Blockchain emerged as a revolutionary technology that initially made a mark over the financial industry, but with the passage of time, it made its way over to other industries. This opened the door to a plethora of opportunities and brought the need for the development of Blockchain-based applications. As adopting the right Blockchain systems can let a businesses leverage the full potential of the technology in the most convenient manner. A varied range of Blockchain platforms were developed over a course of time, offering a wide range of benefits in achieving scalability and many of them are nearly indistinguishable in some cases from core Blockchain technology-based upon various Blockchain frameworks. Blockchain adoption now can be seen over a vast range of industries and its uses too are of varied nature. Due to this, wherever the development of dApps or others, there is considerable emphasis upon which Blockchain framework is to be chosen? As it all depends upon the Blockchain framework or platform which you chose for the development will pave your way towards leveraging the great potential of an emerging technology called Blockchain!
What is a Blockchain platform? Well, the development of Blockchain-based applications happens over the Blockchain platforms or Blockchain frameworks which can be either permissioned or permissionless. Ethereum, R3, Ripple, EOS, and Hyperledger are some of the well-known Blockchain platforms at the present time that allow people to develop and host applications over them.
But one major question ponders in the mind is that how to choose a particular Blockchain platform for business, that would suit best to your requirements?
Here we will be discussing some of the Top Blockchain platforms and for that, we have selected various Blockchain platforms upon the subject evaluation of their ease of use and worth of usability after an in-depth analysis of all platforms mentioned below.
How are Blockchain platforms categorized? There are a few parameters which are needed to be taken into consideration for evaluating Blockchain platforms, as keeping them in mind will further prevent you from facing any challenges while you decide to adopt a platform.
In this article, we will be covering up the Top Blockchain technology platforms which will be open-source as well as paid ones, and industry-wise their primary area of focus too. Which will certainly help you in choosing the best Blockchain network for your project, no matter even if you are a novice in the arena of this emerging technology.
The development of dApps matters a lot when you are going ahead with the adoption of Blockchain technologies, as a great dApp will ensure scalability and reliability. Also, there are varied types of dApps to cater to the requirements of businesses, and building such a particular type dApp would require you to go for a particular type of platform. So, here are some of those top trending and popular Blockchain platforms.
Ethereum is an open-source blockchain platform to be based on distributed computing platform and operating system having smart contracts functionality. Ethereum owes its existence to Vitalik Buterin, who is a cryptocurrency researcher and programmer, who proposed Ethereum in late 2013.
Later, on 30th July 2015 when its system went live, it had grown manifold. Unlike other Blockchain frameworks, in Ethereum you can do programming, and when we talk about developers, it enables developers to develop many new kinds of applications. Ethereum is a global, open-source Blockchain framework for decentralized applications and it was the first Blockchain framework to include a programming language.
Ethereum has its cryptocurrency named Ether, which is much similar to Bitcoin Blockchain and Ethereum allow one to send and receive coins between wallets. Ethereum based dApps now ensure permanency, transparency & complete security to all electronic business transactions, due to recent advancements over time. In case your business is scalable, Ethereum based dApps enables enterprises to leverage numerous advantages from Ethereum Blockchain technology development to help achieve increase your reach exponentially.
In terms of Enterprise Blockchain, the Enterprise Ethereum Alliance now consists of more than 250 members, which consists of leading corporates like J.P. Morgan Chase, Microsoft, and Intel. Also, it connects nearly 500 Fortune enterprises, academics, start-ups, and various technology vendors from financial sector to other sectors at present.
Tezos as an Enterprise Blockchain Platform was co-founded by Kathleen Breitman and Arthur Breitman, which they had been building since 2014 with a team of developers. In 2016 Breitman conducted an ICQ and received around $612,000 within 6 months. Tezos is a self-governed, decentralized blockchain platform that establishes a true digital commonwealth.
Tezos is quite inexpensive as compared to other Blockchain solutions, as the participants need to provide only the necessary computational resources to keep the network working, as it functions over the Proof-of-Stake (PoS) consensus mechanism.
As a Blockchain platform, it has a digital token, called a Tezzie or Tez, where token holders get rewarded for participating in the proof-of-stake consensus mechanism, a platform is not based on the mining of Tez. Just like Ethereum, Tezos is a smart contract and dApp platform, but what makes it into a Top Blockchain platform is its self-amending cryptographic mechanism.
Hyperledger Fabric is an Enterprise Blockchain, that is project of Hyperledger which is thought to be a base for developing solutions or applications with a modular architecture. What distinguishes Hyperledger Fabric is the modularity of the architecture which allows in the plug-in of their preferred components like consensus and subscription services. Hyperledger Fabric with its modular and flexible design satisfies a wide selection of business use cases and it gives an exceptional way of building consensus that permits functionality at scale while maintaining privacy. Therefore, many leading Blockchain companies prefer Hyperledger Fabric as a Top Blockchain platform for building enterprise-grade applications.
Hyperledger Sawtooth is an Enterprise Blockchain and modular Blockchain platform launched by Linux Foundation and contributed by IBM and Digital Asset.
Hyperledger Sawtooth offers a modular and flexible architecture that divides the core system in the application domain, and this enables smart contracts to define the business rules for software without having to know the underlying design of the core system. The consensus algorithms like Practical Byzantine Fault Tolerance and Proof of Elapsed Time (PoET) are supported by Hyperledger Sawtooth.
Hyperledger Sawtooth is the second Blockchain framework that transformed itself into one of the Top Blockchain frameworks to be developed by Hyperledger to integrate with an enterprise-ready 1.0 version.
Solana is one of the fastest-growing open-source Blockchain platforms that is a super-fast, secure, and censorship-resistant Blockchain framework. Solana’s unique qualities led to its mass adoption as a Blockchain framework in building open infrastructure in a flexible manner and is widely used by developers and institutions around the world to build decentralized applications (DApps) and marketplaces.
Solana as a Blockchain platform is very competitive in terms of speed with respect to other Blockchain platforms. Solana has the tag of most scalable and first truly web-scale Blockchain, which is one of the Blockchain frameworks being able to achieve over 1,000 TPS. As a Blockchain platform, Solana has its native token in the name of SOL that was traded at US$65.06 with a maximum supply of 489 million coins and a circulating supply of 286 million tokens.
The day-to-day affairs of Solana are looked at and managed by Solana Foundation, which is a non-profit organization based in Switzerland, and the advancement in terms of Blockchain technology development is done by Solana Labs.
Cardano is the fastest growing Blockchain platform based upon Proof-of-Stake (PoS) protocol that is built through peer-reviewed research. The development of Cardano was started in 2015 by Charles Hoskinson, who is also the co-founder of Ethereum. Cardano now stands as an alternative to Ethereum which claims to offer scalability, interoperability, and sustainability on their network.
The smart contract mechanism in Cardano comes with a two-tiered structure – Cardano Settlement Layer (CSL) and the Cardano Computational Layer (CCL). As per sources, a new upgrade is slated to arrive named Alonzo and it is anticipated that with it there will be several improvements to this Blockchain platform regarding the smart contract functionality.
Cardano has its native currency named ‘Ada’, which is named after Ada Lovelace, who is a 19th-century countess and English mathematician who is recognized as the first computer programmer. The Cardano Foundation is the organization that looks after the promotion and standardization of the Cardano Blockchain technology.
Hedera Hashgraph as an Enterprise Blockchain, is based on DLT technology like Blockchain frameworks that work on Graph like structures where all the nodes communicate their information to each other and their communication is reported by building a graph of connections. Where all such information or data is stored in events.
Hedera Hashgraph as a Blockchain platform is being governed by The Hedera Hashgraph Council, which states it clear in its terms that Hedera’s governance ensures no single member can have control and no group can have extreme influence over the entire body.
Having the capacity to handle hundreds of thousands of transactions per second and authenticate more than one million signatures per second, makes Hedera Hashgraph extremely fast.
The Hedera Hashgraph platform never allows a single user to block the transactions flow into the community. Thereby ensuring the consensus order of transactions which represents the transaction order received by the community, which makes it fair.
Hedera Hashgraph is an asynchronous Byzantine Fault Tolerance consensus algorithm capable of securing the platform against attacks. Therefore, this level of security makes it safe too.
Ripple as an Enterprise Blockchain, is a non-profit Blockchain framework discovered in 2012, which aims to connect payment providers, digital asset exchanges, corporates, and banks through a Blockchain network named RippleNet minus any chargeback. Validating servers secure Ripple with an internal ledger that guarantees transactions based on consensus.
Ripple currently has more than 100 customers and almost 75 clients which are over in different stages of commercial deployment such as minimizing costs in liquidity (xRapid), sending payments across multiple networks (xVia), and cross-border payments services (xCurrent).
Quorum is an Enterprise Blockchain that became one of the Top Blockchain framework that is based on Ethereum, founded by J.P. Morgan. It is an open-source Blockchain framework that is forever free to use. Designed to be permissioned, uses vote-based and different algorithms for processing per second hundreds of transactions. Quorum can handle applications that require high throughput processing and speed for private transactions.
The issue of the confidentiality of records that Ethereum and other Blockchain frameworks failed to handle was resolved by Quorum by introducing private and public on-chain.
Hyperledger Iroha is a Blockchain framework, hosted by the Linux Foundation for building secure, trusted, and fast decentralized apps.
Hyperledger Iroha is an easy and modularized distributed ledger system based on an extremely secure and speedy consensus algorithm known as Another Consensus, protecting Iroha networks out of adversary failures or nodes. This Blockchain framework is extremely suitable for distribution chain and IoT usage cases, as Hyperledger Iroha is highly portable and it supports macOS.
To take advantage of the plug-and-play nature of Hyperledger developers are encouraged to build such components.
The core teams of Hyperledger have worked hard so that there is always a balance between transparency in the development process and attaining important milestones. Therefore, the transactions on Fabric may be obfuscated, but not the development process.
Like Ethereum, Hyperledger too uses chain code.
Consortium-based Corda is the first of its kind of open-source Blockchain-inspired Distributed Ledger Technology (DLT) platform built exclusively for businesses. By embracing Corda, you can join numerous developers building applications over Corda, which is known as CorDapps.
As an Enterprise Blockchain, over 60 companies from various industries had been working with enterprise software firms to R3 to develop distributed ledger technology (DLT) based on various applications on the Corda platform. Which aims to remove costly friction in business transactions along with interoperability and a unique approach to secure data privacy. Corda is a permissioned blockchain framework that only allows the authorized participants to access the data, also it does not have any inbuilt token mechanism nor does it have any cryptocurrency.
Owing to its fine-tuned access control to digital records Corda was initially designed for the financial sector but now it is a Top Blockchain platform to be widely in use over sectors such as supply chain, healthcare, and government authorities.
Several firms such as Bank of America Merrill Lynch, HSBC, Intel along with others have invested a large sum into R3 Corda.
EOS is a Enterprise Blockchain platform founded by a private entity named Block.one, as an open-source Blockchain framework in June 2018. To offer decentralized application hosting, decentralized storage of enterprise solutions, and smart contracts capability, solving the scalability issues of Ethereum and Bitcoin, is the aim of EOS platform. Any user which uses dApp based on EOS needs not pay any fee. By using multi-threading as well as a delegated proof-of-stake algorithm EOS accomplishes consensus. EOS Forum is their own community forum where investors discuss about the platform.
None of the end-user needs to pay through micropayments to send messages or do various tasks over the EOS platform.
The most important feature is which provides the producers with a governance system that can be used to validate transactions or edits made over the source code and confirming the same about the application performance.
EOS offers a fully-featured authentication platform to the users, where each account will be assigned with a different level of permission to save data in a secure manner.
Dragonchain’s Blockchain technology as a Service Platform is a public/private hybrid blockchain platform that was developed at the Walt Disney Company. Later during 2016 was open-sourced which is designed to provide developers and enterprises the useful resources for developing a blockchain application in minutes.
Dragonchain by allowing utilize Interchain offers flexibility to businesses. The need for patch implementation, updates, and server setup are also eliminated with their cloud-based model. As a Top Blockchain platform, it has a wide range of programming languages such as Node.JS, Python, C#, Go, and Java. Dragonchain gives a wide spectrum of trust with five levels of consensus.
NEO was designed to develop scalable decentralized applications and its main asset is the NEO token. The founders of the NEO are the duo named Da Hongfei and Erik Zhang, who set up blockchain companies named OnChain, which is based in Shanghai. Delegated Byzantine Fault Tolerance is what NEO uses as its consensus algorithm and the use of NEO token is to generate GAS tokens which can be used as pay transactions fees to run applications on the network.
Creation of digital assets as electronic data. On the NEO platform, users can register, trade, and transfer various types of digital assets. Digital assets can be trustful, traceable, transparent, decentralized, and free from any intermediaries by using Blockchain.
NEO maintains digital identity standards to support the web of trust point-to-point certificate issuance model, where identity information is kept which is called digital identity.
By using NEO smart contracts developers need not learn a new programming language, instead, they may use C#, Java, or other languages for smart contracts.
Technology is mercurial so does Blockchain technologies are, which are constantly innovating themselves with newly added features in the platforms. Nevertheless, there is the emergence of new Blockchain frameworks too, which makes plenty of blockchain platforms for an entrepreneur to choose from. The proper understanding of blockchain platforms holds the key to building highly scalable applications, which will not just transform the business but will even serve other factors like costing and sustainability.
Here we have discussed some well-known Top Blockchain platforms, including some Enterprise Blockchain platforms which are used by top Blockchain companies which include Microsoft, IBM, and others. We hope the article gave you a quick insight into the emerging Blockchain platforms and helps you in choosing the right blockchain platform and solution to suit your business needs.
The Purpose Company