Blockchain is a distributed ledger technology that provides a secure and decentralized way to manage digital transactions. It was originally designed for use in cryptocurrency transactions and has since been extended to a wide range of applications, including supply chain management, voting, and identity verification. However, the technical complexity and investment required for implementing blockchain have prevented many non-technical industries from exploring its potential.
The Challenge
Traditional industries have limited resources and technical expertise to explore the potential of blockchain technology. The cost of experimenting with blockchain and the significant investment required to develop and maintain blockchain infrastructure can hinder non-technical companies. This has prevented many non-tech industries, such as government agencies, medical, law, entertainment, and supply chains, from benefiting from the advantages of blockchain technology.
The Solution
Blockchain as a Service (BaaS) is a low-investment and low-commitment approach to including blockchain technology in non-tech sectors. BaaS allows users to access pre-built blockchain networks and infrastructure, enabling them to experiment with blockchain technology without investing significant time and money. BaaS service providers provide the necessary tools and frameworks to enable companies to build, deploy and manage blockchain applications.
Advantages of BaaS
BaaS eliminates the need for businesses to invest in the development and maintenance of blockchain infrastructure. It provides a cost-effective way for non-technical industries to experiment with blockchain technology, increase transparency and digital security, and benefit from faster transaction processing.
Non-Tech Industries BaaS Can Benefit
Medical Industry
In the medical industry, blockchain technology can improve patient data management, reducing the risk of data breaches and ensuring that patient data is more secure. Blockchain can also help maintain the accuracy of medical records, reducing errors in diagnosis and treatment.
Entertainment Industry
Blockchain technology can improve transparency and digital rights management in the entertainment industry. It can enable artists and creators to have greater control over their creations and ensure that they receive compensation for their work.
Law Industry
In the law industry, blockchain technology can be used to streamline legal operations, such as contract management and dispute resolution. It can also increase transparency in legal proceedings, reducing the risk of fraud and corruption.
Governance
Governments can benefit from blockchain technology by improving the security and transparency of voting and other civic processes. It can also enhance the management of public funds and reduce fraud and corruption.
Supply Chain
Blockchain can improve supply chain management by providing greater transparency and traceability. It can enable companies to track the movement of goods and reduce the risk of counterfeiting and fraud.
Data Management
Blockchain can enhance data management by providing a secure way to store and share data. It can also improve data privacy, allowing users to control who has access to their data.
Steps to Integrate a BaaS Platform into Your Business:
Integrating a BaaS platform into your non-tech company can be a straightforward process if you follow these steps:
- Identify your company’s needs: Determine which areas of your business could benefit from blockchain technology.
- Evaluate BaaS providers: Research BaaS providers to find the one that best fits your company’s needs. Look at factors such as cost, security, and scalability.
- Choose a platform: Once you’ve selected a BaaS provider, choose a platform to develop your blockchain application. Many BaaS providers offer multiple platform options.
- Develop your application: Use the BaaS provider’s tools and frameworks to build your blockchain application. You may need to hire a developer or work with the BaaS provider’s support team to ensure that your application is properly developed. Deploy and manage your application: Once your application is developed, deploy it to the BaaS provider’s infrastructure. The provider will manage the infrastructure, allowing you to focus on managing the application and reaping the benefits of blockchain technology.
Blockchain technology has the potential to revolutionize various industries, but the complexity and cost of implementation have been hindrances to non-technical companies. BaaS provides a low-investment and low-commitment approach to experimenting with blockchain technology. By using BaaS, companies can benefit from the advantages of blockchain technology without the need to invest in costly and complex infrastructure.
Guest contributor Shrikant Bhalerao is the Co-founder & CEO of Seracle, a blockchain cloud for Web3 development offering BaaS & on-chain identity as a service. Any opinions expressed in this article are strictly that of the author.
