A rising star in the business world, Blockchain-as-a-Service (BaaS) enables businesses to develop and host blockchain apps and smart contracts in a blockchain ecosystem that's managed and administered by cloud-based service providers. In short, BaaS is when a third-party installs and maintains blockchain networks for a company’s technologies.
BaaS has gained significant traction recently because it can “resolve complex issues around transparency, efficiency and cost” in a simplistic and straightforward manner. The quickest adopters have been in the software, fintech and logistics industries. BaaS has become so popular, in fact, that some of the largest tech companies in the world — including IBM, Microsoft and Oracle — all have divisions dedicated to the integration and evangelism of BaaS.
For many companies, pairing cloud services with BaaS could be enormously valuable. The personalized flexibility of BaaS technology enables a company to tailor its integrations to combat pain points. Whether it’s acting as a smart contracts platform for a real estate company or a payment processing service for a retailer, BaaS is making waves across almost all industries.
Here are 13 Blockchain-as-a-Service companies that integrate these game-changing ledgers into everyday tech.
Location: Austin, Texas
How it’s using blockchain: Factom has two tools dedicated to BaaS for managing and securing important documents. “Factom Harmony” is a ledger tool that converts documents to a singular digitized platform to reduce audit times and costs. Factom’s “dLoc” uses encryption to authenticate and verify personal documents like land titles and birth certificates.
Industry Impact: Factom filed a patent that involves using blockchain for the verification of documents with multiple signatures. Once patented, the BaaS platform will be able to verify a document’s authenticity from beginning to end.
Location: San Francisco
How it’s using blockchain: VironIT offers a multitude of BaaS services, including consulting and blockchain-based mobile app development. Specific examples of the company’s BaaS include everything from smart contract development and auditing to development of cryptocurrencies and digital wallets.
Industry Impact: VironIT employed its BaaS to help Hackspace Capital create a blockchain-based crypto wallet that enabled Hackspace to distribute HAC tokens to all investors in its ICO.
How it’s using blockchain: The Dragonchain BaaS platform focuses on the protection of business assets. Started as a company within Disney, Dragonchain uses server-less cloud architecture to protect the privacy of important business data like finances and future projects.
Industry Impact: Dragonchain’s ledger technology is a hybrid between Ethereum and traditional blockchain, where some information can be kept private while other information is made public. By enabling data privacy, Dragonchain aims to cut down on fraud involving publicly displayed information on a traditional blockchain.
How it’s using blockchain: Bloq offers a suite of BaaS tools that focus on key issues in business reconciliation, authentication and security. The software platform helps businesses build and personalize the BaaS technology that suits their current needs. Some of their specific blockchain products include a smart wallet, a smart contract platform and a decentralized cloud to help businesses store and manage data.
Industry Impact: Having separated from Disney, Bloq is now an autonomous company that has deployed its BaaS technology for an impressive list of global clients like Deloitte, Circle, Discover and Citigroup.
Location: Mountain View, Calif.
How it’s using blockchain: Blockstream’s BaaS creates scalable solutions for the Bitcoin ecosystem and protocol. The company’s Bitcoin processing software creates a larger peer-to-peer financial system that eliminates the need for third parties.
Industry Impact: Blocksteam recently launched a satellite so people in technologically underserved parts of the world can send and receive Bitcoin with the ease of getting a cell phone call or accessing the Internet.
Location: San Francisco
How it’s using blockchain: PayStand incorporates blockchain into payment and documenting processes to ensure immutability and auditability. The company’s BaaS installs networks that notarize certificates (like diplomas, deeds and receipts). It also provides an admin platform that gives users an in-depth and real-time look into their data.
Additionally, the PayStand network automates parts of the end-to-end financial process, including cash management, accounting and reconciliation.
Industry Impact: PayStand has expanded its Payments-as-a-Service (PaaS) blockchain to Canada. After receiving more than $8 million in funding, the company is building out its infrastructure in advance of a significant BaaS expansion.
Location: Midvale, Utah
How it’s using blockchain: tZERO integrates its BaaS ledger into financial platforms to create traceable, real-time movements in the finance industry. The company’s tZERO security token, paired with its “Digital Locate Receipt” platform, helps financial institutions distribute cryptocurrency and trace it throughout the end-to-end spending process.
Industry Impact: tZERO — a subsidiary of crypto proponent Overstock — just completed the issuance of its security token. The company's $134 million raise makes it one of the most successful ICO’s to-date.
Location: Mountain View, Calif.
How it’s using blockchain: The Skuchain EC3 Platform installs blockchain-based infrastructure in current IT processes for the shipping and logistics industry. The company’s ledger enables businesses to simultaneously access a cloud environment, blockchain protocol and in-house applications.
Compatible with any supply chain process, Skuchain’s BaaS immediately installs smart contracts and chain-of-custody tools.
Industry Impact: Skuchain recently joined the Bankers Association for Finance and Trade (BAFT) to learn about and develop distributed ledgers for banking. The company thinks its BaaS smart logistics contracts could be transferable to finance agreements.
Location: New York
How it’s using blockchain: Symbiont lends its BaaS to fintech companies in a variety of sectors. Fintech companies and banks that lend for mortgages and loans use the company’s blockchain to verify origination of records and transparently record all payments on a ledger. Private equity firms and crowdfunding platforms can use Symbiont to secure private documents and show ownership of securities in real-time.
Industry Impact: Vanguard uses Symbiont to simplify how they report on finances and indexes. The partnership facilitates the instant movement of data between index providers and market participants in one decentralized database.
How it’s using blockchain: Amazon Web Services (AWS) is a BaaS leader in many industries. The company integrates blockchain-based networks and business processes for some of the largest companies in the world (including T-Mobile and PwC) to improve IT infrastructure, business processes, human resources, financial transactions and supply chains.
The company’s BaaS deploys Ethereum and Hyperledger Fabric frameworks so the blockchain is flexible enough to adapt to almost every environment.
Industry Impact: AWS offers blockchain templates to simplify the user installation process. Companies need only choose the AWS Hyperledger Fabric or Ethereum templates and deploy software to connect with the BaaS. AWS blockchain has been used in everything from shrimp supply chains to decentralized app (Dapp) development.
Location: San Francisco
How it’s using blockchain: LeewayHertz offers a full suite of blockchain-based services, including blockchain consulting, hybrid ledger installation and maintenance. At LeewayHertz, the end-to-end BaaS offerings range from ideation to installation. The company has already developed decentralized applications (dApps) for industry leaders like Disney, Budweiser and 3M.
Industry Impact: LeewayHertz is working with the World Health Organization to install a ledger-based supply chain to track the origination and distribution of medicines across the globe. The company has also helped trucking companies install blockchain to better understand efficient processes.
Location: Sunnyvale, Calif.
How it’s using blockchain: Altoros uses blockchain to automate workflow processes, fortify identity security and manage records. The company has installed blockchain in a variety of industries, including telecommunications, finance, energy, supply chain and manufacturing. The permissioned blockchains in these industries do everything from mitigate fraud to detect faulty parts.
Industry Impact: Starting in 2019, Dutch airline KLM will adopt Altoros blockchain for supply chain and manufacturing processes — a plan that's similar to Boeing’s integration of blockchain, AI and IoT in its everyday business processes.
Location: New York
How it’s using blockchain: Appinventiv offers a full suite of blockchain-bases tools and solutions for almost every industry. The company builds dApps for healthcare, entertainment, logistics, fintech and much more. In four years, Appinventiv has already produced more than 700 decentralized applications that feature everything from smart contracts to crypto wallet developments.
Industry Impact: Appinventiv’s most recent project involves a dApp that incentivizes creators for sharing their work with the community by offering rewards from the company’s reward protocol.