Blockchain-as-a-service (BaaS) refers to third-party cloud-based infrastructure and management for companies building and operating blockchain apps.

Introduction to

Blockchain As A Service

(BaaS)

What is Blockchain as a Service?

Blockchain-as-a-Service (BaaS) allows businesses to use cloud-based solutions to build, host and use their own blockchain apps, smart contracts and functions on the blockchain infrastructure developed by a vendor.*

*https://en.wikipedia.org/wiki/Blockchain-as-a-Service

BaaS provides a business with access to a blockchain network of its desired configuration without the business having to develop their own Blockchain and build in-house expertise on the subject.*

• optimization, transparency and cost effective
• With early adopters in the software, fintech and logistics industries, BaaS has become so popular that some of the largest tech companies in the world — including IBM, Microsoft and Oracle — all have divisions dedicated to the integration and evangelism of blockchain as a service.

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• How does Blockchain-as-a-Service work?
• Blockchain-as-a-service (BaaS) refers to third-party cloud-based infrastructure and management for companies building and operating blockchain apps. BaaS functions like a sort of web host, running the back-end operation for a block-chain based app or platform.

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Benefits of Blockchain as a Service

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• Blockchain as a service involves the third-party installation and maintenance of blockchain networks for a company’s technologies. Given that any company can tap into blockchain networks, BaaS companies essentially serve as blockchain services companies or blockchain infrastructure providers.
• Based on the software-as-a-service model, BaaS software helps businesses develop and host blockchain apps and smart contracts in cloud-based blockchain ecosystems. In other words, BaaS makes blockchain capabilities more accessible and usable in a business. 

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• BLOCKCHAIN-AS-A-SERVICE PROVIDERS
• Dragonchain
• Inveniam
• Bloq
• Skuchain
• LeewayHertz
• Altoros
• Appinventiv
• Innominds
• Here are some blockchain-as-a-service companies that integrate these game-changing ledgers into everyday tech.

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Ripple�

• Ripple is a blockchain-based digital payment network and protocol with its own cryptocurrency, XRP.
• Bitcoin is based on blockchain technology, while Ripple doesn't use blockchain but uses a distributed consensus ledger using a network of validating servers and crypto tokens called XRP (sometimes referred to as Ripples).
• Ripple is a blockchain-based digital payment network and protocol with its own cryptocurrency, XRP. · Rather than use blockchain mining, Ripple uses a consensus .

• What is difference between ripple and XRP?
• XRP is a digital asset while Ripple refers to a company that created the Ripple Consensus Ledger.

• How Does Ripple's Network Function?
• Ripple network transactions rely on a consensus protocol to validate account balances and transactions on the system. It does not run with a PoW system like bitcoin or a PoS system such as Nxt. Ripple's consensus aims to improve the integrity of the system by preventing double-spending.
• Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. Released in 2012, Ripple is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes. Ripple purports to enable "secure, instantly and nearly free global financial transactions of any size with no chargebacks". The ledger employs the native cryptocurrency known as XRP.

Stellar

• What blockchain does Stellar use?
• Stellar is a decentralized protocol on open-source code to transfer digital currency to fiat money domestically and across borders. The Stellar blockchain's cryptocurrency is called the lumen, a token that trades under the symbol XLM.
• Stellar (CRYPTO:XLM) is an open-source, decentralized payments network. It uses blockchain technology to allow users to transfer funds quickly and at a very low cost. The payments network does not show preference to any national currency; instead, the network has its own native cryptocurrency, Stellar Lumens.

• How does the Stellar blockchain work?
• Stellar's basic operation is similar to that of most decentralized payment technologies. It runs a network of decentralized servers with a distributed ledger that is updated every 2 to 5 seconds among all nodes. 2 The most prominent distinguishing factor between Stellar and bitcoin is its consensus protocol.

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• Stellar Is Less Flexible Than Ethereum��Ethereum can do everything Stellar can do and far more — it just can't do it as quickly or inexpensively. Stellar, however, was specifically built to not be able to achieve everything that Ethereum can.
• Is Stellar better than XRP?
• Stellar's cryptocurrency is more accessible for the average individual. This is what makes it unique. Unlike Ripple that is more directed towards banks, Stellar is focusing more on people, especially those who live in parts of the world that are still developing.

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• Do banks use Stellar?
• The platform provides access to the global economy through simple, quick and low-cost transactions. While the average person can use Ripple and banks can use Stellar, they were each designed for specific users to provide a more efficient experience to their target markets.
• Stellar Lumens is a great investment choice for those of you who like long-term crypto investments because its solid fundamentals have the potential to drive prices up. Apart from that, XLM is one of the most preferred types of crypto assets.
• Same as Ripple, Stellar is not a mineable currency it is pre-mined. Which means already created Stellars are circulating and new creation will be done only one the base of inflation. They have fixed a 1% new creation rate to compensate for the lost stellars and current economic growth.

• R3 (R3CEV LLC) is an enterprise software company founded in 2015 and headquartered in New York. Its blockchain platform Corda allows businesses to manage secure transactions directly between parties without any leakage of transactions to other participants in the network. R3 currently offers two products:
• Corda
• Conclave

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• R3 is a leading provider of enterprise technology and services that enable direct, digital collaboration in regulated industries where trust is critical.

• R3 began as a consortium of nine major banks.  Its shareholders include Bank of America Merrill Lynch, HSBC, Barclays, ING, UBS, Credit Suisse, RBS, Royal Bank of Canada, and Wells Fargo

What is R3 Corda blockchain?

• Trust technology powered by a financial-grade DLT platform��R3's Corda is a scalable, permissioned peer-to-peer (P2P) distributed ledger technology (DLT) platform that enables the building of applications that foster and deliver digital trust between parties in regulated markets.

What Is Corda?

• Corda is a permissioned blockchain platform that is primarily used by businesses in the finance-related industries. Unlike public blockchains where anyone is free to join, permissioned blockchains restrict access to only the authorized network participants.
• Corda is written in the Kotlin programming language and supports development both in Kotlin and Java.
• Corda exists in two main editions. There is an open-source edition that is free for personal and commercial use called Corda, and the enhanced paid edition called Corda Enterprise. Corda Enterprise offers additional performance enhancements, such as higher computational capacity for large-volume transactions.
• While Corda is used in a variety of industries, the majority of its customers come from the finance, banking, insurance, and capital markets sectors. Corda’s private blockchain features are particularly relevant for the companies in these sectors, as data confidentiality is highly important for their operations.
• How Does Corda Work?
• Each node on Corda represents a particular entity, e.g., a company, company’s official representative, a specific department, or some individual entity participating in business processes. The nodes can interact with each other, exchanging public and private data as per the programmed rules.
• For example, a network of ten banks, each represented by a node, may exchange some types of information publicly, but also interact directly with one another in a private mode. If two banks want to transact directly with each other, but want to keep the data involved in the transaction confidential, they can do so privately, a feature supported by Corda, but not normally available in public blockchains.
• Each node has various Corda services and apps that enable its functionality and communication with other nodes.
• The apps hosted by nodes are called CorDapps. A CorDapp is a distributed app used by a group of cooperating nodes to transact on the network. These apps specify key transactional rules, including the consensus mechanism and updates to the ledger.

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�What Makes Corda Blockchain Framework Different?�

Privacy: Privacy is a critical focus for any distributed ledger technology system. It is because your data is bound to be distributed across multiple nodes and servers belonging to different business entities. In R3’s Corda, the only parties who have access to the details of a transaction are those involved in the transaction and those who need to assure themselves of transaction provenance.

It means two or more participants can transact with one another, sharing only necessary information between them. This is in stark contrast to public blockchain or few private blockchain frameworks - broadcasting the transaction or its details across the entire network. The privacy feature of the Corda blockchain framework is what enterprises and businesses would want. Like other comrade frameworks, Corda does not include any gossip protocols which broadcasts all transactions to the network.

• Identity: Identification of different parties in the DLT system over a permissioned blockchain becomes a core criterion to build a closed network of the system among known participants. In R3 Corda, parties have assurance over the identity of members in the blockchain network.
• Identity is a very important feature for a global decentralized ledger where you are unaware of other participants. It is made possible with KYC requirements of all participants across the network and the core identity framework which enables Corda to assign a single user profile to any legal entity, be it an organization or an individual.
• Consensus: Consensus is a technique through which organizations over a distributed and decentralized network come on to an agreement over the transactions happening between them. It is an important concept to identify malpractices and maintain the integrity of any blockchain network, no matter if its public or permissioned.
• Transactions in Corda are confirmed through a process of consensus using a variety of algorithms, including Byzantine Fault Tolerant algorithms. Just like any other blockchain, the unique features a Corda network can support multiple different consensus pools using different algorithms enabling its clients with a pluggable consensus model based on their requirement.

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• Contracts: Smart contracts and program files embedding the business logic, rules validation are part of any business being run among different organizations over a blockchain-based distributed system. In R3’s Corda, transactions are processed by having each participant execute the same code deterministically to verify the proposed updates to the ledger.
• Just like Ethereum, the languages you can use are high-level and productive, like Java and Kotlin, rather than obscure ones like Solidity. The validation function of the CorDapp (Corda Distributed Applications) contract code only needs the validation chain of each associated transaction.
• No Block, But Chain: Corda’s functionality relies on the UTXO input/output model, which is very similar to the transaction system used in traditional blockchains such as Bitcoin. However, the storage and verification do not end up into a chain of blocks like other enterprise blockchain frameworks, e.g., Hyperledger Fabric that bundles up a set of transactions between ‘n’ number of participants over the channel into a block-based on different criteria. Corda links transaction in a cryptographically linked (chained) chain to the transactions it depends on and not to a previous block of some other set of transactions.

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• Corda is a permissioned or private blockchain as it shares data only with the parties involved in the transaction—unlike public blockchains and DSL-based solutions which broadcast transaction data to the entire network.
• What is Corda is it a blockchain?
• “Corda is an open-source blockchain project, designed for business from the start. It allows you to build interoperable blockchain networks that transact in strict privacy. Corda's smart contract technology allows businesses to transact directly, with value.”
• Does Corda Have Its Own Cryptocurrency? Being a private blockchain, Corda did not initially have a platform-wide unique crypto coin of its own. Companies creating private networks on Corda could always issue their own transaction tokens or coins from day one.
• Here are the steps that occur in the reference Corda Settler CorDapp. The example R3 uses is XRP cryptocurrency tokens from the Ripple blockchain

• What Are the Advantages of Corda for Businesses?
• Corda offers businesses a number of important advantages, of which the key ones are:
• Data and transaction privacy
• Fast operational speeds
• Optimizing the costs and efficiency of inter-company cooperation
• Data and transaction privacy
• The biggest advantage of Corda for businesses is the ability to protect the privacy of transactions. Corda is very flexible when it comes to private transacting. You can assign public or private status to different transactions based on the specified business rules.
• A complex set of privacy options can be programmed into CorDapps. Depending on the programmed privacy settings, some information may be left public, while other transactions may be viewable only by certain network participants.
• Fast operational speeds
• Efficiency and speed of operations are extremely important for most businesses, particularly financial sector companies. One disadvantage of many public blockchains, particularly those based on the Proof of Work (PoW) verification model, is the slow speed of transaction verification.
• Corda’s advantage over these public blockchains is a much faster transaction verification. While Bitcoin (BTC) or Ethereum (ETH) can take several minutes, sometimes up to a few hours, to verify a transaction, on Corda, it could take mere seconds, depending on the complexity of the private network involved.
• For high-volume transaction needs, businesses are advised to select Corda Enterprise over the open-source standard version. The enterprise edition supports higher transactional throughput.
• A key element of how Corda achieves good transaction speeds is its unique transaction verification model. On most blockchains, transactions are accumulated into a block, hang in the waiting mode while the block is being filled, and only then get the chance to be verified. On Corda, each transaction is sent to verification immediately, i.e., verification happens at the individual transaction-, not the block-, level.

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