BaaS — Blockchain as a Service is a young industry not as embraced by businesses as its older colleagues like SaaS or DaaS. It is still gaining a lot of attention and growth which means it attracts a lot of new users and requires a lot of support.
Today we will learn how to choose a perfect vendor, and what are the support needs of the industry?
In this article, we'll cover:
What Is Blockchain as a Service (BaaS)?
Blockchain as a Service is a type of service that allows businesses and their customers to use cloud-based solutions to manage and develop their own digital products and applications without diving into developing and maintaining their own blockchain environment. BaaS is similar to SaaS — they both give businesses access to cloud-based software based on their subscription.
Businesses might use Blockchain as a Service to develop and maintain their own decentralized applications (Daaps), smart contracts and so on.
How Does BaaS Work, and Why Do Businesses Need It?
A Blockchain as a Service vendor provides businesses with an infrastructure based on the subscription. They maintain the network and provide their clients with support and other blockchain-related services.
Businesses using Blockchain as a Service can focus on their growth and fulfilling their business goals rather than on setting up their own blockchain — a task requiring a lot of budgeting and effort. BaaS gives them the possibility to provide the best services without worrying about making mistakes.
Blockchain as a Service makes businesses processes easier and more efficient by removing the middlemen in payments and transactions all the while keeping the processes secure and swift.
Blockchain as a Service field is now hosting customers from:
- Banking system — banks have already spent $50 billion into building a digital cash settlement environment.
- Healthcare — by 2025 healthcare market is expected to spend around $5.6 billion on blockchain.
- E-commerce — giants like Alibaba and Amazon are already selling their digital ledger services.
- Gaming industry — 44% of gamers have bought or exchanged games via a blockchain environment.
How to Choose a BaaS Platform?
BaaS vendors have certain criteria, by looking at which a customer can make a choice of a perfect provider. While price-offer ratio is the most obvious, there are several other factors to consider when making a choice of a BaaS platform.
1. ☝️ Look at their customer base
The better and more prestigious the customers are, the better the services are. A simple equation that can answer the most important business question right off the bat — will my blockchain business needs be satisfied?
2. ☝️ Look at their service package
Look for a BaaS vendor whose services cover all your needs without going above and beyond. Blockchain as a Service services might include:
- Building apps;
- Store data off-chain;
- Initial setup of the infrastructure;
- Smart contract management;
- Providing additional security measures to ensure data safety.
These, among others, are the services allowing any BaaS customer to perform at the top while implementing the best blockchain solutions into the business structure.
3. ☝️ Look at smart contract integration
Smart contracts are self-executing contracts with the terms of the agreement between the parties written directly into code. This code controls everything transaction-related. Smart contracts’ convenience lies in them not requiring any legal authority or system to be carried out. Any Blockchain as a Service vendor must know how to work with smart contracts and how to create the best infrastructure for their execution and tracking.
4. ☝️ Look at innovations in their solutions
There are two kinds of BaaS vendors: those who build their infrastructure on existing technology and those who innovate and create their own blockchain environment. The second ones tend to be more innovative and creative. They have better pricing and better security as they control and build everything themselves.
Support for Blockchain as a Service Industry
Blockchain as a Service is a relatively young and complicated industry. Its users have specific support needs, the teams must be ready to satisfy. There are a number of requirements every team must follow.
1. 🔒 Abide by cybersecurity standards
The blockchain system itself is decentralized but gives its members access to information transparently and securely. This means the technology itself is secure. The support team must provide a system that ensures no possibility of breaches and leakage.
Certified Blockchain Security Professional™ (CBSP) is the certification to look out for in a BaaS provider besides PCI DSS and ISO. The combination of these three will make sure the customers and clients feel comfortable dealing with a BaaS vendor. It will also prevent churn and shield the vendor from any liability issues.
2. 💻 Ensure tech-savvy teams
71% of responders believe blockchain technology is a safer solution than any other means of information transfer in the market. This takes quite a lot of pressure off of support teams.
Blockchain is tough. Understanding its mechanisms and principles of operations take a lot of time. Those providing customer support for Blockchain as a Service industry must understand all its intricacies. It is crucial to never stop learning as the industry is always developing and adding new features. The support teams must be ready to answer any question and resolve any issue concerning the usage of blockchain. This means total submerging into the topic.
3. 🤖 Implement AI
AI can enhance customer support, helping support consultants provide the best experience even in an industry as tough as Blockchain as a Service. AI can:
- Help sort through customer tickets;
- Prioritize customer tickets according to their urgency and difficulty;
- Offer conversational patterns in accordance with previous customer iterations to speed up the process of resolution;
- Help train customer support representatives;
- Help compile a FAQ section of the website to take the load off of customer support representatives’ shoulders.
If your Blockchain as a Service business requires AI-enhanced customer support, get your quote from SupportYourApp now!
4. 🔄 Provide omnichannel customer support
35% of customers expect to reach a customer support consultant via any device. 89% of customers get frustrated when they have to repeat their issues to support consultants.
Omnichannel approach is important when it comes to industries as difficult as BaaS. Make sure your support team has seamless integration with all communication channels and can pass information between one another without any delay. This way no information will get lost and no customers will be unsatisfied because of it.
Blockchain as a Service is tough. Every business must determine its exact needs and priorities before picking out a vendor and a package. Perfect support solution is just a cherry on top of a service that can make any business’ life easier.
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Anna started out in financial markets, diving into daily research on bonds and stocks. A passionate reader with a love for historical literature and international cuisine, she’s now all about mastering customer communication. She writes in-depth about customer support, backed by extensive research, and has become an expert on the topic.
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