Blockchain is becoming a ubiquitous technology, permeating every industry from banking to logistics. Companies are exploring new ways to incorporate Blockchain into their current systems and many are developing new avenues of businesses by utilizing it.
By providing the necessary infrastructure and technology for customers, Blockchain as a Service (BaaS) has been an effective catalyst in the large-scale adoption of Blockchain. BaaS has helped businesses overcome the anxieties once associated with implementing Blockchain — technical complexity and high investment.
Now that companies can design, develop, and deploy Blockchain applications fairly easily, BaaS has grown significantly over the past couple of years, with most of the tech giants rapidly scaling up their BaaS offerings.
Future of the BaaS market (Source: Markets & Markets Report)
How Blockchain as a Service is helping businesses succeed
BaaS makes Blockchain accessible: Small and mid-size companies that previously could not afford Blockchain are now making use of BaaS, as it eliminates the capital cost and the risk involved with developing a Blockchain platform from scratch.
BaaS provides faster go-to-market time: BaaS allows businesses to perform rapid prototyping and test out ideas without huge capital investment. Companies can get to market faster with their Blockchain solutions, without losing out on critical time.
BaaS removes the need for technical knowledge: Lack of technical expertise is no longer a hurdle as companies can now outsource the technology component of Blockchain to a BaaS provider.
How TVS Next built a revolutionary Blockchain-based healthcare product using BaaS
TVS Next used Blockchain technology to co-engineer a product called “UHID” (Unique Health ID), which secures patient data and puts access and control of the data in the hands of its rightful owners. UHID stores patient health records and maintains a single version of a patient’s data and allows different healthcare agents to request permission to access and interact with medical records. Each interaction is auditable, transparent, and secure, and is recorded as a transaction on the client’s distributed ledger.
Creating a Blockchain application of this nature requires significant resources to design custom templates, chain codes, and access control logic. The emergence of a BaaS platform provided access to faster deployment and better management of resources.
How we developed UHID?
• Developed a completely self-contained customer Blockchain network, which can be deployed anywhere — on-premise and in the cloud.
• Established multi-channel communication on Blockchain to ensure data privacy.
• Created an effective yet simple user authentication system using private and public keys with SHA256.
With our consulting-led approach, we helped our client envision, design, and develop their dream product. TVS Next’s team of experts partnered with the client to use Blockchain to push the boundaries of the Healthcare industry.
To find out more about how TVS Next can help your business make the most of Blockchain, click here.