There are several advantages to blockchain-as-a-service. Business processes can be accelerated through real-time information sharing. And the service can also reduce risk, simplify, and increase efficiency by securely automating transactions across the organization.
Origins of BAAS
Microsoft became one of the first software vendors to provide a digital ledger concept. This was when the corporation launched the Azure Blockchain Service in 2015. Then, in 2017, Microsoft introduced Enterprise Smart Contracts, a package that offers users with the sources, ledger, and contract binding to building their own blockchain services.
Now, a different type of service has been launched by Ideum, which offers blockchain technology ‘as-a-service’.
Transparency-as-a-Service
According to Elias Chavando, who is the President of the Ideum Corporation, in communication with Digital Journal, “Blockchain technology offers great advantages for companies of any size. An open ledger offers transparency and builds trusts when transacting online.”
The developer states that, “some may say that trust is no longer an issue with Blockchain”; however, he goes on to outline the importance of controls and good governance. In terms of operating the new blockchain service, Chavando explains how good governance will be implemented, which is through a company called Tradefax. With this structure: “Tradefax will serve as the authority to rate and qualify people doing business online. Tradefax will connect to the blockchain using Ideum Blockchain as a service model and help online traders make better decisions and shop with confidence.”
The main objective of the Ideum scheme is to offer a blockchain technology-as-a-service to smaller companies that cannot afford to implement their own blockchain or work with a major player like Microsoft. Chavando provides an example of how this might work in practice: “Traditional online marketplaces will be able to run their transactions through the Ideum blockchain and take full advantage of the benefits and transparency offered by the technology.”
Expanding on the concept for small-to-medium sized enterprises, Chavando adds: “We believe that if a marketplace can connect two or more people and these people can buy, sell or rent products and services from each other, without a banking intermediary, online commerce will reach unprecedented levels.”
In terms of a case study, one of the first companies to adopt Ideum’s technology and digital tokens will be the organization Rentus. This company provides an online rental marketplace.
