Blockchain technology emerged alongside the rise of Bitcoin and has since become a ubiquitous and influential force in various sectors. Industries like supply chain, healthcare, logistics, and finance now widely adopt blockchain for its capacity to enhance transparency and streamline business processes. Immutability, security, and decentralization stand as the pivotal traits defining blockchain’s popularity.
If you find yourself captivated by the transformative potential of blockchain and aspire to harness its capabilities for success, the initial step is selecting the right blockchain development platform. With a plethora of platforms available, this decision presents an escalating challenge.
If you’re grappling with this choice, you’re not alone. This blog aims to be your guide, exploring the top 10 blockchain platforms of 2024 that empower you to develop secure and efficient blockchain applications. Before delving into the platforms, let’s establish a foundational understanding of these blockchain technologies. Ready to navigate the realm of blockchain development? Let’s get started!
What Exactly is a Blockchain Platform?
To delve into this query, let’s first grasp the essence of blockchain technology. Recognized as Distributed Ledger Technology (DLT), blockchain ensures data integrity through invulnerability to alterations and transparency achieved via decentralization and cryptographic hashing.
In blockchain, information is organized into linked blocks, each possessing a set storage capacity. As these blocks fill up, they are closed and connected to previous ones, forming the characteristic chain structure, hence the name “blockchain.”
Now, turning our attention to the main topic — what exactly is a blockchain platform? Blockchain platforms, also known as blockchain frameworks, serve as foundational elements for crafting applications based on blockchain technology.
Consider the scenario of creating an NFT marketplace. To bring this concept to life, one would typically navigate through intricacies in front-end design, back-end development, and other blockchain-related tasks. Undertaking these aspects from scratch could lengthen the development process. This is where a blockchain platform proves invaluable, streamlining the process by providing pre-existing software, infrastructure, and services.
In essence, a blockchain framework enables businesses to leverage existing resources for building blockchain applications. Now, let’s explore a list of blockchain platforms that offer such convenience in the realm of blockchain development. But, before that let’s have a look at the benefits of utilizing a blockchain development platform!
Advantages of Using Blockchain Platforms
Utilizing a blockchain development platform brings forth a range of advantages, as outlined below:
1. Comprehensive Resource Hub
In the intricate process of developing blockchain or decentralized applications, various prerequisites must be met. A blockchain platform serves as a one-stop shop, providing structured and secure access to all essential components, expediting the development of blockchain applications.
2. Enhanced Productivity
Blockchain facilitates peer-to-peer transactions, eliminating the need for intermediaries between businesses and consumers. This streamlined process contributes to heightened levels of productivity and Return on Investment (ROI) for businesses.
3. Fraud Prevention
Once information is stored on the blockchain, its immutability makes it nearly impossible to misuse or alter. This inherent feature of blockchain technology ensures a robust defense against fraudulent activities.
Understanding Different Blockchain Platforms
As listed below, there are four types of blockchain platforms:
1. Public Blockchain
One of the most frequent forms of blockchain networks is the public blockchain. Anyone with a stable internet connection may connect to the network and begin confirming the blocks.
The most well-known example of a public blockchain network is Bitcoin. Anyone may access, read, write, and participate in the network.
2. Private Blockchain
A permissioned blockchain is another name for a private blockchain.
It is, as the name implies, a distributed ledger that no one can access. It is only available to those who have been granted authorization. A user can only do actions that have been properly authorized by the ledger administrator.
Similarly, in order to access the blockchain, the user must show a digital certificate or utilize another kind of digital verification.
The most well-known examples of private blockchain networks are Ripple (XRP) and Hyperledger.
3. Consortium Blockchain
Because more than one entity maintains the blockchain network in consortium blockchain, it is called semi-decentralized.
Simply said, consortium blockchain networks allow businesses to exchange information while also verifying the validity of transactions. Banks, governments, and organizations are the primary users of networks like a blockchain network.
The Energy Web Foundation and IBM Food Trust are two major instances of consortium blockchain.
4. Hybrid Blockchain
A hybrid blockchain is one that combines public and private blockchains. This network may be used by the business to establish restrictions over individuals and the data they have access to. In some circumstances, a company can make specific information public, while others must remain secret and accessible only to authorized people.
Dragonchain is a well-known example of a hybrid blockchain.
Top Blockchain Platforms
Blockchain functions as an unchangeable ledger that enables decentralised transaction processing. Now, you must be wondering what are the best blockchains to be used. So, the popular blockchain platforms in use right now are listed below.
1. Ethereum
One of the oldest blockchain platforms is Ethereum, which was initially introduced in 2013 by a Russian-Canadian programmer by the name of Vitalk Buterin. Ethereum is a public, open-source distributed computing platform that uses blockchain technology and supports smart contracts.
Being one of the best blockchains, it improves bitcoin and makes use of virtual machine technology (Ethereum Virtual Machine) to enable the use of smart contracts, or customised business logic, in new applications. Running the program rewards users with Ether, virtual money, as an incentive. 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.
2. Corda
The Corda platform for recording and processing financial agreements uses distributed ledger technology to carry out the goals outlined in this article. The Corda platform complies with Clack, Bakshi, and Braine's definition of smart contracts by supporting them. In order to guarantee that the financial agreements on the platform are firmly grounded in law, can be enforced, and that we have a clear route to follow in the case of ambiguity, confusion, or conflict, the smart contract ties business logic and business data to related legal text.
Corda is tailored for usage with regulated financial institutions. Despite lacking the architectural decisions that make conventional blockchains unsuitable for many financial applications, it is highly influenced by blockchain systems.
3. Hyperledger Fabric
A collaborative effort focused on improving cross-industry blockchain technology, the Hyperledger community created and maintains Hyperledger Fabric, an open-source distributed ledger program. It comes in the list as one of the top blockchains it offers a robust ecosystem of parts that may be integrated into a modular design and is supported by the Linux Foundation. It performs well in deployments of closed blockchains, which can increase security and speed.
This per-missioned blockchain implementation called Hyperledger Fabric is conceived to operate as a platform for creating blockchain applications across several sectors. As a result, its design is modular, enabling plug-and-play compatibility for parts like consensus and membership services. It makes use of container technology to allow smart contracts, which make up the system's application logic.
4. BSV Blockchain
The BSV Blockchain is committed to the original Bitcoin design created by Bitcoin white paper author Satoshi Nakamoto. After restoring the original Bitcoin protocol, the BSV Blockchain has unlocked its ability for unbounded scaling. It is now the largest public blockchain that is capable of unbounded scaling at the base layer.
At present, the BSV Blockchain processes 4GB data blocks at a throughput of 50,000 to 100,000 transactions per second. It also has one of the most stable and lowest transaction fees, averaging $0.000015 per transaction. This makes the BSV Blockchain more than capable of efficiently handling big data, as well as instantly completing an extremely high number of transactions simultaneously without worrying about network latency or a surge in fees.
5. Tezos
Tezos is among the list of “what are the best blockchains” with cutting-edge technology that outperforms more established blockchains in a number of areas. The software used to implement Tezos is multi-layered.
A smart contract platform is also included in the economic protocol. It provides a unique "Proof-of-Stake" consensus process and functions as a decentralised platform for smart contracts. It focuses on formal techniques to increase safety and has the ability to change its own consensus algorithm (and more) through a voting mechanism.
6. Hyperledger Sawtooth
A framework for creating enterprise-grade distributed ledgers is called Sawtooth. It was built with security, scalability, and modularity in mind. Sawtooth's architecture offers the essential components needed for one of the best blockchain platforms. This system enables decentralized record-keeping of transactions, supported by a smart contract layer that handles transaction content and storage.
Sawtooth is built with a modular consensus interface and a modular transaction processing architecture to support various threat models, deployment situations, and smart contract languages. A gossip network and a cryptographically linked chain of transaction blocks comprise Sawtooth's 'conventional' blockchain architecture.
7. ConsenSys Quorum
ConsenSys Quorum being on the list of top blockchains allows businesses to use Ethereum in high-value blockchain applications. With the help of the Ethereum-based distributed ledger system Quorum, a permissioned blockchain network may be built that supports transaction privacy.
With an emphasis on financial use cases, J.P. Morgan Chase originally developed the open-source project, which ConsenSys recently bought. To address the following needs, Quorum has been added to the expansive ecosystem of permissioned blockchains-
- Conduct smart contract operations and private transactions.
- Provide flexible and expressive network permissions management; Adopt numerous consensus algorithms in a plug-and-play manner.
8. Ripple
The payment system and network known as ripple were created by Ryan Fugger, David Schwartz, and Arthur Britto. In order to facilitate "secure, immediate, and almost free global financial transactions," it was created and published in 2012.Many institutions across the world use the Ripple network as the foundation for their own settlement systems.
Unlike Bitcoin, which depends on blockchain ledgers, transactions are confirmed by network consensus rather than mining; it is a record of digital cash. The goal of the Ripple system, being among the top blockchains, was to make Bitcoin less dependent on centralised exchanges, consume less power, and process transactions significantly faster than Bitcoin. The Ripple Transaction Protocol (RTXP) allows sending money instantly and directly between two parties.
9. EOSIO
With the help of the free, open-source blockchain software protocol EOSIO, programmers and business owners may create, launch, and use high-performing blockchain apps. It provides developers with various tools and resources, allows scalability, and is swift, flexible, and extremely configurable.
Eosio's "very flexible" environment may benefit both private and public networks because of the C++ base on which it was built.EOS coin is the name of a blockchain platform and its native token, both of which are a component of the EOSIO ecosystem.EOS provides all the essential features for people and companies to build blockchain-based apps comparable to web applications. It offers secure authentication, access, use control, data hosting, permissioning, and internet-to-dApp communication.
10. Stellar
Stellar is a public blockchain-based payment network that links individuals and financial institutions to offer lightning-fast, incredibly affordable cross-border money transactions. The Stellar Development Foundation published Stellar in April 2015, but McCaleb and Kim had first conceptualised it in 2014. A distributed ledger used to send digital money is called a Stellar blockchain.
This one of the best blockchains, which serves as an open, transparent record, stores the specifics of each and every transaction in Stellar. The ledger is accessible to anyone on the network. Stellar Lumens, often known as XLM, is the primary token of the Stellar blockchain. Soroban has been re-released on the blockchain to make constructing and deploying Stellar smart contracts (SSC) easier. The consensus method the Stellar blockchain uses is quicker, less expensive, and more energy-efficient than that of Bitcoin.
How to Select a Blockchain Platform for Your Business?
The foundation of Bitcoin’s technology is blockchain. The security of blockchain and the immutable ledger capabilities make it a particularly alluring solution for resolving contemporary financial and non-financial company concerns. Business apps based on blockchain are extremely popular, and as a result, many start-ups are developing them.
Adoption will undoubtedly meet significant obstacles. Large financial organizations are making investments to investigate how current business models may be used on the blockchain. In fact, several of them are looking for fresh company ideas in the blockchain development industry. Some people would prefer to remain on the cutting edge of the altered regulatory settings brought about by blockchain.
The following can be taken into account to determine what are the best blockchains that suit the user. First comes the objective: What will you be doing with the platform? For certain uses, different platforms work better. For instance, Hyperledger Fabric is a strong option for creating business apps, but Ethereum is a fantastic option for creating decentralized applications.
Secondly the platform’s level of development: A highly developed platform will have a bigger user base and more resources at its disposal. Then weigh in on the platform’s security. When selecting a blockchain platform, security is an important element to take into account. last but not least see if the platform’s price matches your capacity. While some blockchain development platforms are cost-free to use, some do require a large sum of money according to the requirements.
Concluding Remarks
The choice of which consensus algorithm best suits a given use case is becoming more difficult for blockchain experts/designers as more blockchain development services/technologies are made available in permission contexts. There are a number of best blockchain platforms, but companies must know which ones to employ to create highly scalable apps.
SoluLab is a leading blockchain development company offering secure, decentralized, and immutable blockchain solutions to start-ups, businesses, and enterprises. Their wide range of blockchain development services aims to create more efficient and automated versions of organizations while fostering trust and transparency. By thoroughly examining each client’s needs, they tailor solutions to leverage blockchain technology effectively. With a focus on agile development and a commitment to delivering exceptional business results, SoluLab sets itself apart from other companies in the field. Their team of top-skilled Blockchain developers specializes in creating decentralized applications for various blockchain protocols, including Ethereum, Polygon, Binance, Hyperledger, Solana, Polkadot, and more. Look no further than SoluLab for all your blockchain development needs; contact them today to harness the power of blockchain technology for your organization.
FAQs
1. What is a blockchain development platform, and why is it beneficial?
A blockchain development platform serves as a comprehensive resource hub for creating blockchain and decentralized applications. It streamlines the development process by providing structured access to essential components, expediting application development. This one-stop-shop approach enhances productivity and ensures a secure and efficient development environment.
2. How does blockchain contribute to higher productivity and ROI
Blockchain facilitates peer-to-peer transactions, eliminating the need for intermediaries between businesses and consumers. By streamlining processes, reducing transaction complexities, and ensuring transparency, blockchain significantly enhances productivity, ultimately leading to a higher Return on Investment (ROI) for businesses.
3. How does blockchain prevent fraud in applications?
Once information is stored on the blockchain, its immutable nature makes it extremely difficult to misuse or alter. This inherent feature ensures a robust defense against fraudulent activities, providing a secure environment for data integrity and trust in applications.
4. What are the different types of blockchain platforms?
- Public Blockchain: Open to anyone, allowing participation in validation. Example: Bitcoin.
- Private Blockchain: Restricted access, requiring permission to participate. Example: Ripple (XRP), Hyperledger.
- Consortium Blockchain: Managed by multiple organizations, semi-decentralized. Example: Energy Web Foundation, IBM Food Trust.
- Hybrid Blockchain: A combination of public and private blockchains. Example: Dragonchain.
5. Why consider a hybrid blockchain platform?
A hybrid blockchain combines features of both public and private blockchains, offering flexibility in data accessibility. Organizations can establish controls over user access, making certain data public while keeping other information confidential. This provides a tailored approach, ensuring data security and customization based on specific business needs.
