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Community Blog Introducing Blockchain-as-a-Service (BaaS), A New Way to Develop Entrepreneurial Ventures

Introducing Blockchain-as-a-Service (BaaS), A New Way to Develop Entrepreneurial Ventures

This article explains Alibaba Cloud Blockchain-as-a-Service (BaaS).

By Rupal Shirpurkar, Business Head (Cloud BU – APAC) of Click2Cloud Inc. and Alibaba Cloud MVP

Technology is progressing at an exponential rate generation by generation. In the information technology world, the industrial revolution consists of IoT, big data, data analytics, data science, robotics, artificial intelligence, and machine learning.

The fast rate at which technology is growing has led businesses and enterprises to work with top vendors to meet customer expectations, including 4G, 5G, Infrastructure as a Service (IaaS), or Software as a Service (SaaS).

Do you feel the need to match business leads' frequency for your company to succeed? Alibaba Cloud Blockchain-as-a-Service (BaaS) is helping cloud vendors, enterprises, and start-ups accelerate their business growth.

What Is Blockchain-as-a-Service?

In the blockchain world, Blockchain-as-a-Service is a type of service offering that enables entrepreneurs to use cloud-based services for developing, implementing, and managing their blockchain applications. Alibaba Cloud Blockchain-as-a-Service is built using Alibaba Cloud containers for clusters built on Kubernetes and multiple cloud architectures.

It's also wise to remember that previously stored data shouldn't be affected when storing tons of new data. In that case, how can you maintain data storage levels? One option is blockchain services.

When using Blockchain-as-a-Service, a new block of storage is created for every new piece of information added. The blocks are linked logically. You can change previous data if it was meant to be stored or changed. Since a blockchain system is a digital recreation system spread over a variety of networks, everything included in each block is secure, including medical records, virtual data storage, or retrieval.

The statement above is illustrated in the diagram below:

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Fig: Multiple Data Blocks

Users can build and deploy production-ready blockchain environments using Alibaba Cloud. As part of Blockchain-as-a-Service, all participants in a network have equal authority when accessing data. As a result, data and security can be maintained,, and computing can be processed efficiently.

How Does Blockchain-as-a-Service Work?

In today's era of technology, vendors and entrepreneurs are opting for blockchain technology. At the same time, maintenance, configuration, monitoring, and operating a blockchain and its infrastructure is a tedious job.

Alibaba Cloud Blockchain-as-a-Service (BaaS) offers management, monitoring, maintenance, and operation of a blockchain infrastructure as an outsourcing service. This is similar to hosting a website. A BaaS provider is also seen as a third party that manages the infrastructure maintenance, including installation, setup, monitoring, and operation.

A small or large firm does not create or run its blockchain. Instead, the firm outsources the technology to a blockchain company that provides the key functionality of services and the complexity of technology.

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Fig: How a Blockchain Works

A diagram depicting the blockchain workflow is shown in the figure above. Data transactions are requested by the user. These can be requests to retrieve or store data. Data blocks representing data or information transactions are created while storing. Each node within the network receives this data block for validation. Next, nodes in the network verify data transactions that arrive. Every block of data coming into or leaving the network is kept in these nodes. Then, they are sent to every node in the network. Likewise, each node stores data blocks logically. In exchange for the data transactions, nodes are rewarded. Afterward, the transfer is completed.

Blockchain Architecture

Let's take a quick look at blockchain architecture. Blockchains consist of nodes, or nodes. Each node has its own blockchain. Typically, these nodes consist of a variety of organizations. The ledger communicates with each of these nodes directly; a third party is not required for interactions.

In this case, users send the transaction requests to the blockchain. These users can be regular users, auditors, administrators, etc. An existing ledger passes the transaction information to a new node and ledger after it has completed the transaction. The blockchain architecture is shown below:

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Fig: Blockchain Architecture

Alibaba Cloud Blockchain-as-a-Service (BaaS) ensures secure and seamless transactions across networks, businesses, and networks.

Advantages of Blockchain-as-a-Service

  1. Distributiveness and Openness
  2. Privacy
  3. Reliability
  4. Convenience
  5. High Quality Execution
  6. Exceptional Dependability
  7. Deployment across Multiple Networks

Conclusion!

As businesses frequently run and try to stay on top of the latest technology, Alibaba Cloud Blockchain-as-a-Service (BaaS) has been providing a wide range of advantages, including increasing productivity, network connectivity, and storage capacity and allowing multiple data gathering from a single resource.

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Rupal_Click2Cloud

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Rupal_Click2Cloud

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