What is Business as a Service (BaaS)?

Business as a Service (BaaS) is defined as the third-party creation and management of cloud-based network infrastructure for enterprises that want to create and run customized business applications. Business as a Service in the blockchain space is sometimes called Blockchain as a Service (BaaS), meaning that the customized software and computing structure of the business is specifically designed for enterprises building blockchain applications. Blockchain as a Service functions similar to a web host running the back-end operations for a blockchain-based application or platform.