Alibaba Cloud Unveils its Blockchain-as-a-Service Offering

Alibaba Group is planning to grab the Blockchain-as-a-Service hype, as more and more companies are looking for a way to implement BaaS into their businesses. BaaS platforms are lying on leading blockchain mechanisms, which help customers to create an ecosystem based on the blockchain.

Alibaba’s cloud blockchain service is supporting businesses at an enterprise level, helping companies build blockchain applications on its two platforms – Hyperledger Fabric and Ant Blockchain.

According to Alibaba Group, Hyperledger is a blockchain with a framework ready for implementation right away, as with The Linux Foundation. Ant Blockchain, by Alibaba’s partner Ant Financial Services Group, is an evergrowing and evolving blockchain platform.

The privacy and security of the BaaS platforms are guaranteed via trusted computing algorithms and a state-of-the-art blockchain framework. The architecture of Alibaba Group’s blockchain platforms is allowing users to build custom BaaS apps.

The Blockchain-as-a-Service platforms are designed to serve as a home for various blockchain apps, such as automatic deployment, smart contracts, and SDKs (Software Development Kit). The platforms are set to give users access to tools for monitoring, maintenance, and operation.

According to Brian Behlendorf, CEO of HyperLedger, 2018 is going to be a very successful year for blockchain technology. He expects more and more capital to be deployed into creating, refining, and operating blockchain platforms and applications.

The expansion in China, Singapore, Europe, and the United States will give blockchain the boost needed to become a leading technology. With the help of Alibaba Cloud Group, the market capitalization of blockchain and cryptocurrencies is expected to surpass $300 billion.