What is Blockchain as a Service (BCaaS)?
Blockchain as a Service (BCaaS) is a term for a provider offering that supports companies in using blockchain technology. It is based on the emerging idea of XaaS, or 'everything like a service', which is reinventing the business world and the technology industry.
Blockchain is a financial technology that acts as an immutable ledger. It's helpful in managing cryptocurrencies, but it's also helpful in providing an authentic trace of every transaction. This is where blockchain as a service comes into play.
As companies began to question the origins of Bitcoin and other cryptocurrencies, they did more research into the uses of blockchain. The idea of using blockchain for businesses usually started a few years ago.
Now, big tech companies are offering blockchain as a service to help individual client companies stay competitive and deploy this breakthrough technology. Blockchain as a service offer comes from large providers such as Microsoft and IBM. They help executives take advantage of blockchain functionality without trying to develop these types of platforms in-house. Because blockchain has so much potential to change companies in almost every industry, blockchain as a service becomes modern software as a service to be viewed.