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No matter which industry you work in, you’ve probably heard about blockchain. Blockchain development has become a popular choice for companies because it’s transparent, resistant to changes, and secure. It can even lower their expenses regarding financial or data transfers. For streamlining supply chains, simplifying trade, or securing financial transactions, blockchain sounds to be ideal. Nevertheless, the growing number of platforms only makes choosing one even more confusing.
In this article, we will try to help you choose a blockchain platform that will change your business by covering the basics of how blockchain works, and what should you keep an eye on when researching your options. We’ll also share a list of blockchain platforms that are the most popular nowadays.
What are Blockchain Platforms?
First, let’s start with the foundation. Blockchain technology itself is essentially a digital ledger of transactions that is copied and distributed across the entire network. The blockchain network is pretty similar to a regular peer-to-peer network: each computer in the network is connected to the others, has the same rights as other computers, and works both as the client and the server. The way it stores the data is what makes blockchains unique though.
Each transaction is written as a separate record (block) which is then added linearly to the previous entries – creating a chain. Then, the new record is shared between all other nodes in the network, ensuring that everyone has the newest version of the ledger. After the record is cryptographically dated and shared, it’s also impossible to edit any information inside the record, making them virtually tamper-proof – and far more secure than any other method of storing data.
Building on this understanding, blockchain platforms emerge as the next evolutionary step, expanding the capabilities of the basic blockchain technology to support a wide range of applications beyond simple transaction records.
Blockchain platforms enable the development and execution of decentralized applications (DApps) and smart contracts, which are self-executing contracts with the terms of the agreement directly written into lines of code.
Unlike traditional blockchains that mainly record transactions, top blockchain platforms introduce a programmable layer, allowing developers to create sophisticated systems that can automate complex processes, secure digital relationships, and facilitate decentralized finance (DeFi) operations. By integrating advanced features such as consensus algorithms (proof of work or proof of stake), blockchain platforms ensure not only the security and immutability of data but also offer scalability and efficiency.
Points to Review When Looking for the Best Blockchain Platform for Your Business
Blockchain technology is already used with success in several industries. It has been implemented in finances, healthcare, supply chain and manufacturing, real estate, e-commerce, and many other fields – and the list keeps growing.
The demand for blockchain technology also means that the number of available blockchain development platforms has grown significantly.
As if learning how blockchain technology works wasn’t complicated enough, you also need to figure out which blockchain platform should you use, especially since different blockchain frameworks have varied features and purposes. To make the research a bit easier for you though, we created a list of things you should check before jumping on the blockchain journey.
Blockchain technology is already used with success in several industries. It has been implemented in finances, healthcare, supply chain and manufacturing, real estate, e-commerce, and many other fields – and the list keeps growing.
The demand for blockchain technology also means that the number of available blockchain development platforms has grown significantly.
As if learning how blockchain technology works wasn’t complicated enough, you also need to figure out which blockchain platform should you use, especially since different blockchain frameworks have varied features and purposes. To make the research a bit easier for you though, we created a list of things you should check before jumping on the blockchain journey.
Actual Platform’s Speed
The blockchain scalability rate shows how many TPS (transactions per second) a given blockchain network can handle. The number varies from platform to platform: the Bitcoin blockchain network can handle 5 transactions per second, but the Ethereum blockchain platform can handle 25 which will soon be extended with the rise of Ethereum 2.0. Litecoin meanwhile can handle 56, Cardano 250, Ripple 1500, and Solana even 29,000, although the numbers are subject to change.
But do you actually need that much? That depends on what kind of data you want the blockchain network to process. If your company is working on developing payment software or, let’s say, a high-transaction gambling app, then a higher TPS platform will be far more efficient here. But for a simple data management system, a platform with a low TPS might be more than enough.
You should also consider that the blazing-fast processing speed might come at the expense of other aspects, like platform security.
Available Functionality
Even though all blockchains are based on the same technology, what features they have can vary greatly. For example, let’s compare Bitcoin, Ethereum, and Ripple. Bitcoin is mainly used as a form of virtual, decentralized currency.
Ethereum is more focused on creating smart contracts that allow companies to automate business processes and build decentralized apps. Ripple meanwhile was invented as a currency transfer technology that aims at making cross-border confidential transactions easier and more affordable, similar to SWIFT.
Since their main purpose is so different, that means that the way they process data, the time it takes them to do so, and the features they can offer vary wildly as well. That makes researching what type of blockchain network you might need for your business and what features it should offer even more important.
For instance, not all platforms support smart contracts – so if that’s a feature you need, make sure the platform you are considering supports it.
Blockchain Network Adoption Rate and the Community Around It
It is also important to take a look at how many brands are using a given network, how many users it has, and if there is a community centered around the blockchain network. The reason here is simple – the bigger the community around the network, the better the chance you’ll be able to find the support you need in case of any issues.
Plus, technology and requirements change over time. So the more people use a given blockchain platform, the more likely it is it will be regularly updated and that all potential bugs or security issues will be patched.
Platform Security
By default, blockchain networks are created to be a much more secure method to store and share data. That doesn’t mean though that you don’t need to worry about how the platform keeps the data or assume that every platform is equally secure. In fact, you should triple-check the security features each platform offers, especially if your company handles sensitive or private information.
By checking the cryptographic methods the platform uses, how the records are verified in the network, how frequently the platform is updated, and how to verify the users, you can ensure the safety of your finances and data.
Public or Private
As you search for a platform to join, you should also consider what type of blockchain would work best for your company – private blockchain or public blockchain network.
A private blockchain is often used in large companies as it allows them to limit who can participate in them, what data they have access to, and what transactions they can initiate. So before you can join a private network, you will need an invitation. Before being granted access to the network, you’ll also need to be validated either by the network administrator or by a set of rules established by the administrators. That way, only the employees or partners of the company owning the ledger can join, read, and add data to the ledger.
The owner of the blockchain can also override, edit, or replace the data or even delete unnecessary entries – something that’s not possible on public blockchain networks.
Another difference is that a private blockchain is much faster than a public one. Because it requires fewer users to reach consensus than a public blockchain network, the transactions and activities in private blockchains are processed and validated very quickly.
Public blockchains, on the other hand, focus on participation and transparency. Anyone can join a public network and take part in validating network transactions – and have the same rights as other users. In addition, a public blockchain is classified as an open source blockchain platform and is thus available to all users. Another benefit of public blockchains is that each user is anonymous – to prove their identity, they use cryptographic code unique to each user known as public and private keys.
When choosing a blockchain type for your company, you’ll want to compare the pros and cons of each type and discuss it with your team. Reaching out to experts to help you choose the best type for your needs is also a good idea.
Number of Nodes
Nodes are an essential part of the blockchain platform as they keep the whole network secure and functional. Each node (meaning simply a device connected to the network) is responsible for verifying and accepting the data into the blockchain and ensuring that all nodes are following the network rules. That means that technically, the more nodes are in the network, the harder it would be to manipulate the data in the blockchain platform or the node itself.
The main problem here is that the bigger the network, the longer it takes for a transaction to be confirmed and the consensus between the nodes to be achieved. That’s especially a problem with the most popular, open-to-public blockchain networks that are made of thousands of nodes – they might be secure but their performance leaves a lot to be desired.
Enterprise blockchains are typically working much faster as there’s only a handful of earlier verified nodes that are needed to accept each transaction but that comes at the cost of slightly lower security.
So here you need to think about what is more important for you – if you need the network to verify and store transactions as quickly as possible, then an enterprise network is the better option. But if you prefer the blockchain to be more secure rather than faster or you wish to use a truly decentralized blockchain network, then public blockchain systems would be far better here.
Top Blockchain Development Platforms in 2024
Blockchain is sometimes described as a “trustless” network. But that’s not because none of the other users trust each other – the opposite, actually. They don’t need to trust each other.
The blockchain offers enhanced security, full data transparency, traceability, and (in the case of private blockchains) also control over who can join the network and view data. That means that everyone inside the network can be sure that the information they get is verified and accurate and there’s little risk that someone will try to tamper with the data.
And that part doesn’t change no matter whether you want to build your own enterprise blockchain from scratch or use one of the many available platforms and still enjoy the many benefits of blockchains. But out of over 1000 blockchain platforms with many different capabilities, which one should you pick? Which blockchain is the best?
To give you some insight on this topic, we have compiled a list of the top 10 blockchain platforms currently – both public ones and those dedicated to enterprises.
Ethereum
Ethereum is one of the oldest and, thanks to its popularity with software developers, one of the most popular blockchain platforms.
And while the Ethereum coins can be used as an alternative currency, Ethereum is more often used as a platform to create smart contracts as well as build decentralized applications (dApps). Smart contracts are the basis of Ethereum – they are code-based automation programs stored on Ethereum that execute a given function once certain conditions are met.
The transition to PoS that happened in 2022, also known as Ethereum 2.0, marked a significant milestone in Ethereum’s development. In contrast to PoW, which requires miners to solve complex mathematical puzzles to validate transactions and create new blocks, PoS allows validators to participate in the consensus process by staking their cryptocurrency as collateral. This mechanism is expected to increase the throughput of the network, enhancing Ethereum’s capabilities in handling transactions and smart contracts.
Hyperledger Fabric
Linux Hyperledger Fabric is positioned among the most popular blockchains on the market. It’s an open-source, enterprise-grade permissioned blockchain development framework for developing solutions and applications. Fabric uses a modular architecture to let complex systems and components work together as plug-and-play, so it can create large, complex blockchain solutions. It also provides a vast library of plug-and-play components that can be added as needed by users.
Hyperledger fabric network is permissioned, which means that all participants must be verified and authenticated before they can join the blockchain.
Ripple
Ripple is also considered to be one of the top blockchain platforms. Due to its transparency, fast response time, and low transaction costs, hundreds of financial institutions (like American Express or Santander) rely on it. Its main purpose is to enable global, cross-border payments with minimal charges, thanks to its own currency called “XRP or Ripple,” which has become a popular cryptocurrency like Ether and Bitcoin.
Ripple uses a unique consensus protocol known as the Ripple Protocol Consensus Algorithm (RPCA), which differs from the Proof of Work (PoW) used by Bitcoin or the Proof of Stake (PoS) used by Ethereum (post-Ethereum 2.0 upgrade). The RPCA allows for faster and more energy-efficient transaction processing.
Stellar
Stellar is also one of the top blockchains designed for financial industries, as it allows domestic and international transfers of digital currency to fiat money. However, it has one unique characteristic – it’s completely decentralized.
Developers and contributors have complete control over the network, which allows them to build affordable, scalable, and versatile banking solutions. Stellar blockchain is also one of the fastest blockchain platforms, as it can confirm a transaction time in 3-5 seconds, and it can also process 1000 transactions at the same time.
Corda
Originally created for use in financial institutions, Corda has since been adapted to serve other industries, including healthcare, insurance, and digital assets. While it is a type of permissioned blockchain development platform, it works a bit differently than the rest. Even though it uses peer-to-peer distributed ledger technology, it does not batch multiple transactions into a block but processes all exchanges in real-time. It doesn’t use a cryptocurrency or built-in token either.
What also sets it apart from the rest is that, unlike other permissioned blockchain networks, Corda allows multiple parties to coexist and work together within the same network system. The platform also supports the smart contract feature, meaning you can write and deploy smart contracts on the Corda blockchain platform by using either Java or Kotlin.
Solana
Solana is a blockchain platform designed specifically to host decentralized applications, similar to Ethereum and Cardano, two of the most popular dApp blockchains.
This platform has gained traction because it offers fast operation and low transaction fees. Solana utilizes a PoS (proof of stake) blockchain rather than a PoW (proof of work) blockchain, making it more environmentally friendly than Bitcoin. But more importantly, it’s also one of the fastest blockchain platforms in the industry, with an average of 3000 TPS, through the Solana team claims it can reach even 65000 TPS which would bring Solana to the speed of Visa cards.
Solana’s performance is attributed to Proof of History (PoH) – a unique consensus mechanism that enhances its PoS model, allowing for greater scalability and faster transaction speeds.
IBM Blockchain
IBM Blockchain is a premier platform tailored for creating enterprise-level blockchain apps, setting a benchmark in industries such as finance, supply chain, and healthcare. This blockchain platform leverages the permissioned blockchain model of Hyperledger Fabric, ensuring transactions are secure, transparent, and efficient.
It is distinguished by its emphasis on enhancing operational processes through its advanced data privacy, high transaction throughput, and comprehensive governance mechanisms. IBM Blockchain platform facilitates the development of scalable blockchain networks that meet stringent industry standards and regulatory requirements, making it an ideal choice for businesses aiming to innovate with blockchain technology.
Tezos
Considered one of the best blockchain platforms, Tezos is renowned for the deployment of decentralized applications and smart contracts. Its unique on-chain governance system allows stakeholders to directly influence the platform’s development path, effectively avoiding hard forks through self-amendment.
Employing a Proof of Stake (PoS) consensus mechanism, Tezos prioritizes environmental sustainability while ensuring fast and cost-effective transaction processing. This blockchain platform is celebrated for its adaptability and has been embraced across various sectors for applications ranging from digital securities to gaming, underpinned by its secure, participatory, and evolutionary architecture.
EOSIO
EOSIO is crafted for the rapid development and deployment of decentralized applications, boasting unparalleled scalability and user experience. It achieves remarkable transaction speeds and practically eliminates fees through its innovative Delegated Proof of Stake (DPoS) consensus mechanism.
EOSIO’s governance model empowers token holders with decision-making authority over network modifications and block producer elections, facilitating a democratically run ecosystem. Designed to support the demands of large-scale applications, EOSIO is a go-to platform for blockchain developers keen on building efficient, user-friendly dApps capable of handling massive volumes of transactions seamlessly.
ConsenSys Quorum
Engineered as an open source blockchain platform, ConsenSys Quorum is optimized for enterprise applications requiring high performance, privacy, and processing efficiency in a permissioned blockchain environment. It distinguishes itself with robust privacy features, allowing transactions to be confidential and accessible only to authorized parties.
Quorum supports granular permissioning and private transactions, catering to sectors like finance that demand high levels of data integrity and confidentiality. By integrating with Ethereum’s rich ecosystem, Quorum offers developers a versatile foundation for building secure, scalable, and private blockchain solutions, leveraging the best of Ethereum’s smart contract capabilities and development tools.
Which Blockchain Technology is Best for Developers?
Selecting the right blockchain platform for developers hinges on project needs, scalability, security, and application goals. They should focus on the platform’s support for development tools, the vibrancy of its community, and the scalability of its infrastructure.
A blockchain platform with comprehensive documentation, active developer forums, and a wide range of development tools can significantly ease the development process. Additionally, blockchain platforms that demonstrate a strong commitment to scalability and interoperability are better positioned to support future-proof applications. Ultimately, choosing a platform that aligns with the project’s specific requirements and the developer’s expertise will facilitate a more efficient and successful blockchain experience.
Which Blockchain Network is Best for Investors?
For investors navigating the blockchain space, the choice of network can significantly impact potential returns, risks, and the technological evolution of their investments. They should seek blockchain platforms that demonstrate strong development activity, robust community support, and clear use cases that promise widespread utilization.
Additionally, considering networks that are actively addressing scalability, security, and interoperability can offer promising long-term prospects. Balancing these factors with personal investment goals and risk tolerance is key to selecting a network that aligns with an investor’s strategy for growth and innovation in the blockchain space.
Choose the Best Blockchain Platform for You!
The global blockchain market will reach $67.4 billion by 2026. And with blockchain technology evolving at a rapid pace, surely the industry will find plenty of new ways to use the technology in business. But with so many blockchain platforms available right now, companies need to spend a bit of their time analyzing their options, so they can pick the right platform. That’s especially important to look at how many purposes and features the blockchain platforms can have.
Our shortlist of key research points and best blockchain platforms should be helpful here. But if you still have doubts about which platform you should even choose or you require blockchain development expertise, how about reaching out to our team for help?
