October- 25, 2018 | AtoZ Markets
Alibaba has announced extending its cloud blockchain-as-a-service (BaaS) product to cover Southeast Asia, the US, and Europe.
Alibaba Cloud's BaaS is identified as a tool customers use to build a "secure and stable environment for blockchain implementations"
Enterprise blockchains built on either Hyperledger Fabric or Ant Blockchain will grab Alibaba’s focus. Ant Blockchain is the blockchain protocol and network developed by Alibaba Group's Ant Financial Services, where the China-based company owns 33 percent of.
Today’s press release informed that Alibaba Cloud's BaaS is "guarded by trusted computing and a secure consortium blockchain network,"
As per the news, Alibaba aims to provide a "trust infrastructure" to support innovations in all industries, and intends to use Intel SGX security technology, that protects both code and data from cyberattacks.
Competition with Business Giants is on the Way
The platform will reportedly support “consortium blockchain management”, EDCCs (known as “smart contracts” as well), and software development kit (SDK) applications, in addition to automatic deployment and monitoring, operating, and maintenance functions. Other features the Cloud supports are hybrid cloud and distributed business systems.
In his turn, Brian Behlendorf, Hyperledger's executive director, said: "We're delighted to see the launch of Alibaba Cloud BaaS powered by Hyperledger Fabric as we've already seen many Hyperledger use cases in production this year."
Financial observers expect the new move to enable Alibaba to compete in the global cloud BaaS marketplace with Microsoft Azure, Oracle, and Amazon Web Services (AWS).
It is worth mentioning that Bank of America’s analyst, Kash Rangan, referred to that that the BaaS market could quickly reach a value of $7 billion as companies look for cost-effective blockchain solutions.