Emerging ‘BaaS’ industry can’t become a soaraway success without solving the data capacity problem
Big data Blockchain- Blockchain-as-a-Service (BaaS) is starting to gain real traction as an offering.
This is no surprise. The technical complexities and operational overheads involved in creating, configuring, and operating blockchain solutions can be formidable barriers for enterprises.
Factor in a shortage of accomplished and experienced blockchain developer teams, and it makes sense for businesses to leverage cloud-based solutions to build, host and manage their blockchain apps and smart contracts.
BaaS is a clear and sensible route – perhaps the only foreseeable route – to blockchain’s mass adoption. The BaaS market is expected to grow from around $623million in 2018 to $15billion by 2023 – a pretty impressive compound annual growth rate of 90%.
But to achieve this kind of growth, providers know they need to find ways to solve the current data storage scalability issues.
This is a more pressing problem than most people realise.
A tidal wave of data
Innovation and economic development across the world in the 21st century is becoming increasingly dependent on data. The volumes of data we generate, and the insights we extract from this data, are expanding exponentially. Factor in the Internet of Things, and the imminent mass arrival of driverless cars on our roads, and this expansion rate will soar off the charts.
Worryingly, the world isn’t doing enough to prepare for this new reality. Of course, cloud computing giants like Oracle, Microsoft and AWS already nicely handle the world’s database needs. But for them to scale up in line with the exponential growth trajectory of data, they need to add larger and more efficient centres continually. This simply isn’t sustainable.
Turning to nature for help
But a far more elegant solution that doesn’t require the mass construction of vast data centres across the world is emerging.
In nature, we see fish working together in schools to hunt and move around safely. Birds fly in flocks, detecting motion in chain reactions. Bees swarm when a queen bee leaves a colony with thousands of worker bees to find a new home.
These creatures gather together to act as a single organism with a collective “wisdom”.
Blockchain technology can bring humans together in similar ways. Decentralised cloud systems, which can distribute information across networks, give humans the power to work together in swarms. And these swarms could provide the long-term data solution the world is looking for.