Is "blockchain as a service", a real, decentralized blockchain solution?by Anii Jain Human resource executive
What is Decentralization?
One of the most exciting aspects of blockchain technology is that it is entirely decentralized, rather than stored in one central point. This removes the need for powerful central authorities and instead hands control back to the individual user. Here we will examine how this system works, what it means for our future and why it is so revolutionary, then another question comes in mind that-
What is Decentralization in Blockchain?
The decentralized nature of blockchain technology means that it doesn’t rely on a central point of control. A lack of a single authority makes the system fairer and considerably more secure. The way in which data is recorded onto a blockchain epitomizes its most revolutionary quality: its value of decentralization. Rather than relying on a central authority to securely transact with other users, blockchain utilizes innovative consensus protocols across a network of nodes, to validate transactions and record data in a manner that is incorruptible. As a blockchain is a ledger of information it is extremely important that the information being stored is honest and accurate.
A Blockchain-as-a-Service platform is based on and works similar to, the concept of Software as a Service (SaaS) model. It is a full-service cloud-based offering that enables customers including corporates to leverage cloud-based solutions to build and use their own blockchain applications and smart contracts and functions that will be hosted on the BaaS platform.
The BaaS platform would deal with the always confusing and labour-intensive back end activities for corporates and/or their business. They will provide all the necessary infrastructure and operational support to ensure that the blockchain applications run smoothly.
Hyperledger Cello, a BaaS-like blockchain module toolkit and utility system under the Hyperledger project, provides a graphic demonstrating the working model of Blockchain-as-a-Service.
BaaS may be the necessary catalyst that can lead to much wider and deeper penetration of blockchain technology across various industry sectors and businesses. Instead of creating and running their own blockchains, a business, large or small, can now simply “outsource” the technical complex work and focus on its core activities.
Large technology firms are already throwing their hats into the blockchain rings with their own BaaS offerings. Microsoft offers a BaaS module on its Azure platform, IBM has its own BaaS which is focused on private consortium blockchains, and Amazon and Oracle have their own blockchain cloud hosting services
“Taking the burden of the difficulty out of the equation” will allow a wide range of businesses and industries to adopt blockchain into their existing platforms.
Created on Oct 4th 2019 01:25. Viewed 393 times.