What Is Blockchain as a Service (BCaaS)?

Blockchain as a service (BCaaS) is a vendor offering that helps companies utilize blockchain technology. It is based on the emerging idea of XaaS or "anything as a service, " reinventing the business world and technology industry. It is much like renting a car, office space, or someone else's time using companies like Uber, WeWork, or TaskRabbit. Blockchain provides companies with the tools to use blockchain technology without worrying about setting up their servers and coding from scratch. Blockchain as a service allows enterprises to create blockchains for their own needs. It is a cloud-based technology available to everyone with an internet connection. Blockchain as a service will enable enterprises to develop blockchains for their own needs. It offers a private blockchain entirely controlled by the company that has made it. It is helpful for enterprises that need to comply with regulations such as GDPR. As companies started to scrutinize the emergence of Bitcoin and other cryptocurrencies, they did more research into the utility of blockchain. Using blockchain for enterprise generally started to take off several years ago. The concept of blockchain as a service (BCaaS) was born out of the need for companies to streamline processes and save money. Blockchain as a service (BCaaS) provides companies with the framework to use blockchain technology. Blockchain is a decentralized ledger that allows for transparent transactions and data sharing. It can potentially transform businesses in nearly every industry, but implementing this kind of technology can be challenging for many companies. Big tech companies now offer blockchain to help individual client companies stay competitive and adopt this groundbreaking technology. Blockchain as a service offering comes from prominent providers like Microsoft and IBM. They help executives source blockchain functionality without developing these kinds of platforms in-house. As blockchain has so much potential to transform businesses in nearly any industry, blockchain as a service will be a modern software as a service offering to watch.