A Comprehensive Guide to Managed Blockchain Solutions
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According to a report from Markets and Markets, the global managed blockchain services market is expected to grow from $705.7 million in 2020 to $9.7 billion by 2025 at a compound annual growth rate (CAGR) of 81.3%. Various industries use managed blockchain services, including financial services, healthcare, supply chain management, and government. Some major players in the managed blockchain services market include IBM, Amazon Web Services (AWS), Microsoft, Oracle, and SAP. According to a survey conducted by Deloitte, 59% of organizations are either actively using or considering using blockchain technology. Of those, 40% are currently in the pilot or experimentation phase, while 19% have already implemented a production-ready blockchain solution.
Blockchain is a decentralized, distributed database that uses a network of computers to record and verify transactions. It is often used to create a secure, transparent, and immutable record of transactions, such as financial transactions or the transfer of assets. But setting up and maintaining a blockchain platform requires a significant amount of technical expertise, including knowledge of cryptography, networking, and database management. Managed blockchain services offer a way for businesses and organizations to leverage the benefits of blockchain technology without investing in the necessary infrastructure and expertise.
Instead, the managed service provider takes care of the blockchain platform’s setup, maintenance, and management, allowing people to focus on using the platform for their specific needs. Managed blockchain services can be particularly useful for businesses and organizations that need more resources or expertise to set up and maintain their blockchain infrastructure.
This article will dive deep into the details of managed blockchain services and their working mechanism.
- What is a managed blockchain?
- Attributes of a managed blockchain solution.
- Why is a managed blockchain solution better than a traditional blockchain solution?
- How can managed blockchain solutions transform industries worldwide?
- What are the components of a managed blockchain solution?
- How does a managed blockchain solution work?
What is a managed blockchain?
With the help of a managed blockchain service, companies and organizations can use a blockchain platform without having to build and maintain its infrastructure. Blockchain is a distributed, decentralized database that keeps track of transactions through a network of computers. It is frequently used to generate a safe, open, and irrevocable record of transactions, including financial or asset transfers.
Numerous parties can securely and transparently communicate and update data without the need for a central authority is one of the key advantages of using a blockchain. Because of this, it is especially beneficial for applications like financial transactions, asset tracking, and supply chain management.
Managed blockchain services can be beneficial in this situation. Companies or organizations focusing on the setup, upkeep, and management of blockchain platforms provide these services. These service providers take care of all the technical facets of maintaining a blockchain platform, freeing the client to concentrate on using the platform for their particular requirements.
Managed blockchain services could be extremely helpful for companies and organizations without the means or knowledge to build and maintain their blockchain infrastructure. By utilizing a managed service, these firms can still benefit from blockchain technology’s enhanced security, transparency, and efficiency. Managed blockchain services come in many different varieties.
Some of them, like Amazon Managed Blockchain and IBM Blockchain Platform, are cloud-based technologies that let users access the blockchain online. Customers must implement and maintain the blockchain platform on their servers with on-premise solutions like Hyperledger Fabric. No matter what managed blockchain solution is offered, the provider normally provides various support and management services to assist the client in making the most of the platform. These services could include technical assistance, upkeep, upgrades, and training.
Altogether, managed blockchain services provide enterprises and organizations with a practical and affordable option to utilize blockchain technology without spending money on their infrastructure and expertise. Businesses and organizations can leverage the blockchain platform to foster innovation and operational efficiency by outsourcing the technical components of a blockchain platform.
Attributes of a managed blockchain solution
As we understand, a managed blockchain is a type of blockchain technology managed by a third-party provider, such as Amazon Web Services (AWS). It has several attributes that make it an appealing option for businesses and organizations looking to implement blockchain technology.
Ease of use
One of the key benefits of a managed blockchain is that it is easy to set up and use. The provider handles the underlying infrastructure and technical details, allowing users to focus on developing and deploying their applications.
Managed blockchain platforms are designed to be highly scalable, allowing them to handle large volumes of transactions and data. This is particularly important for businesses that need to process a large number of transactions or that have a high volume of data to manage.
Managed blockchain platforms offer robust security measures to protect against cyber-attacks and data breaches. This includes measures such as encryption, authentication, and access controls.
Using a managed blockchain can be more cost-effective than building and maintaining a blockchain infrastructure in-house. The provider handles the upfront costs and ongoing maintenance, allowing users to pay a subscription fee to access the platform.
Managed blockchain platforms offer a high degree of flexibility, allowing users to customize their blockchain to meet their specific needs. This includes the ability to choose the type of consensus algorithm, the number of nodes, and the level of security.
Managed blockchain platforms can be easily integrated with other systems and applications, allowing businesses to leverage the power of blockchain technology without having to overhaul their existing infrastructure completely.
Therefore, a managed blockchain is a powerful and flexible tool that offers several benefits for businesses and organizations looking to implement blockchain technology. It is easy to use, scalable, secure, cost-effective, and flexible and can easily integrate with other systems and applications.
Why is a managed blockchain solution better than a traditional blockchain solution?
A managed blockchain solution is a service that allows organizations to set up and manage a blockchain network without having to worry about technical details. In contrast, a traditional, self-managed blockchain solution requires organizations to handle the setup and maintenance of the network themselves. This section will explore why a managed blockchain solution might be better than a traditional, self-managed solution in certain situations.
One of the main benefits of a managed blockchain solution is its ease of use. Managed solutions provide an easy-to-use interface that allows organizations to set up and manage a blockchain network without needing a deep understanding of the technical details. This can be particularly useful for organizations that are new to blockchain technology and want to get up and running quickly.
Another advantage of a managed blockchain solution is the potential for cost savings. Building and maintaining a self-managed blockchain network can be expensive, as it requires the purchase of hardware and software and the time and resources required to manage the network. Managed blockchain solutions can help organizations save on these costs by providing the infrastructure and support needed to set up and run a blockchain network.
Managed blockchain solutions are also highly scalable, which can be a major advantage for organizations that need to adjust their blockchain usage as their needs change. Organizations can easily scale up or down as needed with a managed solution without worrying about the technical details.
Security is a critical consideration for any blockchain network and managed blockchain solutions often provide enhanced security measures to protect the network and its data. This can include backup and recovery capabilities and secure data storage. Managed solutions can also provide access to security experts who can help organizations secure their blockchain networks and ensure that they comply with relevant regulations.
Finally, managed blockchain solutions often provide technical support and other resources to help organizations get the most out of their blockchain networks. This can include training, educational resources, and ongoing support to help organizations troubleshoot any issues that may arise.
Altogether, a managed blockchain solution can be a better choice than a traditional, self-managed solution in certain situations due to its ease of use, cost savings, scalability, security, and support. While a self-managed solution may be a better fit for organizations with a high level of technical expertise, managed solutions can be a great option for organizations that want to leverage the benefits of blockchain technology without the technical overhead.
Leverage the benefits of a one-stop managed blockchain solution.
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How are managed blockchain solutions transforming industries worldwide?
In this section, we will explore how managed blockchain solutions can potentially transform a variety of industries worldwide:
Supply chain management
One industry that managed blockchain solutions could transform is supply chain management. In the supply chain industry, blockchain technology can track the movement of goods from the manufacturer to the consumer, helping to increase transparency and reduce the risk of fraud. Managed blockchain solutions can provide the infrastructure and support needed to set up and run a blockchain network for supply chain management and the technical expertise and resources needed to manage it effectively.
The healthcare industry is another area where managed blockchain solutions could have a transformative impact. Blockchain technology can be used to securely store and manage patient records, helping to reduce errors and improve the efficiency of the healthcare system. Managed blockchain solutions can provide the infrastructure and support needed to set up and run a blockchain network for healthcare and the technical expertise and resources needed to manage it effectively.
The finance industry is also transforming because of managed blockchain solutions. Blockchain technology can facilitate cross-border payments, streamline the settlement of financial transactions, and reduce the risk of fraud. Managed blockchain solutions can provide the infrastructure and support needed to set up and run a blockchain network for finance and the technical expertise and resources needed to manage it effectively.
In the government sector, managed blockchain solutions could increase transparency and reduce the risk of corruption by providing a secure and transparent record of government transactions. Managed blockchain solutions can provide the infrastructure and support needed to set up and run a blockchain network for the government and the technical expertise and resources needed to manage it effectively.
The retail industry is another area that managed blockchain solutions could transform. Blockchain technology can track the movement of goods from the manufacturer to the consumer, helping to increase transparency and improve the efficiency of the supply chain. Managed blockchain solutions can provide the infrastructure and support needed to set up and run a blockchain network for the retail and the technical expertise and resources needed to manage it effectively.
Thus, managed blockchain solutions have the potential to transform a wide range of industries by providing the infrastructure and support needed to set up and run a blockchain network, as well as the technical expertise and resources needed to manage it effectively. By offering an easy-to-use interface, cost savings, scalability, security, and support, managed blockchain solutions can help organizations leverage the benefits of blockchain technology and drive innovation in their industries.
What are the components of a managed blockchain solution?
Let us now explore the various components that make up a managed blockchain solution.
One of the main components of a managed blockchain solution is the infrastructure that is used to run the network. This includes the hardware and software required to run the network and the technical expertise needed to manage it. Managed blockchain solutions typically provide the infrastructure needed to set up and run a blockchain network, including the servers and other hardware required to run the network and the software needed to manage it.
Another component of a managed blockchain solution is the management tools used to set up and manage the network. These tools may include an easy-to-use interface that allows organizations to set up and manage their blockchain network without worrying about technical details. Management tools may also include features such as monitoring and reporting capabilities, as well as backup and recovery capabilities.
Security is a critical component of any blockchain solution and managed blockchain solutions typically provide enhanced security measures to protect the network and its data. This can include secure data storage and backup and recovery capabilities. Managed blockchain solutions may also provide access to security experts who can help organizations secure their blockchain networks and ensure that they comply with relevant regulations.
Managed blockchain solutions often provide technical support and other resources to help organizations get the most out of their blockchain networks. This can include training, educational resources, and ongoing support to help organizations troubleshoot any issues that may arise.
Therefore, the components of a managed blockchain solution include the infrastructure needed to run the network, management tools for setting up and managing the network, security measures to protect the network and its data, and support to help organizations get the most out of their blockchain networks. Together, these components make it possible for organizations to leverage the benefits of blockchain technology without the technical overhead of setting up and managing a self-managed blockchain network.
How does a managed blockchain solution work?
A managed blockchain solution is a service offered by platforms like DLTStack that allows organizations to set up and manage a blockchain network without worrying about building it from the ground up and taking the hassle of managing it. On the technical front, a managed blockchain functions in the following manner:
- The first step involves selecting a relevant framework.
- Next, members are invited to join the blockchain network.
- Then the provision peer nodes are selected.
- Lastly, you build the application with a single click and deploy it with the help of the peer nodes.
Managed blockchain service providers like DLTStack offer one-click managed blockchain launch along with scalable infrastructure and easy upgrading, ensuring users can take advantage of new features and tech improvements almost instantly. Here is the core process of how a DLTStack-managed blockchain solution works:
Select a blockchain or framework to build your blockchain on. A managed-blockchain solution like DLTStack offers the option of developing on Cosmos and Substrate, and are in the process of expanding our offerings to include Stellar and EVM-based blockchains
Once the infrastructure is in place, enterprises can utilize the DLTStack managed blockchain solution’s management tools to set up and administer their blockchain network. These solutions feature an easy-to-use interface that allows businesses to construct and administer their blockchain network without worrying about technical issues. It also includes monitoring and reporting features and recovery and backup aspects.
DLTStack managed blockchain solution includes a variety of security measures to protect the network’s and data’s security. These features include safe data storage as well as backup and restoration features. It also gives enterprises access to security professionals who can assist them in securing their blockchain networks and ensuring compliance with relevant guidelines.
Finally, the DLTStack-managed blockchain solution offers technical assistance and other tools like a blockchain explorer, faucet, and governance, giving you complete control over your blockchain. These tools also assist enterprises in making the most of their blockchain networks.
Managed blockchain solutions power enterprises that want to leverage the benefits of blockchain without the technicalities of developing and administering a self-managed network. They offer several advantages, such as an easy-to-use interface, cost savings, scalability, security, and support. These services can assist enterprises in establishing and managing a blockchain network and provide the technical skills and resources required for a seamless blockchain launch.
Overall, managed blockchain solutions function by providing services such as infrastructure, management tools, security measures, and support to set up and administer a blockchain network by combating the loopholes of a self-managed blockchain solution.
If you want a reliable managed blockchain solution for your business, DLTStack is the ideal choice. This robust one-click managed blockchain service facilitates blockchain creation and deployment instantly.
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