Breakdown of the Baas market in China 2021
In 2021, Tencent's Blockchain as a Service division accounted for 16 percent of the blockchain as a service (BaaS) market in China, a market that had a combined value of 188 million U.S. dollars. BaaS is a cloud-based offering that enables businesses to create, deploy, and manage blockchain applications without having to build and maintain their own blockchain infrastructure. It provides a cost-effective and scalable solution that allows companies to leverage the benefits of blockchain technology without the complexities and expenses associated with building and operating their own blockchain network.