Needless to say, blockchain technology has taken the world by storm. As a result, businesses from around the world have started realizing its potential and are investing a lot of time, money, and effort in blockchain platforms.
And why not so when a survey on the global blockchain industry reveals that this market is expected to rise to 17.21 billion USD in 2023 from 10.13 billion USD in 2022 at a compound annual growth rate (CAGR) of 70.0%? It is further expected to grow at a rapid pace and can reach 99.37 billion USD in 2027 at a CAGR of 55.0%.
Moreover, although blockchain initially disrupted the banking industry, research is currently being done on its potential uses in various other industries, including software development. Well, if you are looking for a cryptocurrecny development or are planning to build blockchain apps, or are interested in DApp development it is crucial to choose the right blockchain platform.
This blog will help you gain in-depth knowledge on which platform to go with as per your specific business requirements.
A blockchain is a type of database that makes it simple to track and document real-world or digital data transfers in a network. In a blockchain database, data is held in blocks that are linked together in a chain. The data is still constant in the time since the chain cannot be deleted or changed without network agreement.
You can set up an unchangeable or immutable ledger using blockchain technology to manage orders, payments, accounts, and various other transactions.
A blockchain platform offers a type of digital infrastructure that uses blockchain technology to let businesses and developers build, launch, and administer decentralized applications (DApps). A network of computers, or nodes, is the core building element that forms a blockchain platform. Each node verifies and validates newly added blocks to the chain in order to maintain a distributed ledger of transactions.
You must understand that every blockchain platform carries certain characteristics. Some of the major ones are
Note: Any decentralized blockchain network’s core is its smart contracts functionality.
Any mistake in the coding of your smart contract could result in undesirable behavior or asset loss. The most efficient way to make sure your smart contract’s functionality operates as planned is to have an external audit performed by a reliable third party.
Well, when it comes to blockchain platforms, the list is large. We are presenting you with the ones that have marked their solid presence in the market.
Stellar made it possible to store and transfer money on the open blockchain network. It makes it easier for you to generate, exchange, and transmit digital versions of various types of currency, including dollars, bitcoin, pesos, and many more.
In an effort to improve the transparency, scalability, and security of their services, over 69% of banks are now testing blockchain technology. As one of the most significant and scalable blockchain systems, Stellar can be used to create safe and quick fintech applications, tokens, and digital assets that reflect financial assets.
It is a free and open-source currency and payment network. If it has an owner at all, it is the general public. Every day, it can manage millions of transactions. Stellar is reliant on the blockchain, just like Ethereum and Bitcoin, to maintain network synchronization.
You can create your own assets, engage in peer-to-peer token trading, and change money while transferring, using this top-notch blockchain platform.
Tezos is a well-known open-source decentralized blockchain network that makes it possible to carry out peer-to-peer transactions as well as deploy smart contracts. Its network can support formal verification because of its modular architecture and formal upgrade mechanism.
Tezos, which was founded by Arthur and Kathleen Breitman, aims to provide the security and code accuracy required for high-value use cases and digital assets. It is a self-governing, decentralized blockchain network.
Although it differs from other platforms due to its self-amending cryptographic method it can be said as a smart contract and decentralized application (DApp) platform, similar to Ethereum, Waves, and Neo
If we talk about the foundation for creating applications or solutions with a modular architecture the credit goes to the Hyperledger Fabric. It enables plug-and-play compatibility for components like consensus and membership services. Its numerous modular components and adaptable design are suitable for a variety of industrial use cases.
The ability to create a network of networks is one of Hyperledger Fabric’s key characteristics. Although members of the Fabric network collaborate, they typically maintain separate ties within their networks since businesses often wish to keep some of their data private.
For instance, a buyer might deal with various sellers who are offering the same goods. The buyer-seller relationship should be confidential and hidden from all other sellers. Hyperledger Fabric’s “channels” functionality can make it possible.
Fabric offers a safe and scalable platform that supports private contracts and transactions as opposed to an open and permissionless system.
Another Hyperledger and the Linux Foundation-led open-source blockchain project, Hyperledger Sawtooth enables “trusted execution environments” of program code to run in secure enclaves, which are secured regions of computer memory. It does this by utilizing a novel consensus mechanism called proof of elapsed time.
The most typical applications, according to Shawn Amundson, chief consultant at Bitwise IO, are for creating supply chain systems and modifying Sawtooth for particular uses like cutting-edge consensus methods.
The development of a Sawtooth library is all set to allow creators of unique distributed ledgers to pick and choose the features of Sawtooth to incorporate into their apps. Sawtooth is also implementing Splinter for networking, which will offer dynamic private circuits (groups of nodes), Hyperledger Transact for transaction processing, which will increase the capabilities of smart contracts, and Augrim for consensus, which will increase the number of supported algorithms.
Launched in June 2018, EOS is a public blockchain network that focuses on developing decentralized applications (DApps) fast and securely. By utilizing multithreading and Delegated Proof of Stake (XDPoS) techniques, EOS eliminates user costs.
The EOS platform offers a DApp governance & hosting solution and supports smart contracts. Moreover, by offering decentralized storage for business solutions, it addresses the scalability problems that Bitcoin and Ethereum go through. In addition to this, it supports multiprocessing, upgradeability, flexibility, and permission schema, making it one of the best blockchain platforms to take into account in 2023 – 2024.
As an open-source blockchain platform, Corda enables businesses to use smart contracts to deal directly and in complete secrecy. By reducing company procedures, it lowers transaction and record-keeping expenses.
It is a scalable platform that is adaptable and agile enough to satisfy corporate needs. Applications made with Corda, or CorDapps, are created to revolutionize companies in a variety of sectors, such as healthcare, energy, insurance, and finance.
One of the first and most established blockchain technologies, Ethereum was released in 2013. It offers a blockchain that is as fully decentralized as the Bitcoin blockchain network. Along with serving as a blockchain platform for business applications, it also features its own coin called ether.
Technologists who create decentralized apps, or DApps, on the Ethereum network are widely using the Ethereum platform. For instance, non-fungible tokens (NFTs), a class of digital assets that may be traded on a blockchain, have a wide range of platforms and exchanges.
The Solidity programming environment, which is used to create smart contracts and is supported by the Ethereum Virtual Machine, has developed a whole ecosystem of tools.
Alternative blockchain networks, however, have the ability to execute transactions far more quickly and at a cheaper cost than Ethereum. However, many analysts anticipate that this will change if Ethereum adopts a more effective security mechanism. Additionally, it has a vibrant development community run by the Enterprise Ethereum Alliance, a group of over 250 companies that includes Intel, JPMorgan, and Microsoft.
The Ethereum community has also switched to the more energy-efficient proof of stake (PoS) consensus method from a proof of work (PoW) consensus mechanism. The community is currently developing a sharding technology that will increase data storage capacity, scale globally, and lower network prices. It is anticipated that it will start to roll out in stages in 2023 itself and receive full support in 2024.
The 2016-founded Quorum blockchain is designed for anonymity. For companies looking to use Ethereum for their blockchain applications, it offers an enterprise DLT solution. The Quorum Blockchain Service (QBS) is the name of the technology that underpins it. It can be applied to both public and private connections.
Low-code connectors allow businesses to seamlessly combine their current systems, services, and data streaming. Any operating system can be used with it, and a key distinction is the intense focus on customer service. Whether we talk about developer, business, or enterprise support tiers, all are provided by Quorum.
Strong linkages connect Quorum to Consensus, the body in charge of keeping it up to date. The platform still presents itself as being open-source and blockchain-based. Builders can construct on top of the Consensus foundation. Overall, Quorum has all the tools necessary to unseat Hyperledger as the leading blockchain network for businesses.
The Hedera Hashgraph platform, which offers a new type of distributed consensus, is incredibly safe, quick, and fair because it does not need to compute a complicated proof of work technique.
Hedera empowers and enables developers to create a completely new category of scalable decentralized applications. The Hedera Hashgraph Council serves as the platform’s governing body, and the rules established for Hedera’s governance guarantee that neither a single member nor a small group may have undue influence over the entire group.
Like any other software component, smart contracts on the Hedera Hashgraph platform can be made dynamic. The smart contracts that are released with a list of the public keys of arbitrators can be modified to address defects or add new features since it provides an optional mechanism that enables “binding arbitration”.
If a selected arbitrator concurs to modify a smart contract, the new bytecode transaction is approved by the arbitrator’s keys, and the modification is put into effect.
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