What Companies Are Using Blockchain-as-a-service (BaaS)?

We’ll likely never know that exact moment when Fortune 500 companies took blockchain seriously. Yet, we can speculate that it all started with the announcement of Kodak developing its own crypto coins.

Since then, we are witnessing an avalanche of companies eager to invest in blockchain technology. Otherwise, we say companies have entered into blockchain development services.

The following article covers up the list of few companies which first understood the sole purpose of blockchain and its uses. Now, as the blockchain has entered the game, blockchain technology companies are making its full use.

Most of the organizations are using it according to their own goals with the eyes set mainly on data security and reliability. So, let’s keep going and see what the first global blockchain development company in USA.

The HyperLedger Project And The IBM

In late 2013, small tech startups were making hundreds of millions of dollars per month with their cutting-edge developments of blockchain technology applications. However, this changed in 2015.

The Linux Foundation launched an umbrella project comprising open-source blockchains and blockchain applications. It was a first-of-its-kind which include Cisco, Hitachi, Fujitsu, Intel, and IBM.

“The objective of the Umbrella project is to advance cross-industry collaboration to support global business transactions.”

James Burns

IBM now offers Hyperledger Fabric, a BaaS (Blockchain-as-service) product an enterprise-ready blockchain tool to help businesses upgrade their existing legacy systems to more robust and capable blockchain architecture and brought it to the mainstream.

GuardTime and Verizon

For businesses who implement blockchain for its enhanced security, by keeping data transactions on a public ledger simply is unpalatable. This is especially true for those who are working with proprietary technology or sensitive data.

However, Verizon did it.

The telecommunications giant partnered with GuardTime to implement KSI (Keyless Signature Infrastructure) blockchain technology in a suite of enterprise business-tool offerings.

Via this blockchain-integrated Virtual Network Services (VNS) platform, encrypted versions of data transactions are posted to a public blockchain obscuring sensitive data.

The technology was developed for the Estonian government that placed Estonia at the forefront of crypto-progressive states. It is also being used by Lockheed Martin to support network security.

Like IBM, Verizon’s decision of creating a blockchain-integrated tool suite for the non-blockchain companies contributes to the increase of the technology in blockchain applications.

Read Also: Why Use Ruby on Rails Development Services For Startups?

Disney’s DragonChain Blockchain

In 2014, Disney established a division at their Seattle office to create an internal system for secure-asset management that runs on blockchain. The aim was to create a blockchain that offers complete privacy and require no public-facing ledger.

Unfortunately, the project was suspended in 2016 and made open-source. However, this allowed a group of Disney employees to develop it into something we call as DragonChain.

In other words, the team changed the DragonChain into a private chain same as like Verizon offers. The “public” part of the Dragon chain detects fraudulent transactions on the network, and this makes it a significant enterprise in blockchain platforms.

DragonChain now features itself as a custom software development solution for businesses looking to integrate blockchain services with an added layer of privacy.

This is making a blockchain war between IBM, Verizon, and Disney.

Amazon Currently Winning Blockchain Race

Amazon’s evolution from a digital bookstore to a commercial online platform is one of the remarkable success of this century. Amazon’s visionary thinking allowed them to capture useful chunks of the cloud-based web services market and became a real competitor to companies like Microsoft and Google.

Indeed, AWS (Amazon Web Services) is a widely-used hosting service in the world. Now, Amazon allows the companies of different industries to easily integrate their blockchain-as-a-service solutions being a primary architect of blockchain for small businesses.

The competition is heating up, and we expect to see each company invest in considerable resources for developing a next-gen layer of blockchain applications.

We also see Verizon and Amazon partnering with various blockchain-specialized firms like GuardTime Federal and APN, respectively while featuring IBM-developed technology such as Hyperledger Fabric.

All the Blockchain application development company in USA are today heavily investing in data security and privacy. We can see the change in every industry with blockchain technology in healthcare, banking, real estate, etc.