Blockchain technology has gained massive popularity in recent times due to its decentralized structure, which enables the creation of a tamper-proof and secure ledger of financial transactions and asset transfers. Its capability to provide transparency and reduce the risk of fraud has made it a widely adopted solution across various industries. From improving supply chain management to transforming online payment methods, the possibilities of blockchain are countless and diverse. As technology continues to evolve and more organizations adopt it, it’s evident that blockchain is here to stay and will continue to shape the future of finance and business. However, developing a blockchain network is a complex process that requires a team of highly skilled developers with technical expertise, database management skills, and more.
To simplify the process of blockchain development, managed blockchain solutions have emerged as a solution in the web3 industry. MarketsandMarkets published data showing that the managed blockchain services industry is set to grow from $705.7 million in 2020 to a massive $9.7 billion in 2025, with a compounded annual growth rate of 81.3%. Managed blockchain solutions provide businesses with a flexible way to take advantage of the benefits of blockchain without dealing with the technical complexities of decentralized technology.
A managed blockchain service is a platform that offers businesses the ability to use blockchain technology without having to manage the underlying infrastructure and technical complexities involved in setting up and maintaining a blockchain network. It provides a simplified way for organizations to leverage the benefits of blockchain, such as increased transparency, security, and efficiency, without having to invest in the technical expertise and resources required to build and operate a blockchain network. Managed blockchain services typically include features such as network setup and management, security, and scalability, allowing businesses to focus on building their applications and utilizing the blockchain rather than managing the underlying technology
A managed blockchain service can benefit a variety of organizations and businesses, including:
These are just a few examples of the types of organizations that can benefit from a managed blockchain service.
The main difference between managed blockchain services and traditional blockchain development methods is the level of control and responsibility for the underlying technology.
In traditional blockchain development, an organization is responsible for building and maintaining the entire infrastructure of the blockchain network, including hardware, software, security, and scalability. This requires a significant investment in technical expertise, resources, and time.
In contrast, managed blockchain services provide a simplified way for organizations to leverage the benefits of blockchain technology by outsourcing the management and maintenance of the underlying infrastructure to a third-party service provider. This means that the service provider is responsible for setting up and maintaining the network, while the organization can focus on building and deploying its applications on top of the blockchain.
Managed blockchain services also typically include features such as network setup, security, scalability, and monitoring, which can be difficult and time-consuming to implement in traditional blockchain development methods.
In summary, managed blockchain services offer a more cost-effective and efficient way for organizations to adopt blockchain technology, while traditional blockchain development methods require a significant investment in technical expertise and resources.
Managed blockchain works by outsourcing the management and maintenance of the underlying blockchain infrastructure to a third-party service provider. The service provider is responsible for setting up and maintaining the network, while the organization using the blockchain can focus on building and deploying its applications on top of the blockchain.
The process of using a managed blockchain service typically involves the following steps:
By outsourcing the management and maintenance of the blockchain infrastructure to a third-party service provider, organizations can focus on building and deploying their applications, while the service provider takes care of the technical details of the blockchain network. This allows organizations to quickly and easily adopt blockchain technology without having to invest in the technical expertise and resources required to build and maintain a blockchain network on their own.
Here are some of the top-managed blockchain solutions:
These solutions offer a range of features and capabilities, including network setup, security, scalability, monitoring, and reporting. The specific features and capabilities of each solution may vary, so organizations need to research and compare different solutions to find the one that best meets their needs.
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