Global BaaS solutions are set to boom. Here are some companies to keep an eye on
Dubbed the ‘rising star’ of the business world, Blockchain-as-a-Service (BaaS) platforms – projected currently to grow at a CAGR of over 15% according to Mordor Intelligence – are all set to boom in the coming years.
BaaS platforms usually function with third-party organisations installing and maintaining blockchain networks for a firm’s technologies – helping businesses develop and host blockchain-based applications and smart contracts in a blockchain ecosystem managed and administered by cloud-based service providers.
“BaaS has gained significant traction recently because it can “resolve complex issues around transparency, efficiency and cost” in a simplistic and straightforward manner. The quickest adopters have been in the software, fintech and logistics industries. BaaS has become so popular, in fact, 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 BaaS.”
Rising stars of the global BaaS world
Here are some of the most exciting global players in the BaaS sector that we should be keeping an eye on:
- Paystand: This San Francisco-based start-up incorporates blockchain technologies into payment and process documentation to ensure both immutability as well as auditing. Outside of installing networks that notarise certificates (deeds, diplomas etc), Pay stand also provides an admin platform for users to look in-depth into real-time data as well as automates sections of end-to-end financial processes like accounting, reconciliation and cash management.
- Dragonchain: This Seattle-based start-up, which started off as a company within Disney, focuses on protecting vital business assets and data using serverless cloud architecture in order to improve privacy and interoperability between companies that exchange important information, such as finances.
- Symbiont: This New York-based start-up, BuiltInnotes, “lends its BaaS to fintech companies in a variety of sectors. Fintech companies and banks that lend for mortgages and loans use the company’s blockchain to verify origination of records and transparently record all payments on a ledger. Private equity firms and crowdfunding platforms can use Symbiont to secure private documents and show ownership of securities in real-time.”
- Blockstream: This California-based BaaS provider creates scalable solutions for Bitcoin ecosystems and protocols, aimed at creating a large peer-to-peer financial system removing the need for third parties in Bitcoin processing.
The Indian BaaS ecosystem
The blockchain frenzy has well and truly gripped India as well, with government-based NITI Aayog even expecting blockchain technologies to produce up to $3 trillion worth of business in annual corporate value by 2030.
- Signzy Technologies: Founded in 2015, this Bangalore-based start-up seeks to merge AI and blockchain technologies to create user-friendly, compliant and safe products such as RealKYC, Digital contracts and ARI.
- WazirX: Though not exactly a BaaS start-up, we would be remiss if we did not mention WazirX.
Bought recently by Binance (the world’s largest cryptocurrency exchange and blockchain ecosystem in terms of volume traded), WazirX has managed to set itself apart in becoming more than just a cryptocurrency exchange. It was not only the first Indian exchange to launch a native token – the WazirX token (WRX) – which helped accelerate both user growth as well community participation, it also introduced the Smart Token Fund (STF), a community-driven effort allowing crypto enthusiasts to connect with smart traders from all over the world and expand portfolios on their platform.
InstaDapp: Based out of Hyderabad, InstaDapp is one of India’s leading decentralised finance(DeFi) platforms, facilitating “app creation by promoting interoperability between multiple DeFi blockchain protocols, allowing developers to fully exploit the technology’s potential. InstaDApp is a DeFi site that uses a smart wallet layer and bridge contracts to aggregate the key protocols.”