Blockchain is seeing expansive use in several industries, including real estate, banking, insurance, healthcare, supply chain, and many more.
Why many tech firms are adopting blockchain technology
Blockchain technology has proven to be very useful for efficiency and saving operational costs. Let’s see some of the major reasons why big tech firms are increasingly adopting the technology.
Many tech firms are enjoying the ease that comes from online payments. However, the high fees can cut deep into profits. But a product of blockchain technology, Bitcoin has eliminated the services of middlemen like PayPal or Shopify. They can now deal directly with clients. Blockchain also offers other benefits such as more efficiency, greater security, and a competitive advantage over other tech firms.
Despite the exponential growth f Blockchain technology in recent years, the technology is still unknown to many people. There are very few experts on Blockchain technology, which makes it a bit more difficult for tech firms that want to adopt the technology.
However, Blockchain-as-a-service software and platforms are growing rapidly. There are now many firms offering blockchain-as-a-service, including global players such as IBM, Amazon, and Microsoft.
Setting up and maintaining blockchain infrastructure requires a huge investment. Compared to traditional databases, it is much more resource-intensive. That is why many companies are shying away from it. However, the cost is gradually going down as more Blockchain services keep springing up.
What BAAS will bring to the tech industry
Despite the challenges facing the adoption of blockchain as a service, it still offers enormous benefits to any tech firm. It can be very valuable to pair cloud services with BAAS.
Blockchain as a service also offers the flexibility of integration. It allows tech firms to easily deal with issues when tailoring integrations. It can also deal with complex issues around transparency, which is usually very difficult with other software or applications. This strongly reduces the entry barriers for enterprise blockchain applications.
In conclusion, tech firms can take advantage of the many benefits associated with blockchain technology when they adopt the blockchain as a service model. They can improve accountability and transparency without having to invest in expensive computing resources or develop their blockchain ecosystem.