Global Blockchain-as-a-Service market expected to grow by 62.73%

The global Blockchain-as-a-Service market size is expected to grow at an impressive CAGR of 62.73% to $52.5 billion by 2026, according to this report.

What is Blockchain-as-a-Service?

Blockchain as a Service (BaaS) is a type of blockchain service offering that allows business customers to use cloud-based solutions to develop, host and adopt their own blockchain applications, smart contracts and other relevant functions on the blockchain.

What are the main global Blockchain-as-a-Service market drivers?

The main drivers of the global Blockchain-as-a-Service market are:

• The increasing awareness of the benefits provided by blockchain technology;
• The need for security in transactions.

The business community is beginning to discover the many benefits that blockchain technology brings to the table. Born into the finance industry, blockchain technology is rapidly expanding outside it.

Looking to engage with your customers in a new and exciting way?

You should consider NFTs.

What is an NFT?

NFT stands for non-fungible tokens. A non-fungible token is a special type of cryptographic token which represents something unique.

NBA games are watched by millions of fans worldwide. In an attempt to provide fans with a new experience, the NBA has taken the idea of physical memorabilia (the standard basketball cards) and upgraded it with the help of blockchain technology. And thus a new kind of collectables emerged: the NBA Top Shot Moments.

The Top Shot Moments are video clips of basketball plays with animations that fans can collect and own.

Is it possible to own a moment in time?

Now it is!

These clips are licensed by the NBA and minted on the blockchain in limited supply. Each Moment has a nonfungible token (NFT), which is unique to that specific Moment. The NFT proves the authenticity of the traded Moment, and without the need to send physical memorabilia, the transfer is very quick.

Fans love the Top Shot Moments: in just a week, sales increased by 100%, jumping to over $200 million.

Gaming is another industry that benefits from blockchain technology.

Alien Worlds is one of the leading blockchain games on the market. Trilium, Alien Worlds’ native currency, has driven users to the game and catapulted it to the number one ranked decentralized game by user base.

The game is currently hosting over 13,000 players and close to 20 million in-game transactions. Blockchain has allowed gamers to capitalize on their hobbies, ushering in a world where people of all skill levels can monetize their hobbies.

On average, Alien Worlds players are making anywhere between $60 to $300 per month. Top Alien Worlds players are pulling in about $35,000 per month.

In finance and banking, blockchain technology provides solutions to a wide range of problems.

For example, blockchain fixes the problem of paper in the bank guarantee process. Paper is slow and expensive and can be easily subject to fraud. Recently, the industry has announced its first standardised digital bank guarantee developed on a blockchain-based platform.

The banking industry had initially rejected blockchain and cryptocurrencies. Today many global banks like JPMorgan and Citi use blockchain technology.

JPMorgan has established a business unit solely focused on blockchain development and developed a peer-to-peer blockchain-based data network called Liink. Liink helps lower transaction costs and reduce the required time needed to resolve banking inquiries from up to a fortnight to a few hours.

What are the key global Blockchain-as-a-Service market challenges?

The challenges faced by the global Blockchain-as-a-Service market are closely related to the challenges faced by blockchain technology irrespective of industry.

Here are blockchain’s main challenges according to this report developed by Deloitte:

1. Lack of understanding of how blockchain works

Businesses need to increase their level of understanding and decide if blockchain is right for them.

2. Collaboration

Businesses need to identify the problems or opportunities their organisations share with others in the sector and collaborate to harness network effects.

3. Culture

Blockchain technology requires a dramatic change in how we view the world. In order to embrace blockchain, the business environment needs to shift away from the traditional ways of doing things. From centralised to decentralized – that’s a big step which some organisations are not prepared to take.

4. Regulation and governance

Blockchain applications are usually working outside existing regulatory structures. Regulators must understand the technology and its impact on the businesses and consumers in their sector.

5. Security and privacy

Because many blockchain applications are linked to known identities, questions are raised about privacy and the security of the data stored and accessible on the shared ledger.

Who are the top leaders in the global Blockchain-as-a-Service market?

List of the top leaders operating in the Blockchain-as-a-Service (BaaS) market are:

Oracle
Oracle Blockchain Platform Cloud Service is a solution that offers ready-to-use code for running smart contracts and maintaining a tamper-evident blockchain.

Microsoft
Azure Blockchain Service provides Microsoft customers with a foundation for blockchain apps in the cloud.

Accenture
Accenture offers blockchain solutions for frictionless business by bringing the right combination of capabilities to their customer’s unique infrastructure, challenges and strategic vision.

Alibaba
Alibaba Cloud BaaS (Blockchain as a Service) is an enterprise-level PaaS (Platform as a Service) based on leading blockchain technologies. This service helps customers build a stable, secure blockchain environment.

IBM
IBM’s blockchain platform has already proven its reliability and has been recognized as an industry leader.

Huawei
Huawei Blockchain Service is a highly-secure and efficient BaaS platform built for enterprise usage and blockchain app development.  The platform allows companies and developers to build and deploy blockchain applications much faster and cost-effectively on Huawei Cloud.

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Blockchain Business News 15-21 February

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Crypto wallet and exchange company Blockchain.com raises $120 million

Blockchain.com is a cryptocurrency blockchain explorer service, as well as a cryptocurrency wallet and a cryptocurrency exchange supporting Bitcoin, Bitcoin Cash, and Ethereum.

The company also offers a full-stack crypto services platform providing crypto native businesses with institutional scale custody, execution, lending, and structured solutions.

Launched in 2011, Blockchain.com is one of the most popular crypto platforms in the world with 68 million wallets making $620 billion in transactions. CEO and co-founder Peter Smith says 28% of all Bitcoin transactions since 2012 have occurred via Blockchain.com.

Last week, the company announced that it has raised a $120 million funding round from some of the world’s leading macro investors including Google.

Our mission is to empower anyone anywhere to control their money and we’re just getting started. (..) We’re thankful to the millions of Blockchain.com users who have grown with us over the years. Paradigm shifts like crypto can feel to the world as though they happened overnight — but for those of us working day in and day out to build technology and innovation in crypto, this has been a long time coming. I couldn’t be more optimistic about the future, but there’s so much more to do. It’s time to bring billions of people into crypto and millions of institutions around the world. It’s time to build a financial system for the internet.

Peter Smith, Blockchain.com CEO and co-founder

Should HR managers explore the possibility of using cryptocurrency as the mode of payment for payroll?

Blockchain.com is the latest company to raise a big funding round and others will surely follow. It’s a powerful signal that things are changing in the financial world and companies and institutions are becoming serious about developing a crypto strategy.

Tesla has bought bitcoins worth $1.5 billion and is offering to accept payments through bitcoins for its products. Online commerce has experienced unprecedented acceleration and in Australia, the first standardised digital bank guarantee was announced. In five years, the blockchain technology market is expected to grow by 63%.

Maybe it’s time HR managers explore the possibility of paying employees in the cryptocurrencies of their choosing.

It’s an important change. Here are some advantages that HR managers hiring overseas would appreciate:

• Attract more talent in countries where the currency is devalued or the banking systems are not reliable;
• No intermediary banks needed for paying these employees;
• No fluctuations in exchange rates;
• Short lead times required to confirm payments.

Blockchain game Alien Worlds players can make as much as $300 or more a month

Alien Worlds is one of the leading blockchain games on the market.

Trilium, Alien Worlds’ native currency, has driven users to the game and catapulted it to the number one ranked decentralized game by user base. The game is currently hosting over 13,000 players and close to 20 million in-game transactions.

Blockchain has allowed gamers to capitalize on their hobbies, ushering in a world where people of all skill levels can monetize their hobbies.

On average, Alien Worlds players are making anywhere between $60 to $300 per month. Top Alien Worlds players are pulling in about $35,000 per month.

Supported by leading private bankers, the Blockchain Association For Finance was launched last week in Switzerland

The Blockchain Association for Finance is a new association dedicated to the blockchain.

Launched in Switzerland, the world’s largest offshore wealth centre, the Blockchain Association for Finance is a nonprofit organization bringing together financial actors to improve compliance and administrative exchanges thanks to technology.

The association brings together several major private bankers such as Banque Pictet, Lombard Odier and Hyposwiss.

At the origin of this initiative is Wecan, a Geneva-based fintech founded in 2015. With around 20 employees, the company, which specialises in blockchain solutions, manages the Wecan Comply blockchain infrastructure, which is currently used by the members of the new association.

You can now access blockchain domains using any web browser

.com domain names are housed on a server, run on a subscription basis, and are managed by an organization called Verisign.

Blockchain web domains are different from their traditional counterparts. They are purchased for a one-off fee and are not overseen by any single, centralized authority.

Until now, the only way to access blockchain websites was via a plug-in or a browser that already offers native support, such as Opera.

Blockchain domain registry Unstoppable Domains has changed that. The company now offers a new service that expands access to .crypto websites to anyone with an internet connection.

An additional benefit is that owners of cryptocurrency wallets can use their blockchain domain to send and receive cryptocurrency without having to remember a long and complex alphanumeric address. To deliver a crypto payment, the sender would only need to know your human-readable domain name.

Thanks to blockchain, Christie’s will sell the first-ever digital artwork

Digital art is an artistic work or practice that uses digital technology as part of the creative or presentation process.

This form of art began in the 1960s. Pioneering artists Harold Cohen, Kenneth Knowlton and Leon Harmon were among the first to create digital art.

Knowlton and Harmon took a photograph of a nude woman and changed it into a picture composed of computer pixels. The picture was titled Computer Nude (Studies in Perception I) and is the most widely circulated early artwork made using a computer.

Artists Knowlton and Harmon in front of Computer Nude (Studies in Perception I), the first digital artwork

Major auction house Christie’s is no stranger to blockchain. In 2018, they became the first auction house to record a major sale on a blockchain platform. In partnership with art registry Artory, the company recorded $317m of sales digitally and securely.

This month, Christie’s will open bidding for an online-only sale of ‘Everydays – The First 5000 Days’ by prominent digital artist Mike Winkelmann, known online as Beeple.

Before blockchain, it was impossible to assign value to digital works of art given the ease of duplication. Now, every digital artwork can benefit from a unique digital token encrypted with the artist’s signature called NFT or a non-fungible token. The NFT is individually identifiable on a blockchain, verifying both the rightful owner and authenticity of original digital creation.

Blockchain adoption in the real estate closing industry is gaining traction

The Blockchain-secured platform for real estate and title recordkeeping Ubitquity has partnered with Socratic Consultancy to gain more insight into and further traction in the U.S. real estate closing industry.

Socratic Consultancy has close to a decade of experience in the real estate closing industry, including the specific niche markets of eRecording and Remote Online Notarization (RON).

The partnership pushes forward blockchain adoption in the real estate closing industry.

Ian T. Staley, the CEO and Founder of Socratic Consultancy said blockchain technology will provide the industry with “enhanced efficiency, increased security in the transaction process, less friction and increased agility in the closing lifecycle, parallel recordkeeping data storage, alternative revenue streams for its partners, future-proofed settlement solutions and so much more!”

Quote of the week

Abigail Johnson, CEO of Fidelity Investments

Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the internet itself.

Abigail Johnson, CEO of Fidelity Investments, one of the most powerful women in finance

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Blockchain Business News 8-14 February

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The blockchain technology market will grow at almost 63% CAGR through 2026 reaching $52.5 billion

According to ResearchAndMarkets’ latest report on blockchain, the blockchain technology market will grow at 63% by 2026 to $52.5 billion.

Important findings for the business environment:

• Distributed ledgers and other blockchain capabilities are rapidly expanding outside finance;
• The preponderance of blockchain revenue will be derived from 3 types of services: Blockchain-as-a-Service (BaaS), Cloud Computing (hosting and data as a service), and Systems Integration;
• Companies like Accenture will lead the charge for systems integration and companies like Amazon, Dell, HPE, and IBM will lead for BaaS and Cloud Computing;
• Integration and operation of Blockchain technology will redefine how various industries operate, dramatically improving efficiencies, and reduce the cost of doing business.

Blockchain fixes the ‘problem of paper’ in the bank guarantee process

In 2019, IBM and three of Australia’s finance heavyweights announced the formation of Lygon, the blockchain-based platform for bank guarantees.

Lygon is touted by the group as reducing the time to issue a bank guarantee from up to one month to one day.

The Lygon platform runs on the IBM public cloud and it leverages the IBM Blockchain Platform, which is built on top of Hyperledger Fabric, an open-source blockchain project from the Linux Foundation.

On February 9, Lygon announced minting the industry’s first standardised digital bank guarantee which solves the problem of paper.

What is the problem of paper?

Lygon CEO Justin Amos explains:

“Paper is slow, this is why we use emails; paper is expensive, and it’s estimated there are over 1 million journeys alone in Australia transporting paper guarantees. {…} Paper often gets lost and can be easily spoilt, subject to fraud, and problematic to amend.” “We shouldn’t underestimate the environmental impact of using paper,” he added.

source: dzone.com

BMW backs enterprise blockchain startup Vendia in $15.5m Series A

Vendia is a multi-cloud serverless platform for sharing distributed data in real-time.

The blockchain technology startup has recently announced it had raised a $15.5 million Series A funding round for its serverless SaaS blockchain solution, bringing total funds raised to more than $20 million. One of its investors is BMW i Ventures.

BMW i Ventures is the corporate venture capital arm of BMW and has been actively investing since 2011. With an initial venture capital of 100 million dollars, BMW i Ventures invests in cutting-edge solutions focusing on BMW’s current and future business in the technology and customer & service space.

The team at BMW i Ventures manage investments in technology companies in the US, EU and Israel.

Here are some of the companies the venture capital firm has invested in:

• Verusen is AI-based inventory optimization software;
• Zendrive leverages mobile sensor data to provide actionable insights that improve safety for drivers worldwide;
• Urgent.ly is BMW’s vendor partner for roadside assistance;
• STRIVR platform utilizes immersive VR to help individuals learn faster and more effectively.

source

Blockchain payments Startup Celo Raises $20M

Celo is a global payments infrastructure that makes financial tools accessible to anyone with a mobile phone.

The platform is a proof-of-stake blockchain built on Ethereum, designed to support stablecoins and tokenized assets while utilizing mobile numbers to secure a user’s public keys.

According to the company’s latest press release, Celo has raised $20 million from renowned investors like a16z (Andreesen Horowitz), whose previous investments include Facebook, Slack, Asana, Lyft and more.

Since its launch in 2017, Celo developed a mainnet, a native token (CELO), a stablecoin (cUSD), a mobile payments app and has been listed on major exchanges including Coinbase and Binance.

source: techcrunch.com

Blockchain technology to be used against counterfeit products in China

Future FinTech and China Foundation of Consumer Protection have announced they signed a cooperation agreement to use blockchain technology against counterfeit products. The cooperation will expire on January 31, 2026.

Future FinTech is a leading blockchain e-commerce company and a service provider for financial technology. The company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall, a cross-border e-commerce platform (NONOGIRL) and an incubator for blockchain-based application projects.

Cloud Chain Mall is the first C2C blockchain shopping mall operated with blockchain anti-counterfeiting tracing technology.

The goal of this agreement is to build the quality and safety credit system for Chinese brands and enterprises and protect the legitimate rights and interests of the enterprises and their brands.

source: Bologna Business School

Quote of the week

Marc Cuban / source: Inc. Magazine

It’s like the early days of the internet’ when a lot of people thought we were crazy

Investor and self-made billionaire Marc Cuban on blockchain

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