What Does Blockchain as a Service Mean?
Blockchain as a service (BCaaS) is a term for a vendor offering that helps companies to utilize blockchain technology. It is based on the emerging idea of XaaS or “anything as a service” that is reinventing the business world and the technology industry.
Techopedia Explains Blockchain as a Service
Blockchain is a financial technology that acts as an immutable ledger. It is helpful in managing cryptocurrencies, but it is also helpful in providing an authentic trail for any transaction. That is where blockchain as a service comes in.
As companies started to scrutinize the emergence of bitcoin and other cryptocurrencies, they did more research into the utility of blockchain. The idea of using blockchain for enterprise generally started to take off several years ago.
Now big tech companies are offering blockchain as a service to help individual client companies stay competitive and adopt this groundbreaking technology. Blockchain as a service offerings come from big providers like Microsoft and IBM. They help executives to source blockchain functionality without trying to develop these kinds of platforms in-house. Because 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.