Last Updated on April 15, 2024 by Jawad Ali
The disruptive technology known as blockchain has altered almost every industry, including the financial, healthcare, and supply chain sectors. Blockchain technology has shown to be the most advantageous and efficient solution in the effort to manage data more securely and confidentially. As blockchain technology experiments proceed, many more opportunities are being found.
The proliferation of Blockchain platforms supports and hastens the growth of platforms built on the blockchain. By developing innovative blockchain applications, businesses have recognised the need and started looking into the potential of blockchain technology.
All About Blockchain Platform
A blockchain platform enables the development of permissioned or permissionless Blockchain apps. Hyperledger, XinFin, Ripple, R3, and EOS are a few businesses that provide trustworthy Blockchain platforms that let programmers build host applications on the Blockchain.
Which Blockchain platform is best may be decided using the following factors:
- The stage of development of the platform
- The reputation of blockchain systems in open source software development groups like Github
- Consensus protocol usage
- Whether the platform accepts Smart contract capabilities or not
- Scalability provided by the Blockchain platform
The top five enterprise blockchain platforms are shown below.
XDC Network
The non-profit blockchain organisation XDC network is situated in Singapore. International trade and finance are the company’s key areas of interest. The XDC network establishes itself as the global language of finance and marketing by successfully bridging the gap between traditional systems and the Blockchain.
Since the XDC network’s protocol is founded on the concept of consortium blockchains, it sets itself apart from other private/permissioned and public blockchains.
The three main issues that the XDC network aims to solve are as follows:
- Transactions on the Ethereum network take a very lengthy time due to congestion.
- It results in the high transaction costs associated with Ethereum Decentralization and interoperability with Ethereum systems.
- The main distinguishing characteristics of XDC are its network, goods, and ecology.
XDC Network is actively forming alliances with businesses in a variety of sectors, including IT solution providers, agriculture, advertising, robotics, pharmaceutical tracking, gaming, education and research, communication, payment, food traceability, name service, and tourism, in order to build an entirely secure ecosystem.
R3 Corda
The open-source Corda Blockchain technology was developed in 2015 by R3, one of the major groups of financial firms.
DLT applications are supported by the Corda permissioned Blockchain technology, which enables businesses to transact openly and secretly. It doesn’t have any built-in cryptocurrencies or tokens. Since Corda operates in permissioned mode, it encourages privacy and offers fine-grained access control for digital records.
It has asynchronous Byzantine Fault Tolerance consensus and smart contract functionalities.
The three main phases of a project on Corda are:
- Design: Simplest design to lessen the complexity of blockchains
- Enhance: Shorten the time to production
- Deploy: Verifies expansion and sustained success
R3 Corda seeks to offer:
- Solution architecture services for the product’s design and evaluation using CDL (CorDapp Design Language)
- Your sprinting capacity
- Support for deployment
Hyperledger Fabric
A team of trustworthy frameworks, libraries, and tools are being developed by the open-source organisation Hyperledger for use in industrial Blockchain installations. Hyperledger Sawtooth, Fabric, and Indy, as well as tools and libraries like Hyperledger Caliper and Hyperledger Ursa, all use it as a neutral starting point for their respective distributed ledger architectures.
Hyperledger Fabric is designed to facilitate the creation of modular systems and applications. The following are the main traits of the hyperledger fabric:
- High performance and scalability allowed participation
- The modular architecture that supports plug-in components
- Lower finality latency with queryable data
Hedera Hashgraph
Hedera differs from other Blockchain systems because it operates in a unique way and is quick, equitable, and secure. For additional transparency, it offers significantly more dependable and superior algorithms.
Hedera Hashgraph’s main properties are:
- A blockchain platform that is quicker than others
- Secure and stable
- Swift transfers at reasonable costs
- Multi-signature accounts and transactions
- Launching a Corda public BFT notary programme
Quorum
This open-source blockchain protocol can be used by a private or consortium blockchain network. Due to the fact that ConsenSys is entirely based on Quorum, businesses choose it as an open-source Blockchain platform. Quorum is a business-oriented Ethereum Blockchain that is tailored to the finance sector. Because Quorum operates on a permissioned network, companies can customise it to meet their unique needs. It was first conceived by JP Morgan.
The main traits of Quorum are as follows:
- Mature is open-source.
- Improved efficiency, better agreements, and deals Community-based, dependable, and business-ready Voting-based Consensus Procedure for Privacy Appropriate Management of Peers and Networks
Conclusion
Blockchain platforms have started to emerge with new, potent capabilities as blockchain technology innovation advances swiftly. To create highly scalable apps, businesses must comprehend and select the best Blockchain platform from the expanding sector.
Get the best Enterprise Blockchain Consulting services from a team of seasoned experts who have extensive knowledge and practical experience building dependable blockchain applications. If you want the top Blockchain experts to design a top-notch Blockchain application for you, schedule a consultation and talk about your requirements with them.
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