Blockchain as a service is expected to witness a huge upsurge in demand in the next two to three years. The market size of blockchain as a service that stood at a moderate volume of US$350 million in 2017 is anticipated to reach a size of US$15,455 million by 2023, at a CAGR of more than 90%.
Amazon, Microsoft, and Google — three global brands have already set themselves deep into the development of this service. Several other world-renowned brands are also developing their solutions at a rapid pace to occupy a significant chunk of this market. These brands include the likes of IBM, Oracle, Alibaba, French energy company EDF, etc.
Apart from a significant spike in google searches for BaaS providers, the size of the value expected to be added to the enterprises from the use of blockchain as a service is also huge. According to the market research estimates, the value addition potential of BaaS is estimated to reach a size of US$360 billion by 2026 and US$3.1 trillion by the end of 2030.
To understand why blockchain as a service is going to grow at such a rapid pace, we must step back a little and start with a clearer understanding of blockchain. The basic understanding of blockchain technology and the blockchain platform makes it clear why blockchain is revered by enterprise users and developers alike.
So, what is Blockchain as a Service (BaaS)?
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