Due to its rising demand, businesses have started realizing the potential of blockchain platforms. Research suggests that by 2026, the blockchain market will be valued at $67.4 billion. Blockchain initially disrupted the banking sector, but its applications are currently being researched in various sectors, including software development.
The demand for blockchain development platforms has skyrocketed as enterprises have begun to build blockchain apps to test the capabilities of the technology. Another factor contributing to the rise in blockchain streaming platforms is the expansion of dApp development. The Blockchain Solutions Architect online course will help you to gain in-depth knowledge if you want to pursue a career in blockchain development.
A blockchain is a database that easily tracks and records physical or virtual data transactions in a network. Data is kept in blocks that are connected together in a chain and stored in a blockchain database. Due to the inability to delete or amend the chain without network consensus, the data remains chronologically consistent.
To manage orders, payments, accounts, and other transactions, you can utilize blockchain technology to establish an unchangeable or immutable ledger. A common picture of these transactions is consistent with the system's built-in features, which also stop illegitimate transaction submissions.
Top 10 Blockchain Platforms
Blockchain technology has become increasingly popular in recent years, with various popular blockchain platforms offering secure and efficient solutions for different industries. In this section, we will discuss the top 10 blockchain platforms, each with its unique features and applications.
IBM Blockchain
Overview
IBM Blockchain is a Blockchain-as-a-Service offering, where users can set up a Blockchain network that is a secure and efficient solution for any of their requirements that can leverage blockchain technology such as food supply chains, trade finance, financial services, insurance, media, and advertising.
IBM Blockchain uses Hyperledger Fabric, a leading open-source framework, to provide a fully managed and supported blockchain service.
Official Website link
Key Features
- Code smart contracts in Node.js, Golang, Java, or JavaScript with IBM Blockchain, leveraging the Platform Developer Tools.
- Deploy networks seamlessly using Ansible Playbooks or the Red Hat Marketplace.
- Manage and control organizations, nodes, and deployments through the IBM Blockchain Platform console.
- Utilize IBM Blockchain on the cloud for flexible resource scaling, with options for disaster recovery and high availability.
Tron
Overview
Tron is a decentralized blockchain platform launched in 2017 by the TRON Foundation, it is built to be a more efficient layer-one blockchain than existing networks, its main focus is high throughput, high scalability, and high availability.
TRON uses the delegated proof-of-stake (DPoS) consensus mechanism and it also helps with reducing the typical latency associated with more conventional networks using its three-layer architecture. Tron's native cryptocurrency is TRX.
It aims to become a major player in Web3 by decentralizing the way content is developed and distributed online.
Official Website link
Key Features
- Tron Virtual Machine (TVM) supports Solidity-based smart contracts, ensuring compatibility for diverse decentralized applications with minimal modifications and supporting popular tokens like BTT, USDT, and USDC.
- Achieving speeds of up to 2,000 transactions per second (TPS) and transaction finality in under three seconds, Tron surpasses Ethereum in throughput and user-friendliness.
- Tron's three-layer architecture and DPoS consensus mechanism ensure efficient block production, network operations, and a fully decentralized network.
- Elected super representatives manage block production transparently through a democratic election process, allowing any account to participate by paying 9999 TRX, and the top 27 candidates become super representatives responsible for running TRON nodes and receiving rewards.
Stellar
Overview
Stellar is a layer-1 open-source blockchain platform, a decentralized, peer-to-peer blockchain network designed to facilitate cross-border payments and provides a framework for developers to create applications, issue assets, and connect to existing financial rails.
Stellar operates on a consensus mechanism of its own known as Stellar Consensus Protocol (SCP), based on the proof-of-agreement (PoA) consensus mechanism. It ensures fast, cheap, and energy-efficient transactions.
The native cryptocurrency of the Stellar network is Lumens (XLM).
Official Website link
Key Features
- Stellar, an open-source decentralized blockchain, confirms transactions within 5 seconds, boasting fast and affordable cross-border transactions with an average cost of less than a penny (0.00002 XLM).
- Its architecture connects banks, payment systems, individuals, and institutions, facilitating cross-asset and low-cost value transfers.
- Stellar allows users to issue and trade digital assets representing various value types, including currencies, commodities, and real estate.
- Stellar provides open protocols for integrating deposits and withdrawals via the anchor network, enabling Stellar-based applications to leverage real banking rails and connect to real money. Additionally, Stellar offers SDKs for developers to build within the ecosystem.
Corda
Overview
Corda is a permissioned, distributed ledger technology (DLT) platform designed for regulated financial institutions and enterprises. Corda offers impressive scalability, transaction privacy, state consistency, and workflow flexibility, making it suitable for a wide variety of enterprises. Its unique aspects include maintaining a single identity across all Corda-based networks, ensuring that all identities are tied to a legal entity, and reducing security risks. Corda's focus on regulatory adherence and interoperability distinguishes Corda from other blockchain alternatives such as Ethereum, showcasing its adaptability and suitability for environments where compliance is a key consideration.
Official Website link
Key features
- One of the main abilities of the Corda network is to facilitate multiple groups that can coexist and interact on the same network.
- Leveraging Corda’s identity management will enable people to maintain a secure presence across all Corda-based networks.
- Since Corda is a permissioned blockchain it enables secure data sharing and also limits it to authorized parties, ensuring privacy.
- Corda ensures the smooth movement of digital assets and currencies with its validity and uniqueness consensus mechanism.
- Corda also complies with regulations like ISO 20022 and ISDA CDM, with its main focus on core principles of identity, transaction finality, and open governance.
- Corda empowers developers by allowing them to use Java or Kotlin for smart contract development. This convenience is notable, especially considering the popularity of Java and Kotlin, which can also be utilized for developing applications.
- With the help of Corda’s Flow Framework, users can define steps that instruct a node on how to achieve a specific ledger update, such as issuing an asset or settling a trade.
Neo
Overview
Neo is an open-source blockchain platform, a community-driven public blockchain that offers smart contract functionality, allowing developers to build decentralized applications that can manage digital assets and identities. Neo aims to build a comprehensive “smart economy” with the help of digital assets, digital identities, and smart contracts.
Neo supports a dual-token model, with NEO as the governance token and GAS as the utility token, used to pay for operations on the network. The network runs on a proof-of-stake decentralized Byzantine fault-tolerant (dBFT) consensus and can support up to 10,000 transactions per second.
Neo provides a full stack of features out of the box, which can be used to build complete decentralized applications, while also supporting advanced interoperability which harnesses the power of the global blockchain ecosystem.
At present Neo is undergoing a major upgrade, as it migrates to N3 - The most powerful and feature-rich version of the Neo blockchain.
Official Link
Key Features
- Neo facilitates smart contract creation and execution while implementing a digital identity system for user verification.
- Designed for cross-platform compatibility, Neo supports smart contract development in various programming languages.
- Aims for high transaction throughput and employs a delegated Byzantine Fault Tolerance (dBFT) consensus mechanism for secure and efficient consensus.
- Prioritizes interoperability, allowing seamless integration with existing systems and other blockchains.
- Emphasizes regulatory compliance by incorporating features to meet legal requirements.
Ethereum
Overview
Ethereum is a public blockchain and application platform used to run smart contracts and decentralized applications, it is powered by the cryptocurrency called ETH. Ethereum was the first blockchain to introduce the concept of smart contracts which later revolutionised the world. The Ethereum Virtual Machine (EVM) is the global virtual computer whose state everyone on the Ethereum network agrees on.
Ethereum uses a proof-of-stake-based consensus mechanism. Anyone who wants to add new blocks to the chain must stake ETH to participate in the block creation process. Ethereum went live on 30 July 2015, Ethereum’s large user base encourages developers to deploy their applications on the network, which further reinforces Ethereum as the primary home for decentralized applications like DeFi and NFT
Official Link
Key Features
- 1. Ethereum is Censor-resistant, immutable, secure, transparent, and decentralized.
- 2. Ethereum supports smart contracts which allow a wide range of applications to be built on a decentralized network.
- 3. Ethereum Virtual Machine serves as the base foundation for many other blockchains that are looking forward to integrating smart contract support.
- 4. Ethereum has introduced the concept of Layer 2 chains to enhance scalability, reduce transaction costs, and improve transaction throughput.
- 5. The sidechains, state/payment channels, plasma chains, and validium are some of the layer 2 solutions from Ethereum.
MultiChain
Overview
Multichain is a blockchain platform that enables businesses to launch custom, interoperable, and private blockchains. It is designed to provide greater flexibility and scalability to blockchain applications, allowing developers to create more specialized and customizable solutions.
Multichain's vision is to create a fast, secure, inexpensive, and reliable way to exchange value, and data, and exercise control between blockchains. Its cross-chain interoperability solutions allow almost all blockchains to communicate with each other, including Ethereum-like chains, Layer 2 chains, networks of Parachains, Bitcoin-type chains, and COSMOS chains
Official Link
Key Features
- Multichain allows rapid deployment with just two simple steps for creating a new blockchain and three steps to connect to an existing one.
- Provides the flexibility of issuing unlimited assets and tokens, all tracked and verified at the network level.
- Enables the creation of multiple key-value, time series, or identity databases, both on- or off-chain, with optional control over transactions and asset creation.
- Offers seamless cross-chain interoperability, designed to cater to specific business needs, providing a flexible and scalable platform for blockchain applications, along with tools to reduce the technical burden for developers.
EOS
Overview
EOS is a blockchain-based cryptocurrency and application platform that aims to solve scalability issues for decentralized applications. The EOSIO software runs the blockchain based on a Delegated Proof-of-Stake (DPoS) consensus mechanism for enhanced scalability. EOS dApps have quickly emerged as the safer, faster, and more affordable alternatives to traditional blockchain apps.
EOS is leading in terms of the development of gaming and gambling applications/software and a wide range of other applications such as music sharing, fitness tracking, digital payment, and more. EOS is part of the broader Web3 project to move the features and functions of computing, and even the internet itself, onto blockchain networks
Official Link
Key Features
- EOS aims to increase transaction speed and enhance dApp performance by leveraging parallel execution.
- EOS technology is designed to cater to the specific needs of businesses, providing them with a flexible and scalable platform for their blockchain applications.
- EOS allows seamless integration and interoperability between different blockchains, allowing for the exchange of data and assets.
- EOS relies on people and voting to secure the blockchain, making it more democratic and transparent
- EOS has support for both smart contracts written in solidity or C++.
Hyperledger Fabric
Overview
Hyperledger Fabric is an open-source blockchain platform, a permissioned blockchain framework developed by the Linux Foundation. It is designed to provide a modular, scalable, and secure foundation for developing enterprise-grade applications and industry solutions. Fabric offers advanced privacy controls, enabling only the data that needs to be shared among the participants. It uses a unique approach to consensus that facilitates scalable performance while maintaining security and privacy.
Hyperledger Fabric is suitable for various industry applications due to its modular design and flexibility. It has been adopted by more than 120,000 contributing organizations and has over 15,000 engineer contributors working on its development.
Key Features
- Hyperledger Fabric is built with a modular architecture, allowing for the interchangeability of components and enabling a plug-and-play environment.
- The platform offers advanced privacy controls, ensuring that only the data you want shared gets shared among the participants, this allows businesses to build their private blockchain.
- Hyperledger Fabric uses a unique approach to consensus that facilitates scalable performance while maintaining security and privacy.
- Hyperledger Fabric employs a pluggable consensus mechanism, allowing for the use of different consensus algorithms based on the requirement.
- Hyperledger Fabric is designed to support a wide range of use cases, including supply chain management, trade finance, and loyalty and rewards programs
- As a permissioned blockchain, Hyperledger Fabric focuses on privacy and security, allowing only authorized parties to access and share data.
Open-chain
Overview
Open-chain is an open-source distributed ledger technology designed for organizations wishing to issue and manage digital assets in a robust, secure, and scalable way. It is not a traditional “blockchain” but a close relative, often referred to as a “transaction chain” because Openchain doesn’t use the concept of blocks, transactions are directly chained with one another, and they are no longer grouped in blocks.
While the main focus of Open-chain is supply chain, it is also well-suited for organizations managing digital assets and seeking a more efficient and real-time transaction confirmation system.
Key Features
- Transactions are directly chained with one another and are no longer grouped in blocks, allowing for instant confirmation of transactions.
- Open-chain does not require mining fees, making it a cost-effective solution for organizations managing digital assets.
- Open-chain offers extremely high scalability, making it well-suited for latency-sensitive applications, such as trading.
- The platform is secured through digital signatures, ensuring the integrity and security of the data stored on the ledger.
- Open-chain introduces a Hierarchical account system allowing you to set permissions at any level and also lets you assign readable aliases to users instead of using base-58 addresses.
Quorum
Overview
Quorum is a permissioned blockchain network based on a fork of the Ethereum blockchain. It was developed by JP Morgan to address the specific needs of the financial industry, such as privacy, scalability, and performance[1]. Quorum is designed to be an enterprise-grade blockchain platform, offering advanced features and capabilities that are tailored to the needs of businesses and organizations.
Quorum is a private or permissioned blockchain, based on a fork of the Ethereum blockchain, it was developed by JP Morgan to address the specific needs of the financial industry, such as privacy, scalability, and performance. Quorum is designed to be an enterprise-grade blockchain platform, and it is designed to be used by a specific group of participants who have been granted permission to access the network.
Official Link
Key Features
- Quorum offers advanced privacy controls, allowing for the creation of private transactions and smart contracts that are only visible to authorized parties.
- Quorum is designed to be highly scalable, allowing it to handle large volumes of transactions without sacrificing performance or security.
- Quorum is faster than traditional blockchains like Bitcoin and Ethereum, making it well-suited for latency-sensitive applications.
- Quorum offers enterprise-grade access control mechanisms, ensuring that only authorized parties can access and share data on the network.
- Quorum supports the use of smart contracts, allowing for the automation of complex agreements between parties.
NEM
Overview
NEM, or New Economy Movement, is a blockchain protocol and ecosystem with a native cryptocurrency, XEM coin. It was created specifically to provide a streamlined solution for organizations that may and stand to continue playing a pivotal role in the digital economy. NEM's blockchain platform is built around what it calls the "Smart Asset System," an API designed to make it easier for software developers to create new applications on NEM's blockchain.
Key Features
- Reduces the impact on the environment by enabling NEM to run its network through nodes that do not require powerful, energy-guzzling hardware, thus allowing those with even a standard computer to contribute based on their "importance" to the network.
- NEM offers a seamless ability to interface between public and private blockchains, enabling easy transfer of any digital asset, such as tokens, between the two
- NEM's blockchain platform is designed for enterprise adoption, offering a robust network, an innovative consensus mechanism, an accessible user interface, and an active community to bridge traditional business practices and the new world of blockchain technology
- NEM launched a new business enterprise blockchain product called Symbol in March 2021. Symbol's digital token (XYM) is based on a blockchain that uses proof of stake.
The following is the blockchain platform list for developers with the building blocks they need to develop applications:
1. Ethereum
One of the best blockchain platforms, Ethereum, was released in 2013. It offers a blockchain that is as fully decentralized as the Bitcoin blockchain network. Ethereum is also completely decentralized and boasts complete support for smart contracts.
2. IBM Blockchain
Commercial clients who are less risk-averse have found the fastest blockchain platform with IBM Blockchain private, decentralized blockchain network. The developer believes that its ability to connect to the business cloud and legacy systems more easily than other decentralized networks presents the greatest prospects.
3. ConsenSys Quorum
Using Ethereum as its foundation, ConsenSys Quorum is a fully controlled ledger service. Quorum, which operates quicker and can handle more transactions at once than the rest of the Ethereum network, employs proof-of-authority rather than proof-of-work. Additional security elements, including compatibility for GDPR and comparable laws, are also included.
4. Hydrogen Molecule
An industry-specific blockchain development platform is Hydrogen Molecule. Document hashing, on-chain authorization, data tracking, as well as cryptocurrency payments, and security tokenization are all made possible by Molecule. With the help of these characteristics, businesses may use the blockchain to deliver quicker, more secure financial solutions.
5. Hyperledger Fabric
By isolating operations in channels or facilitating the exchange of private data in private data collections on a need-to-know basis, Hyperledger Fabric may also enhance data privacy. It also enables quick transactions with little finality and confirmation delay.
6. Ripple
Ripple positions itself as a one-stop shop for business, offering quicker, more transparent, and more affordable solutions than traditional financial services. Its clients include Bank of America, Banco Rendimento in Brazil, and Singapore-based global payments processor Nium.
7. Stellar
Stellar promises a "world of options for programmers looking to build financial access." Its open network provides speed, affordability, and utility. Its rail network covers more than 185 nations.
8. EOSIO
The "top open-source platform" for companies and programmers using blockchain, according to Eosio. It is quick and adaptable, supports scaling, is highly configurable, and gives developers various tools and resources. Due to Eosio's foundation in C++, both private and public networks can benefit from its "very flexible" environment.
9. Corda
A blockchain exists in Corda, but not in the conventional sense. It uses peer-to-peer distributed ledger technology but does not bundle several transactions into a block. Your dApps will run faster since it handles all interactions in real-time.
10. Elements
Elements from Blockstream are special since they can operate as a sidechain as well as an independent blockchain. You can seamlessly combine blockchain apps with Elements projects if you already have blockchain apps. Like the others on this list, elements depart from the proof-of-work paradigm to offer shorter latencies.
11. XDC Network
The XDC Network, backed by the XDC Foundation, promotes itself as a hybrid blockchain capable of powering use cases and remaining adaptable to suit the needs of an evolving industry. The network established a branch in Metaverser's Crypto Valley in 2022, thanks to a collaboration with the blockchain game Metaverse and the finance company Globiance.
12. Tezos
https://tezos.com/
Tezos is an older platform that has been in development since 2014. It allows decentralized apps, smart contracts, and unique financial instruments like NFTs, which may be compared to a contemporary version of trading cards linked to digital assets.
The platform's ability to adapt to new purposes is made possible by its support for a dynamically upgradeable protocol and modular software clients.
13. Hyperledger Sawtooth
Another Hyperledger and The Linux Foundation-led open source blockchain project, Hyperledger Sawtooth, enable "trusted computing environments" of program code to run in secure enclaves and secured regions of computer memory by utilizing a novel consensus protocol called proof of elapsed time.
14. Hedera Hashgraph
A distributed ledger system called hashgraph has been referred to as a substitute for blockchains. The public ledger Hedera uses a hashgraph technique that is currently patented, and Apache 2.0's Grant of Patent License grants permission to implement the patent as long as the implementation complies with the Apache license provisions.
15. Hyperledger Iroha
Hyperledger Iroha is intended to be straightforward and simple to integrate into infrastructure or Internet of Things applications that call for distributed ledger technology. With an emphasis on user application development, Hyperledger Iroha offers a straightforward structure, a modular, domain-driven C++ design, and a brand-new, crash-fault tolerant consensus algorithm dubbed YAC.
16. Dragonchain
To better meet your business needs, Dragonchain offers developer-friendly connectors and apps that are fit for the workplace. It is a platform for building adaptable and scalable blockchains.
17. OpenChain
It is a blockchain platform that is open source. It is made to maintain digital assets in a scalable, secure, and resilient way. Every instance of its partitioned consensus algorithm has a single authority for legitimate transactions. This platform is more effective and dependable since it is built using a client-server architecture.
18. NEO
With the main objective of creating a smart economy, NEO is a blockchain that was created to completely digitize assets and identities using smart contracts. Digital assets and digital identities are viewed as being crucial to raising everyone's standard of living in the philosophy underpinning a smart economy.
19. Tron
Blockchain-based operating systems like Tron are well-known for users who may primarily swap media assets and create decentralized apps. To gain access to particular operating software capabilities, the TRX money is utilized. As a result, the token's main use case is for the Tron network.
20. Multichain
An open-source variation of Bitcoin is called MultiChain. It is easy to use and can be used to build both open and private customized blockchains. It includes a well-designed combination of features as well as improvements targeted toward business and commercial customers.
As an investor, you can use the following top Blockchain platforms to tokenize digital securities. You can buy ownership in a company whose shares have been tokenized by purchasing securitized tokens.
1. Gemini
Gemini is a blockchain trading platform introduced in 2015 and is targeted at experienced investors and aggressive traders. Customers who are seeking to purchase and selling cryptocurrencies from Gemini have a number of alternatives. The New York State Department of Financial Services oversees its regulation.
2. Uphold
The blockchain betting platform Uphold provides a wide selection of financial services and goods. Nearly 220 cryptocurrencies and other assets can be purchased, sold, or traded by users. Regarding its charges, uphold is open. Comparing it to many other crypto exchanges, its fee structure is a little bit different. There are no maker-taker fees, commissions, or deposit costs. Spread fees, which are essentially a little premium you'll spend over the genuine market price, allow Uphold to generate revenue instead.
3. Coinbase
Coinbase is a known bitcoin exchange that makes purchasing, selling, and exchanging cryptocurrencies simple. Coinbase makes purchasing Bitcoin as simple as purchasing a stock online through a brokerage but beware of the fees and subpar customer support. A safe cryptocurrency trading and investment platform is provided by Coinbase. Numerous currencies, including Bitcoin and Ethereum, are supported. The primary Coinbase platform has an intuitive user interface. Through Coinbase Pro, any Coinbase user has access to lower costs and additional services.
4. Binance
One of the best platforms for NFTs is the fastest rate of development is Binance, which is recognized with launching two significant Blockchain projects in recent years. The Binance Chain is one of these. The company's first Blockchain platform, Binance Chain, was officially unveiled in April 2019. It functions as a marketplace platform for the trade of cryptographic assets. It provides Binance DEX, an exchange where users can trade Binance Coin or BNB. Users can build decentralized applications (Dapps) using Binance Chain (BC). Trading fees on this Blockchain are low, and there is no need for a middleman. It is a decentralized platform that is transparent.
5. Kraken
Kraken is the leading bitcoin exchange in the UAE. It is a trading platform that was established in San Francisco in 2011, making it one of the biggest and oldest exchanges. It offers the ideal solution for all trading requirements. Kraken offers a wide variety of cryptocurrencies that you may buy, sell, and trade. The Kraken cryptocurrency exchange is one of the most well-known and established Bitcoin exchanges in the world, offering a wide range of digital assets and fiat currencies. The Kraken is present all throughout the planet, not just in one location.
6. Bitstamp
In 2011, Bitstamp was established; Damijan Merlak is one of its co-founders. It is established in Luxembourg and has its main office in the UK. It is one of the first crypto exchange to have ever existed, and it serves a variety of users, from novices to seasoned traders. Investors can trade Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash for fiat currency using Bitstamp. Customers can use their debit and credit cards to withdraw and transfer fiat currencies including USD, GBP, and EUR.
7. eToro
The eToro Group has built a reputation for providing secure and compliant services to its millions of consumers globally. Advanced signature procedures are used by the eToro Money crypto wallet in compliance with security best practices. Using the same login information as their trading account, current eToro customers may easily access the cryptocurrency market thanks to the crypto wallet. If you have cryptocurrency in your wallet, you can convert accepted coins to one of the cryptocurrencies that are supported by the wallet using the conversion tool.
8. Bitcoin IRA
Bitcoin IRA is the most secure option for blockchain advertising platform, providing Bitcoin IRAs with genuine offline cold storage of private keys and dollar-for-dollar insurance benefits for crypto assets. The primary benefit of Bitcoin IRAs is that they diversify retirement portfolios, which helps to reduce risk and increase possible profits. Due to their comparatively stable markets, investors who previously diversified their IRAs with precious metals are now turning to cryptocurrencies for the same purpose. Investors may be able to avoid paying high capital gains taxes by utilizing digital currency in particular types of retirement funds.
Benefits of Blockchain Platforms
Blockchain platforms have emerged as revolutionary technologies, offering a multitude of advantages that span various industries. I’ve provided a break down of these benefits comprehensively below:
- Trust Establishment: The blockchain systems were built to automate transactions of your assets and funds without having to worry about the trust factor. Through decentralized consensus mechanisms, it ensures the accuracy and integrity of data, fostering a secure and transparent environment.
- Decentralization: The decentralized nature of blockchain eliminates the need for central authorities, meaning no single entity or organization has control over the Blockchain network or its transactions everything is automated and secured. This autonomy not only minimizes the risk of a single point of failure but also empowers multiple parties to access and share data independently.
- Enhanced Security and Privacy: Blockchain being transparent by nature, comes with mechanisms for security and privacy. Blockchain's cryptographic principles and decentralized architecture help with creating a tamper-proof and immutable record of transactions. This ensures that sensitive information is stored securely, eliminating the possibility of data being manipulated or corrupted.
- Reduced Cost: Blockchain significantly reduces costs by eliminating intermediaries, but it's wise to consider that the users are still required to pay a small fee known as a gas fee, these fees ensure network maintenance and resource coverage.
- Speed and Efficiency Improvements: The traditional transaction processes involving paperwork and authentication are streamlined by blockchain which accelerates transaction settlements on-chain without any need for the paperwork and stores them securely with the help of cryptography. Its ability to operate 24/7 and in real-time enhances efficiency, reduces delays, and facilitates quicker dispute resolution.
- Transparency and Immutability for Data Integrity: Every transaction made on the blockchain is transparent, this ensures that all participants have visibility into transaction details. Furthermore, once data is recorded, it becomes immutable, meaning it cannot be altered or deleted preserving its integrity.
- Smart Contracts Automation: Blockchain's power lies in automation, eliminating the intermediateries, by supporting smart contracts, self-executing programmable contracts with the terms of the agreement/task directly written into them. This automation ensures that all the transactions are streamlined.
- Global Accessibility: Traditional financial services often have geographic limitations and impose hefty transaction fees. Blockchain breaks these barriers, providing global access to financial services, particularly in areas with limited banking infrastructure, fostering financial inclusion.
Importance of these Blockchain platforms
Blockchain technology has become increasingly important in recent years, with numerous blockchain platforms available to address various challenges and needs. Here are some of the few important list of blockchain platforms and their significance:
- Ethereum: Ethereum is a widely used, open-source, and custom-built blockchain platform that is considered to be an industry-leading choice for enterprise applications. It enabled the development of smart contracts and decentralized applications, also known as dApps, and has gained significant popularity due to its range of features.
- Hyperledger Fabric: Hyperledger Fabric is an open-source, permissioned blockchain framework developed by the Linux Foundation. It is designed to provide a modular, scalable, and secure foundation for developing enterprise-grade applications and industry solutions. Fabric offers advanced privacy controls, enabling only the data that needs to be shared among the participants.
- OpenChain: OpenChain is an open-source distributed ledger technology designed for organizations wishing to issue and manage digital assets in a robust, secure, and scalable way Unlike traditional blockchains, OpenChain does not use the concept of blocks, and transactions are directly chained with one another, allowing for instant confirmation of transactions.
- NEM: NEM is a blockchain protocol and ecosystem with a native cryptocurrency, XEM coin. It was created specifically to provide a streamlined solution for organizations that may and stand to continue playing a pivotal role in the digital economy. NEM’s blockchain platform is built around what it calls the “Smart Asset System,” an API designed to make it easier for software developers to create new applications on NEM’s blockchain.
- Quorum: Quorum is a permissioned blockchain network based on a fork of the Ethereum blockchain. It was developed by JP Morgan to address the specific needs of the financial industry, such as privacy, scalability, and performance. Quorum is designed to be an enterprise-grade blockchain platform, offering advanced features and capabilities that are tailored to the needs of businesses and organizations.
Blockchain technology offers enhanced security, transparency, and efficiency in asset transaction management. Many top blockchain platforms share a similar vision and have the potential to revolutionize various industries, including finance, supply chain management, and healthcare, among others.
As companies explore new applications, blockchain technology evolves, presenting limitless opportunities in an ongoing revolution. To tap into this potential, consider becoming a Blockchain Solutions Architect. Check out this Blockchain Solutions Architect online course to become one of the best blockchain engineers and gain expertise in these transformative tools
In conclusion, these collective benefits drive the widespread adoption of different blockchain platforms across diverse industries. This surge in adoption escalates the demand for Blockchain engineers capable of tailoring solutions to industry needs. If you're venturing into this field, explore the KnowledgeHut Blockchain Solutions Architect online course – a valuable resource for acquiring essential knowledge in the dynamic realm of blockchain technology.
Blockchain technology is already successfully employed in many businesses. According to a report, the market for blockchain technology was valued at USD 5.92 billion in 2021 and is projected to increase at a compound annual growth rate (CAGR) of 85.9% from 2022 to 2030. Here are a few things you must consider before choosing a blockchain platform for your business:
1. What is the Development Status of a Platform?
The Blockchain technology platform must expand and adapt as the volume of transactions and participants rises. Scaling problems are a major obstacle for Blockchain applications. You must limit the network and vendor selection to factors like quality, affordability, and usability if your application is not transaction-intensive and would function well with a straightforward escrow agreement.
2. What Type of Blockchain do you Require?
The next step is to decide on the type of Blockchain you require for your business needs. While public blockchain can be accessed through public networks allowing anyone to administer the nodes, private blockchains are run by syndicates and offer better performance, more specific permissions, and more security choices than their public alternatives. Furthermore, a hybrid blockchain ensures data safety in its operational context by using the private blockchain functionality.
3. What Languages does the Platform Support?
Countless innovative programming languages have been launched, and blockchain technology is still in its infancy. Learn which programming languages are covered by the SDKs of a blockchain platform before choosing one.
4. How Popular is the Platform?
Examine a blockchain platform standing on social media platforms like GitHub or Reddit. Remember, most Blockchain software solutions provide a quick and economical approach to handling transactions with the smallest delay. So, choose the most popular platform.
5. What Blockchain Consensus Protocol does the Platform Use to Achieve Consensus?
If you are unfamiliar with the consensus mechanism of the blockchain platform, working on it might be difficult. Understanding whether a blockchain platform supports which consensus protocol is essential; thus, different consensus algorithms are available, including Proof of Work, Proof of Stake, Proof of Burn, and many more, so you can use them according to your need.
6. Does the Platform Support Smart Contracts Functionality?
The program runs automatically when the contract's inherent criteria are satisfied, effectively doing away with middlemen. The idea of smart contracts, which are in charge of verifying, initiating, or enforcing activities on blockchain systems, is not supported by all blockchain platforms.
7. What Kind of Scalability does your Solution Need?
A blockchain network should be able to scale as the number of members and transactions rises. You should restrict network options to quality, convenience of use, accessibility, and affordability if your project does not require a lot of transactions and just necessitates periodic data inspection, such as an escrow agreement. However, if your project involves a lot of transactions, consider the security implications of side chains and network transaction costs.
Best Blockchain Courses to Become Blockchain Developer
Conclusion
Due to the rapid rate of innovation in the blockchain industry, new platforms have begun to appear with updated functionality. There is a list of blockchain platforms, but businesses need to know which ones to use to develop extremely scalable applications. As a result, we have covered the platforms that the leading blockchain businesses, such as IBM, Intel, Microsoft, and others, employ.
By taking KnowledgeHut Blockchain Solutions Architect online course, you can select the blockchain platform and technology stack that best meets your demands. Hence, going for the aforementioned new blockchain platforms and the basics of the technology. It will help you understand and learn more about how blockchain works.
