Technological advancements are revolutionizing companies regardless of their industry and size. As these modern technologies are getting deeper, business owners have more opportunities to disrupt their core and drive innovation. As of now, blockchain is acting as a catalyst in helping companies optimize their operations and offer a better customer experience.
Small and medium-sized enterprises or SMEs should leverage Blockchain-as-a-Service to gain an edge in their industry and thrive on success and better customer retention rates. Whether you own a startup or a medium-size enterprise, blockchain solutions can help scale the business much faster than traditional technologies.
On this note, we will sneak a peek into the top reasons why SMEs should use the Blockchain-as-a-Service model to operate, automate, and optimize their business processes with ease. By opting for blockchain services, businesses can undergo transformation by mitigating risks and ensuring the core fundamentals remain intact. But, before diving into Block-as-a-Service benefits, let's explore what exactly it is.
What is Blockchain-as-a-Service or BaaS?
BaaS refers to a managed blockchain platform that enables businesses to develop their digital services based on a distributed ledger to improve overall security & customer experience. Leveraging BaaS, companies can offer cutting-edge services to their customers, ensuring superior scalability.
With BaaS, businesses can offer both services and infrastructure to their customers and grow their revenue seamlessly. As cryptocurrency exchange development and legacy migration are growing rapidly, BaaS can streamline the execution.
Adapting BaaS to streamline business processes ensures higher agility and transparency among all associated entities of the company. Furthermore, as blockchain is decentralized and anonymous, companies can provide greater data security. On this note, let's explore why businesses should leverage BaaS to ensure higher agility and relevancy in the industry.
Faster development speed
The most significant advantage of opting for BaaS is a faster software development lifecycle that improves overall productivity. As development is time-consuming and resource-intensive work, blockchain can help developers speed up the process by optimizing various complex implementations. As blockchain also offers open-source frameworks to develop custom applications, the dependency is mitigated.
Compared to other technologies and frameworks, blockchain brings higher agility. The code reusability and management in the blockchain are much easier to execute and scale as the business grows.
Reduced product launch time
Reducing time to market plays a winning role in companies regardless of their size. Companies can quickly test run their new services and products before releasing them for their users. As blockchain is based on a distributed architecture, scaling up the development in the upcoming time becomes more accessible and cost-effective.
Product testing and launching multiple versions is a time-consuming and expensive process. However, blockchain can speed up iterations and help to standardize the product faster. Here, businesses get the advantage of performing comprehensive, in-depth testing on their products in less time. In addition, this overall speed optimization helps companies to introduce their products faster.
In 2021 and beyond, scalability is a significant competitive advantage a business can have in its respective industry. Compared to conventional technologies and frameworks, blockchain offers higher scalability to both services and products that companies provide to their customers.
For better scalability, it's essential to pick the right technology that is distributed and end-to-end from a privacy perspective. Blockchain fits the best fulfilling both requirements to offer higher flexibility to businesses. Frameworks like Ethereum, Hyperledger Fabric, and Bitcoin are highly scalable and provide streamlined agility to business operations.
After the COVID-19 disruption, businesses are working with limited resources and smaller teams. To succeed in this competitive era, companies need to automate their repetitive and time-consuming tasks to speed up their overall operations.
Using robust blockchain implementation like smart contracts and NFT protocols, businesses can automate several operations like document verification, customer onboarding, and more. Companies can save substantial time and resources by automating the tedious customer verification process ensuring top-notch accuracy. And a significant advantage of using blockchain is data integrity that comes from the ledged-based architecture. As every block has the hash of the previous blockchain, manipulating the data of one block becomes impossible.
Get started with Seven Bits to transform your business
Seven Bits is offering its blockchain development services across multiple domains to make businesses more scalable and agile. With our Blockchain-as-a-Service development solutions, get ahead of the curve and offer a better digital product experience to your customers. Our Blockchain Center of Excellence (CoE) team understands every business goal and helps you achieve them faster.
Transform your company with blockchain and make your business future-focused and more customer-centric with this decentralized platform. Be it cryptocurrency exchange development services or integrating smart contracts with an existing system, we have got you covered. Be it Hyperledger Fabric, Ethereum, Blockchain, or Ripple; we pick the best framework that drives innovation in your business and achieves your every goal. Get in touch with us at firstname.lastname@example.org to know more about our blockchain virtual developers and services.