In order to standardise and develop technology so that it becomes a part of people’s daily lives, it is crucial to identify its characteristics. Although there has been a lot of deconstruction & analysis on the leading blockchain platforms, figuring out its characteristics is still difficult because of the technology’s infancy and quick growth. Blockchain is a new technology with a tonne of untapped potential and uses. However, because of its adaptable growth and upgrades, its features and capabilities continue to expand.
Numerous industries, including financial services, reputation management, and the Internet of Things (IoT), are seeing the emergence of blockchain-based applications. Blockchain technology still faces several obstacles, including scalability and security issues, which must be resolved. A thorough assessment of the top 10 blockchain platforms for 2023 is provided in this article.
Read Our Blog Post: Top Blockchain Technology Companies in 2023
Table of Contents
Blockchain & Blockchain Platform; A Concept
A distributed and shared computer network hosts a blockchain, which functions as a secure and clear way of recording data. These are a few of the fundamental aspects of a blockchain-
- Trustless: Participants don’t rely on a single entity for accurate data because they all have a full ledger copy.
- Immutable: Data that has been entered into the ledger cannot be modified.
- Distributed: Every piece of information in the ledger is duplicated and stored on many systems worldwide.
- Ledger: This is merely a location to keep records. Consider outdated accounting or sales ledgers. A digital catalogue, which is not relational, is a balanced representation of information.
- Information: This can refer to both data and an object’s or action’s metadata.
Blockchain creates a “”block”” or container”” for a particular data collection. A block cannot be altered after it has been formed. Instead, new blocks are created and linked together in a chain when changes occur or a transaction proceeds. As a result, a comprehensive, accurate, and essentially tamper-proof transaction record is provided. For instance, following a product from the production floor to the retail shelf as it moves through the supply chain.
A blockchain platform is a software development kit (SDK) that gives programmers the resources to create blockchain-based apps. Top blockchains often provides various functions, including making and receiving transactions, establishing and managing accounts, storing data, and engaging with smart contracts. Blockchain platforms come in multiple formats, each with unique advantages and disadvantages.
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.
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.
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.
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.
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.
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.
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 distributed 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 platforms are cost-free to use, some do require a dear sum of money according to the requirements.
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.
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1. What are the four blockchain building blocks?
Nodes, a distributed ledger, an asset, and a consensus mechanism make up a blockchain network. A virtual machine and a state database may also be included.
2. What are the primary concepts behind blockchain?
There are four crucial ideas to comprehend in order to assess the value of blockchain technology for a company: connection, decentralisation, immutability, and automation. By grasping these ideas, businesses may gain a thorough knowledge of blockchain technology’s power.
3. What are the advantages of using a blockchain platform?
Global firms benefit from top blockchains in trade finance because it lowers operating costs, boosts productivity, ensures transparency and traceability, enables trustless payments and provides tighter security. The trustworthy, transparent nature of blockchain may be used to do these operations, which historically required extensive human labour and needed data storage and exchange between parties. Global supply chains and operational procedures may be digitised, secured, streamlined, and accelerated via blockchain.
4. What are the main functions of blockchain?
The Application, Protocol (Consensus), Network, Data, and Hardware/Infrastructure layers are the five primary layers that must be included in a blockchain’s design. Sharing information among all parties who access it through an application is the goal of the blockchain. This ledger’s read-only and write-only access can be either uncontrolled, referred to as permissionless, or constrained, referred to as permitted.