Top 7 Blockchain Platforms to Consider This Year
Blockchain technology is becoming universal, and it’s easy to see why. Its distributed ledger system supports smart contracts and other applications that facilitate digitized trust and transparency.
Thanks to the rapid growth of the blockchain industry, there are now many options. Whether you’re looking for a platform that is easy to use or offers unlimited potential, there’s sure to be a blockchain platform that’s right for you.
This article will explore 7 of the most popular platforms, considering their features, scope of applications, and advantages over the competition.
7 Popular Blockchain Platforms
Tezos is a front-runner in emerging blockchain platforms. Because it stands out from the other blockchain platforms due to its self-amending capabilities, allowing upgrades to occur without disruption.
Not only is this a smoother solution, but it also gives users more control over their investments compared to traditional blockchains. It leverages a proof-of-stake consensus method, offering fantastic rewards to coin holders.
Liquid Staking Method
But how these essential benefits are more efficient in streamlining operations for businesses?
This method allows holders of coins to stake them to receive rewards based on their contributions. It also provides the flexibility to unstake their tokens anytime, with no lockup period needed.
Blockchain platforms like Tezos are leading the way in revolutionizing space. The platform has worked hard to tackle the most prominent problems like high transaction costs, faulty self-amendment processes, and complex smart contract issues.
No one wants to pay an arm and a leg in transaction fees, but they are often far too high with proof-of-work blockchains. Transaction cost is a considerable challenge when it comes to cryptocurrency, but Tezos offers a practical solution.
Tezos, one of the top blockchain platforms, developed a unique architecture and implemented the Granada upgrade, which vastly improved transaction fees.
Now, anyone utilizing the Tezos platform can enjoy comparatively low gas fees and make their transactions much more cost-effective – proving the platform continually evolves to meet users’ needs.
Tezos has come up with a revolutionary way to upgrade the networks. This on-chain governance system lets updates happen easily and quickly, with no coordination required.
Not only is it much faster than the forked-based model used by other platforms, but it avoids any legacy tokens often created when making those changes.
Smart Contract Issues
Smart contract issues are an ever-present concern on blockchain platforms. Still, Tezos has been able to change that with its Ocamel and Michelson language and its efficient former verification mechanism.
Michelson is designed to ensure strong security, and the former verification system helps to guarantee that the code works as originally intended. By implementing these solutions, Tezos has addressed numerous security problems of mission-critical industries.
Ethereum, the blockchain platform introduced in 2013, is one of the most established of its kind.
It offers unparalleled decentralization across its network while providing the ability to develop smart contracts – a powerful feature powering enterprise-level software.
Though it has some troublesome speed and fee problems compared to other platforms, it also has its currency called ether, which cannot be ignored.
Today, Ethereum is seeing growing use by developers and entrepreneurs looking for an ideal platform for their dApps. NFTs (Non-Fungible Tokens) is just one such application finding success on the Ethereum network.
3: IBM Blockchain
IBM Blockchain provides an advanced traceability solution that builds a more robust ecosystem across all network participants – delivering a smarter, safer, and more sustainable product.
- Supply Chain: This blockchain platform provides a secure, transparent way to track and manage supply chains.
With the right system, two container ships loaded with containers docked in port can quickly be monitored and verified to ensure that each party has the correct information about what is being shipped.
- IBM Food Trust: IBM’s Food Trust platform leverage blockchain to increase transparency and safety while streamlining connectivity throughout the food system.
This modular solution is designed to benefit all participants, farmers and suppliers, retailers, and customers.
Whether it’s tracking the source of orange fruit as it moves across three different conveyor belts or monitoring data from thousands of other machine interactions, IBM Food Trust provides an efficient and secure way to manage these processes in one place.
- Hyperledger Fabric Solutions: Not only does it provide open-source code perfect for developing tailored solutions specific to enterprise needs, but IBM(as a founder and premier member of the Hyperledger open-source community) takes “peace of mind” a step further with 24/7 support and service-level agreements. Easily set up, deploy, and get assistance down the line.
With IBM’s help, Hyperledger Fabric will be a powerful asset.
4: Hyperledger Fabric
Hyperledger Fabric is the go-to blockchain platform for enterprises, and it’s easy to see why. Developed by the Linux Foundation and offering an array of innovative components, Hyperledger Fabric offers secure, efficient closed blockchain deployments.
These features can provide a considerable edge to businesses looking to leverage the advantages of distributed ledger technology.
Its modular architecture can also power open smart contracts with support for various data models, including account and UTXO models.
With more and more businesses investing in blockchain technology, it’s essential to consider the implications of whether a platform is open or closed.
An open blockchain platform is attractive to businesses as they enable quick and easy setup of their operations. However, these platforms are generally slower than those with a private, closed feature. To find the perfect balance between speed and security, many blockchain code bases can be adjusted to be both open and closed.
One consensus protocol used in many blockchains is Proof of Work (PoW). PoW has become a staple for systems such as Bitcoin and Ethereum.
Still, newer consensus mechanisms like EOSIO, offered by Hyperledger Fabric, provide faster solutions with additional efficiency benefits due to its Byzantine Fault Tolerance feature.
UTXO and Account Model:
For recording transactions, two popular approaches include UTXO and Account Model. UTXO works similarly to cash by assigning each transaction a unique serial number while the Account Model records the balance.
5: Hyperledger Sawtooth
Hyperledger Sawtooth is revolutionizing trust and scalability in the blockchain space. It is a blockchain platform hosted by Hyperledger and the Linux Foundation that allows users to innovate upon existing consensus algorithms.
Proof of Elapsed Time
It uniquely utilizes a novel mechanism called Proof of Elapsed Time which integrates with hardware-based security technologies for protected program execution environments.
Applications for Sawtooth are typically geared toward supply chain systems. Still, customizers can use the modular configuration of the platform to tailor it according to their specific needs.
On top of this, developers are currently working on creating a Sawtooth library with components for customizable distributed ledger applications.
6: R3 Corda
It’s the only private and secure blockchain platform specifically designed for regulated markets, making it perfect for those in need of a powerful asset transfer tool.
It provides access to the power of this financial-grade DLT platform, with limitless possibilities of what can be created when it comes to trading assets securely and quickly. With R3’s Corda, taking advantage of distributed ledger technologies just got simpler and more accessible.
- Privacy: R3 Corda, with its structure, allows counterparties communication protocols of zero-knowledge proof (ZKP). This means privacy and trust are assured at all levels, despite being invisible to other members of the network.
- Development: Its innovative approach to smart contracts, known as ‘legal-binding agreements,’ is written in JVM language with easy access to its vast ecosystem of tools and libraries.
- Scalability: P2P architecture enables a high level of scalability
- Security: every entity that wants to be involved in CorDapp must have access and authorization.
With the launch of the open-source project EOSIO in 2018, blockchain platforms were revolutionized with a PoS consensus mechanism that is touted to provide more computation power than Ethereum’s.
It allows for greater performance and offers an extra layer of complexity with its built-in governance systems for voting on protocol changes.
- Speed and Efficiency: EOSIO is disrupting the blockchain industry with its ability to support mission-critical applications with ultra-fast speeds and high efficiency.
As one of the most popular blockchain platforms, EOSIO stands out due to its remarkable features like a sub-second block time latency rate and industry-leading transaction speed.
- Highly Configurable and Robust: Built to be highly configurable yet robust, it’s a powerhouse platform for launching public, private, permissioned, or permissionless blockchain infrastructures.
- Security: an end to end authentication that enables data integrity
- Development: Developers have access to a host of tools allowing them to customize the platform according to their decentralized use cases.
Clearly, EOSIO is transforming the way we look at blockchain and decentralization.
When it comes to blockchain, there’s no shortage of options. Whether you’re an experienced developer or just getting started with distributed ledger technology, these seven platforms are sure to have something that fits your needs and goals.
As you consider the features and scope of each, keep an eye out for the benefits of each platform. From Tezos’ self-amendment to EOSIO’s unique consensus algorithm, each platform has a unique approach to building a secure and transparent future.
So if you’re looking for a blockchain platform that makes secure transactions possible and supports smart contracts, go through the seven best Blockchain platforms we have reviewed. All these platforms offer different levels of trust and security, and one is sure to be the right fit for you.