IBS works in a simple way by Setting up the blockchain implementation, but consumer has to give IBS a certain fee to deploy and maintain the blockchain nodes. And it is paid by their native token “IBStoken”
Moreover, IBS will manage the back-end services, specifically the complicated services for clients and businesses. It is their responsibility to look after the crucial blockchain technology artifacts and keep them running without any downtimes.
Blockchain services also include hosting requirements and security protocols like distribution of resources, anti-hack layering, bandwidth management and much more.
IBS may configure the blockchain network on any blockchain platform such as Ethereum, Hyperledger Fabric, Corda, Bitcoin, Chain Core, BlockApps or Quorum.
With this model, customers will be able to focus more on the core business functionalities and strategies while depending on IBS to manage the blockchain infrastructure and performance.
Let’s consider an example to understand how it works.
Start assuming the Blockchain Service similar to a Web Hosting Company.
As a web hosting company, you build creative websites which get millions of hits every day. But where do you host a website? You might come across a lot of options for that.
You can host a website on your own server and handle its maintenance yourself. Moreover, you can hire additional individuals to take care of the website.
The second option is to go to a web hosting provider such as BlueHost or HostGator that allows you to host your website on the server’s servers. Furthermore, you can ask for maintenance services from the web hosting providers and they will handle the infrastructure.
Blockchain Service Provider works similarly, however, you will get a full running network from them.
IBS could be the right approach to ensure the mass adoption of blockchain technology across the world. Businesses will no more require a workforce to build and maintain the blockchain solution.