Blockchain firm Blockedge to offer blockchain-as-a-service platform for automotive, supply chain markets

BaaS is essentially a third-party cloud-based infrastructure for businesses developing and operating blockchain apps.

IT and cloud solutions provider SecureKloud Technology, which recently announced the approval to list its health-tech subsidiary Healthcare Triangle on Nasdaq, has launched a plug-and-play blockchain-as-a-service (BaaS) platform under its blockchain solutions arm Blockedge Technologies. BaaS solution Blockchain Network Management Platform stands in contrast with built-from-scratch manual solutions and entails zero-coding. The platform also facilitates the creation of iterative decentralised apps and provides multi-cloud and multi-chain support to businesses. Businesses and governments globally have been increasingly looking at adopting blockchain to enhance data privacy, prevent money laundering, implementation of policies, data storage, voting, strengthening supply chains, online transactions, and much more.

“Blockedge is designed to cater to enterprises of all sizes to be able to join blockchain networks and collaborate. One of the challenges driving enterprise-wide blockchain networks is that different enterprises will have different needs and uses of blockchain – depending on whether they are large fortune 500 companies or a small businesses or a startup. A BaaS platform such as Blockedge will have to address these different needs, offer flexibility, ensure security and compliance while helping our clients to accelerate their blockchain transformation,” Kumara Guru, Chief Growth Officer, Blockedge Technologies told Financial Express Online.

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BaaS is essentially a third-party cloud-based infrastructure for businesses developing and operating blockchain apps. Globally, companies are expected to spend close to $6.6 billion on blockchain solutions this year, up over 50 per cent in comparison to 2020 while blockchain spending will continue to grow throughout the 2020-2024 forecast period with a five-year CAGR of 48 per cent, IDC had said in its Worldwide Blockchain Spending Guide in April this year.

Importantly, India was ranked second in a recent report on the adoption of cryptocurrency, one of blockchain’s biggest use cases, globally by Chainalysis. Out of 154 countries ranked in the report, India was ranked after Vietnam and ahead of countries including the US, Thailand, Brazil, Russia, etc. The report, published in August this year, said that the global cryptocurrency adoption grew by over 2300 per cent since Q3 2019 and over 881 per cent in the last year.