The Application of Blockchain-as-a-Service (BaaS) and its providers in China

Abstract

The potential of blockchain has been recognized worldwide. It can be applied in many fields and brings a huge improvement to society. To help users to gain quick access to this new technology, IT giants introduce BaaS (Blockchain as a service). However, the study of BaaS in the context of the Chinese environment is insufficient. Therefore, this article aims to make up for this gap. This paper studies the application of blockchain in China and the benefits and challenges of BaaS. Then, 5 BaaS providers will be introduced and one of them, the 58 BaaS, will be carefully examined through SWOT analysis. The conclusion is that although the application of BaaS is promising, there are obstacles such as regulations on the way to the large-scale use. Different providers of BaaS in China focus on different areas, and 58 concentrates on a unique one. 58 BaaS has its competitive advantages compared to other providers, but it still has to deal with the challenges carefully in the application of blockchain. Keywords—blockchain as a service; application of blockchain;