A recent poll observes the prevalence of crypto among US residents above 18 years. As technology continues to shape the future as we see it, it appears that millennials are putting their best foot forward in alignment with technological development. French company Alto Invest recently explored prevalent investment practices of persons aged 18 years and above. While most respondents expressed a desire for real estate investment, several others considered crypto a bargain for the future. Alto Invest’s findings concluded…
Blockchain technology is rapidly changing how many interact with the business world. However, few people and companies still understand its great future potential like any recent invention.
To support companies of various sizes to understand and use a blockchain system, we have seen the proliferation of specialized consulting firms. This sector is known as BaaS (Blockchain-as-a-service), and it promises to be one of the fastest-growing markets in the coming years.
This article will briefly analyze the BaaS sector and mention the most exciting companies in the industry given 2022.
The most popular sectors for blockchain technology
We read news of blockchain technology applications to new economic sectors more and more frequently. Some industries seem to be keener on integrating this new tool, and the list below may change over the next year:
- finance: from banking to stock trading, from loans to crowdfunding, the transparency of blockchain transactions is solving many problems in the financial world
- Travel and mobility: think, for example, of a world in which each car’s right is stored in a blockchain. Life may get harder for car stealers in the future, with a decrease in insurance prices
- copyrighting: services such as 3D printing may cause copyright violations. By connecting each work to a public blockchain, it will always be possible to track any issue on the matter
- healthcare: storing private data of patients in a blockchain may be a secure and efficient way to share medical information with hospitals and doctors
The above list could be much longer. In the following section, we will cite some of the most interesting BaaS companies that are helping so many industries to grow innovatively.
The most interesting BaaS companies to watch in 2022
Every quarter, the world is witnessing the emergence of new ideas in the blockchain industry. This rapidity of change is one of the most exciting factors in the sector. Selecting just ten BaaS companies from so many alternatives is complex, but we’ll try to give you insight into some good stories.
The companies below could be third parties able to design, develop and maintain a blockchain on behalf of their customers. No company with a monopoly in the sector exists. And, the entire revenue splits between thousands of small players (with a few larger ones).
Blockchain and finance
The financial sector is, to date, the one that is benefiting most from blockchain technology. The applications of this new way of managing data are innumerable, and we are sure that we will see exciting news in the future.
PayStand, for example, is having success in the payments sector thanks to the transparency typical of the blockchain. The rapidity of the transaction and the simple traceability of the money are revolutionizing the new payment systems. In the future, paying online will be a quick and transparent operation, with a potential reduction in criminal activity.
On the other hand, Symbiont is helping many banks move their lending to the blockchain. The public ledger makes it much easier to identify late payments from debtors, simplifying fraud detection.
Many have often associated the circulation of cryptocurrencies with criminal activity on the dark web. For this reason, companies like tZero can create “digital local receipts” for each crypto transaction.
The trading world is also not indifferent to this technology. Paxos, for example, is a company that is trying to bring the circulation of assets entirely to the blockchain world. The purchase or sale of stocks on the stock market could one day take place on one of these platforms.
Blockchain and security
In a world where much sensitive data still travels directly via email, companies like Dragonchain promise great success in the future. Born within Disney, Dragonchain creates blockchains for companies to save the most sensitive data and put them into circulation internally.
Cybersecurity experts have always paid attention to customer privacy and authentication on a website. Bloq is a BaaS company specializing in creating blockchain systems in this area.
Documentation auditing can be a headache in many large companies. Also, they usually feel the need to delegate the task to an entire team of experts. This system is not efficient, and Factom uses a data encryption system that promises to reduce audit times in the future.
Are big companies working on BaaS?
If you believe that only small companies unknown to the public are working in the BaaS sector, you are wrong. On the contrary, giants such as Amazon, through AWS, are investing a lot of resources in this industry.
Competing with AWS is quite difficult for the vast majority of companies in the industry. However, an exception is represented by another veteran of the tech world: IBM. The IBM Blockchain package offers several solutions for companies interested in using this technology.
Finally, Oracle is not letting the opportunity of the century slip away. The company has created a BaaS service working essentially like SaaS, which brought Oracle success in the past.
What to expect in 2022
When the internet was born, no one could have imagined using a telephone to buy Christmas presents in the future. Likewise, the world is still trying to understand what is possible with blockchain technology.
Blockchain technology is solving a series of problems that have plagued humanity for centuries. The world of the future needs speed, the ability to process large databases, transparency, and environmental efficiency.
Blockchains are proving to be fast, transparent, and computationally efficient. However, the debate on their environmental impact is still open. And, probably, we will see essential steps forward in this regard in the coming years.
It will be interesting to observe how the BaaS market will compose itself in 2022 and beyond. In the past, new technologies have seen the birth of new companies that large multinationals have acquired at times.
Analyzing history, we will probably see many small entities join the big companies of the tech world. However, some of these small companies may find a way to increase, becoming increasingly important in the industry.