A multinational company located in the Asian countries of Taiwan, Japan, Korea, Singapore, and Malaysia, BaaSid aims to focus on blockchain technology application development. Since blockchain has been around for quite some time now, many developing countries, with the help of multinational corporations, are currently exploring and developing blockchain-based applications to support their financial sectors. We are witnessing FinTech applications splurging at the forefront of blockchain adoption.
Many open banking investors have faced many unpleasant issues with identity, safety, and verification of information exchange. Therefore, different enterprises have started paying much more attention than before to blockchain-based decentralized identification that can solve issues with the modernization of information security.
What’s more, other industries have also realized that blockchain technology could revolutionize their respective work areas. The global blockchain-as-a-service (BaaS) market size is set to reach USD 24.94 billion by 2027, exhibiting an impressive CAGR of 39.5% during the forecast period. This growth is attributable to the participation from prominent technology providers like IBM, Oracle Corporation etc. Baasid believes that blockchain technology has everything it needs to revolutionize the structural operations of the Internet. Enterprises need to follow techniques to stand out in the market. With the rise of market, investments, and prices in blockchain technology, Blockchain may replace many traditional technologies, becoming one of the most important innovations of the modern digital era
BaaSid identifies users only with blockchain and multiple nodes without original data, and performs 2FA and MFA more securely. It is an extension of BaaS (Blockchain as a service), a concept that entails an opportunity for individuals to borrow Blockchain-based benefits partially or entirely. This platform operates without a centralized database server. BaaSid suggested that enterprises would leverage the popularity of blockchain to attempt and research more of its applications.
A regular Blockchain is an encrypted form of the ledger prone to hackers since the data stored comes from numerous internet users, each being stored the same way. But BaaSid introduced a system where the data set is distributed and stored in its unique way. It, therefore, counters the limitations of Blockchain. It will also significantly reduce the costs of security and maintenance issues such as buying firewalls and loss of data. There is also no unwanted disturbance or interference from third parties, banks, or governmental organizations.
When an individual’s data is sent into a network, it is split into hundreds of tiny fragments, divided into thousands of different nodes of a single data set. This model helps to separate anonymous individual data that are then stored systematically. A decentralized split ID is a tiny portion of a person’s entire identity within the database.
BaaSid has commercialized secure and high-speed authentication and decentralized storage on a cloud-based basis using such decentralized storage.
BaaSid being a decentralized hub, locks down sensitive information like passwords, email addresses and usernames, credentials, biometric data, phone numbers, domain names, and credit card pins in a way that makes it utterly inaccessible by a second party, almost as if it vanishes. It also serves as the means of identification and ID verification. Internet providers and organizations can log in securely and discreetly to their business centers and hubs all across the globe.
BasSid claims that if a company uses a BaaS based system, unauthorized access will likely never occur. It provides its users with a login id, instant membership, and authentication of payment. Also, authorized access to the information embedded in the database is highly restricted. The participants in a split-id use only the instant access in a one-time package to access the report. This method of one-time access automatically confirms the participant’s verification. This technology supersedes the need for a user database, identification, or any storage of private information. This also ensures un-hindered operations as no third-party certification is required.
Authentication and cloud services based on BaaSid’s decentralized storage are expected to grow as core technologies for next-generation IT security.