Over the last few years, we’ve witnessed a growing trend of people using software-as-a-service (SaaS). SaaS gives people access to software on a subscription basis. This means that instead of a business developing its own software, it can pay monthly to use already-developed software.
While SaaS models have been popular for a while now, it is believed that they’re about to get even better thanks to blockchain technology. In fact, evidence suggests that Blockchain will likely become a prerequisite for the SaaS models. This is because blockchain-as-a-service brings with it numerous benefits. If you want to find out more about Blockchain-as-a-Service and how it will benefit businesses, keep reading below:
What is Blockchain-as-a-Service?
Blockchain-as-a-Service (BaaS) allows cloud-based solutions to build, use and host their own blockchain functions, apps, and smart contracts in the blockchain infrastructure. It enables businesses to access a blockchain network without developing their own Blockchain.
The Advantages of Blockchain-as-a-Service
Blockchain offers many benefits for SaaS providers. Here are some of the main ones:
- It can be used to build foolproof systems.
- It helps to overcome security issues associated with database systems – software products often hold vast amounts of private personal data. This data is constantly being exposed to threats thanks to it being collected through various digital channels, including wearables, mobiles, and desktops. This leads to large amounts of personal data across ecosystems. Blockchain technology can be used to reduce these security issues.
- It enhances business reliability.
- It can help to increase customer loyalty.
- It allows for the automation of various processes – research has shown that it is possible to automate numerous areas in SaaS businesses. This includes areas such as metering functionality, payment management, verification, validation, and authentication. As well as this, it could also help to improve the billing cycle for SaaS companies. Automating all of these things will not only reduce human dependency, but it will also help to make transactions more trustworthy and secure.
- Businesses that use BaaS can offer cryptocurrency as a payment option to their customers – this will include a range of cryptocurrencies, including the cryptocurrency Ethereum. At present, the Ethereum live price index shows that this cryptocurrency is the second largest cryptocurrency by market capitalization.
- BaaS will make crypto payments much more straightforward.
Who Will Benefit from Blockchain-as-a-Service?
It is believed that thousands of companies will benefit from blockchain-as-a-service when it is introduced. This includes large companies like Oracle, Microsoft, and Amazon too. These companies will be able to use this technology with their existing cloud computing operations to improve their supply chain issues and overcome any problems they are currently facing.
When Will it Be Available?
While BaaS is still in the early stages of development, we expect to see it being introduced in the next few years. This is excellent news for businesses that want to improve their security and offer their customers the opportunity to pay using Blockchain technology.
Over the past few years, we’ve seen some fantastic developments in SaaS, including the creation of Blockchain-as-a-Service. While Blockchain-as-a-Service is still in the early days of development, we’re expecting big things from it when it is finally introduced.