to rely on any bank or middleman to conduct transactions.

Immutability: 

Transactions on the network, as well as time and date stamps, are immutable. As a result, once information is posted, it cannot be changed.   

Traceability: 

The blockchain network has an audit trail, which makes it simple to secure and track the flaws in any network.   

Smart Contracts: 

Smart contracts are a feature that accelerates the transaction process when certain circumstances are satisfied. This feature reduces third-party meddling.  

The Drawbacks of Blockchain-as-a-Service

Attack probability: 

It is claimed that the consensus algorithm is safe. Nonetheless, assaults may occur if the attacker has control of half of the network's hashing power, which is referred to as a 51% attack.

Modification Absence: 

When uploading any kind of data, one must exercise extreme caution since modifying any pre-existing data necessitates a hard fork.

Keep Private Key: 

It is only the user's duty to maintain the private key secure, since if lost, the user will be unable to recover their possessions.

Platform as a Service (PaaS) (PaaS)

Platform as a service (PaaS) offers cloud components for specific software. It also includes a foundation for developing the customized application. In SaaS, we offer software through the internet, while here, the goal is to provide a platform for developers to create software.

PaaS is primarily concerned with cloud computing, where we handle the applications and data; the rest of the runtime, middleware, operating system, and so on are maintained in the cloud.

The platform (runtime) service is originally distributed through the web; the developer is free to construct the program without regard for operating systems, infrastructure, storage, or software upgrades. Developers may implement PaaS in three ways: public, private, or hybrid.

PaaS Benefits 

Reduces coding time: 

Using PaaS reduces the amount of coding effort due to the availability of pre-coded apps and processes, directory services, and so on.

Easily accessible: 

It enables you to log in and use the programs from any location.

Scalable: 

PaaS enables dynamic scalability by swiftly adding capacity at peak periods and also allows for scaling down.

Developers may choose to customise: 

A set of operational tools that allow developers to construct customized software.

The Drawbacks of Using PaaS

Vendor Lock-in: 

Some functionalities are not intended for the user. Such features are fixed. Users have no option in such circumstance.

Compatibility: 

Because PaaS components are not necessarily cloud-enabled, the platform may encounter compatibility challenges due to its architecture.

Concerns about reliability: 

On the PaaS, there may be issues with frequent downtimes. Users should generate backups to prevent data loss.

Inadequate control: 

Users have little influence over the price of PaaS products. The supplier may sometimes increase the price system.     

IaaS (Infrastructure as a Service) 

IaaS is used for buying, installing, configuring, and managing software applications, and operating systems. The purpose is to offer internet companies with infrastructure.

You handle the apps, data, runtime, middleware, and operating system on IaaS. The cloud, on the other hand, manages visualization, servers, storage, and networking. IaaS is a sort of cloud computing that provides on-demand storage and networking services.

You must pay as you go for IaaS, which means you pay only for the time you use the service. Cloud infrastructure replaces physical servers and data centre equipment. In addition, the infrastructure is managed by a cloud computing service provider.

Advantages of Using IaaS 

App innovation is faster:

The computer infrastructure is available in hours rather than weeks, allowing for faster consumer delivery.

Lower capital outlay: 

As the configuration and management of a physical data centre is shifted to the cloud, maintenance and hardware expenses are decreased.

Experimental: 

Perfect for a temporary solution or as an experiment. Once the new software has been tested and polished, the company may transition to conventional, in-house deployment.

Scalable on-demand: 

It is simple to expand and reduce data storage using IaaS. The option to pay for extra services is provided.

There is no need for a physical server: 

IaaS eliminates the need for a physical server to maintain the infrastructure.     

Disadvantages of Using IaaS 

Unpredictable Costs: 

Bills must be closely monitored in the pay-as-you-go billing procedure. If the platform's utilization rises, the bills will rise as well.

Service provided by a third party: 

The services are still excellent; however the main problem is that it is a third-party service provider. AWS, for example, controls the hardware and hence manages all computer resources.

Security: 

A frequent misconception is that since the infrastructure is supplied by external providers, data is fully protected; this is true to some degree, but as a user, you ultimately own the data.  

Integration of Blockchain with Two Services

The two forms of blockchain technology integration with other as-a-service models are as follows:

Blockchain Infrastructure as a Service (IaaS): 

The blockchain may be supplied as an IaaS model with on-demand infrastructure. On-premises computing is made available to the businesses. Organizations gain from implementing blockchain functionality in conjunction with cloud providers.

Blockchain PaaS: 

As with IaaS, blockchain PaaS offers a platform for managing blockchain infrastructure. Furthermore, no installation procedures are required. However, the service requires customisation in order to synchronize the systems.    

Summarising

These are some of the cloud service models you could encounter in the realm of cloud solutions. Depending on your needs, you may test any of these cloud service providers.

The solutions allow a dynamic business model by removing obstacles to innovation via analytics and eliminating costly capital expenditure. Over the last several years, an increasing number of enterprises have chosen the aforementioned service models and experimented with hybrid environments.