Blockchain technology appears to be gaining traction these days. The technology that originated in 2009 as Bitcoin has now become a conventional technology. Blockchain may be used in a variety of areas, including healthcare, supply chain, logistics, legal, and many more. Blockchain applications are created to improve the efficiency and transparency of corporate processes.
According to one of the polls, the global blockchain industry is anticipated to increase at a CAGR of 67.3 percent from USD 3.0 billion in 2020 to USD 39.7 billion in 2025. As a result, the need for blockchain platforms is increasing as the blockchain-enabled ecosystem evolves in a secure and timely manner.
So, to assist enterprises in bringing more transparency and efficiency into their business environment in 2021, we’ve compiled a list of some of the best blockchain systems to look into.
Stellar is a decentralized blockchain network that enables the storage and transfer of funds. It allows you to produce, exchange, and send digital representations of all types of money, including dollars, bitcoin, pesos, and a variety of other currencies. Over 70% of banks are now experimenting with blockchain technology to improve the transparency, seamlessness, and security of their services. Stellar is a scalable and substantial blockchain platform that can assist in the development of safe and quick fintech applications, tokens, and digital assets that imitate financial assets.
- Its database is decentralized and open.
- It allows thousands of transactions to be completed in a split second.
- It simply takes 3 to 5 seconds to confirm the transaction.
- Multi-signature and smart contract capabilities are available on the network.
- It has a fixed annual inflation rate of 1%.
Corda is an open-source blockchain technology that uses smart contracts to allow businesses to deal directly and in complete secrecy. By optimizing company procedures, it lowers record-keeping and transaction expenses. It’s a nimble and adaptable platform that can scale to suit changing business needs. CorDapps are Corda-based applications that are intended and developed to alter organizations in a variety of industries, including healthcare, energy, insurance, finance, and more.
- Design with an open mind
- Flexible and adaptable
- Open Source Development
- CordaHyperledger Fabric
Hyperledger Fabric is being offered as a platform for developing modular apps and solutions. It allows components to be plug-and-play, such as membership services and consensus. It has a modular and versatile design that may be used in a variety of industrial applications. The ability to create a network of networks is one of Hyperledger Fabric’s key characteristics. Members of the Fabric network collaborate, but because some data needs to be kept secret, corporations normally retain different relationships within their networks.
- Modular in nature
- Finality’s low latency
- Solidity and EVM support
- Support for smart contracts in several languages
- The consensus that can be plugged in
- Data that can be queried
- Support for smart contracts in several languages
Open chain is an open-source disseminated ledger solution for companies who want to issue and manage digital assets in a safe, scalable, and secure way. Partitioned Consensus is a distinct consensus from Bitcoin-based systems. There is only one authority validating transactions in each Openchain instance.
Rather than relying on a single central ledger, each company is in charge of its Opechain instance. It is more dependable and efficient than P2P architecture since it uses a client-server design. Furthermore, because the Openchain blockchain network does not have a miner, the asset administrator directly approves free and prompt transactions.
- Modular design
- Transactions are free of charge.
- High scalability
- Smart Contracts Functionality with a 2-Way Peg Unified API
Tezos is a decentralized, open-source blockchain network that allows users to conduct P2P transactions and build smart contracts. Its network can permit formal verification thanks to its modular architecture and formal upgrade mechanism. Tezos is built to provide the security and code correctness with those digital assets and high-value use cases require. It is a self-governing decentralized blockchain network. Tezos is a shrewd contract and decentralized application platform similar to Neo, Ethereum and Waves, and, but it is distinguished by its self-amending cryptographic method.
- Delegated Proof of Stake Consensus Mechanism with Self-amendment Protocol
- Smart Contracts and Formal Verification for On-Chain Governance
Tron is a decentralized blockchain platform to create a decentralized internet. Tron, like Ethereum, allows dApp developers to construct and use full protocols using blockchain smart contracts. When compared to big payment processors like Paypal, the Tron platform can handle 2000 transactions per second. There are no transaction costs.
- Exceptional scalability
- High level of availability
- Exceptional Throughput
- EVM Multi-language extension compatibility
- Eliminating the counterfeiting supply chain
Hedera Hashgraph Platform is a highly secure, fair, and quick platform that does not necessitate the use of a time-consuming proof-of-work technique. It enables developers to create new decentralized applications that are both unique and scalable. Smart contracts on the Hedera Hashgraph platform, like any other software component, can be written dynamically. The smart contracts launched with a list of public keys of arbitrators can be modified to repair problems or add new features because the platform provides an optional method that permits “binding mediation.”
- Implementation of a public BFT Notary Service for Corda that connects the Hyperledger Fabric network to the Hedera Consensus Service in a fast, fair, and secure manner.
Hyper ledger Sawtooth
Hyperledger Sawtooth is a modular and flexible architecture that separates the application domain from the core system. As a result, smart contracts can imply business rules for applications without requiring knowledge of the care system’s design. Proof of Elapsed Time (PoET) and Practical Byzantine Fault Tolerance are two of the consensus algorithms it supports (PBFT).
It’s a blockchain platform for businesses that allows them to build distributed ledger networks and apps. Its goal is to keep distributed ledgers and smart contracts secure, especially for businesses. It simplifies blockchain app development by allowing developers to describe business rules for their apps in the language of their choice.
- Sawtooth permission is a feature of private networks.
- Execution of transactions in parallel.
- Compatibility of Ethereum contracts with Seth Pluggable consensus algorithms.
Ethereum is a popular blockchain platform with its native cryptocurrency, ETH or Ether. Ethereum is used by developers to create new financial apps, decentralized markets, games, cryptocurrency wallets, and other applications.
With core protocol developers, cypherpunks, crypto-economic researchers, and mining groups, they have the largest community. Its goal is to get rid of third-party websites that save data and track financial instruments through the internet.
- Insolent Agreements Functionality
- Turing Comprehensiveness
- Per missioning
- Rapid Deployment
EOS is a blockchain platform for building scalable and secure decentralized applications. It provides dApp hosting, smart contract functionality, and decentralized storage of enterprise solutions to address Ethereum and Bitcoin’s scaling challenges. By utilizing multithreading and a delegated proof-of-stake method, the EOS platform eliminates all user costs and achieves consensus. Developers and investors can debate the platform in the “EOS forum,” which is a dedicated community.
- Dual processing
- Permission Scheme
According to Forrester, 30% of projects will be put into production globally by 2021. The rise in demand for more robust blockchain platforms indicates the maturation of blockchain technology. If you’re having trouble deciding which blockchain platform is best for your company, talk to a few different blockchain experts. With our knowledge of top platforms, they can also help you turn your blockchain project idea into a genuine product.