Blockchain: Technology Trends

The adoption of blockchain technology has been lower compared to other emerging technologies mainly due to the difficulty in understanding the technology. Blockchain as a service (BaaS) holds the key to driving mainstream adoption of the technology as it enables companies to experiment with blockchain-based applications.
Listed below are the key technology trends impacting the blockchain theme, as identified by GlobalData.
BaaS
BaaS is a type of software as a service (SaaS) hosted in the cloud that allows businesses to rent rather than build a blockchain platform. It functions as a fully managed blockchain service ranging from project creation to full deployment. BaaS gives companies the possibility to experiment with blockchain applications and smart contracts and take advantage of the benefits of blockchain, such as improved transparency and data security, without worrying about developing expensive in-house competencies and resources.
BaaS is particularly appealing for small and medium-sized enterprises (SMEs). The BaaS model is dominated by cloud service giants like IBM, Microsoft, and Amazon.
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