IDC reports that in 2020, China’s BaaS market grew at a rapid annual growth rate of 91.8%, achieving a market size of over $97.3 million USD.
From the perspective of the market, integrated technology companies, cloud vendors, independent blockchain technology providers, companies from large financials, communications, and other industries have all joined the competition.
Compared to industrial groups, companies such as AntChain, Huawei, Inspur, Tencent Cloud, Qulian Technology, Baidu Smart Cloud rely on widely distributed cloud platforms, rich innovative technologies, and strong market resources to achieve significant advantages in the BaaS market competition.
The BaaS (blockchain as a service platform) platform came into being as the underlying foundation of the blockchain technology that empowers the industry.
The BaaS (Blockchain-as-a-Service) was defined by IDC as a comprehensive platform that provides the protocol layer and service layer functions in the blockchain technology architecture to assist industry users, system integrators, and independent software developers to develop and manage blockchain applications.
Among these, the protocol layer provides the underlying blockchain protocols such as encryption algorithms, distributed accounting, consensus algorithms, and contract virtual machines; the service layer provides support areas such as node management, key management, smart contracts, cross-chain technology, and the distributed identities Plug-in service for blockchain vertical application development.
According to the “IDC Global Blockchain Spending Guide 2021v1”, China’s overall blockchain market has reached a scale of $479 million USD in 2020 and will maintain a compound growth rate of over 50% in the future.