In late July, Google announced a partnership that would allow the multinational technology company to offer a cloud-based platform where they can develop and run blockchain-based applications.
Blockchain is a relatively new distributed ledger technology that allows for secure transactions.
It’s the technology behind popular cryptocurrency bitcoin, but blockchain has a number of applications.
Blockchain-based smart contracts can help businesses automate a number of transactions and processes.
For example, in supply-chain management, a smart contract could be used to track delivery transactions from start to finish. In the real estate market, smart contracts can handle the transfer of titles and the exchange of funds.
With Google’s recent announcement, the company joins a growing list of major technology players that are now offering Blockchain-as-a-Service (BaaS). They include Amazon, IBM, HP, Microsoft, Oracle and SAP. Microsoft was one of the first software vendors to offer BaaS when it launched its Azure Blockchain Service in 2015. These tech leaders are working to provide businesses with all the benefits of blockchain technology without the associated costs of having to build a blockchain platform from scratch.
BaaS is helping businesses adapt to this new technology and utilize it as a business solution. Businesses that prefer to outsource the development of blockchain solutions can take advantage of BaaS services. And these new resources can help businesses increase efficiencies and take advantage of growth opportunities.
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