The whole technological market has been transformed by blockchain technology. It was first presented and developed in 2008, and since then, it has become a household name because of its unique features and stringent security measures. As a result of the rise of cryptocurrencies like bitcoin and Ethereum, the Blockchain technology industry will reach $23.3 billion in revenue by 2023.
Business Case For Blockchain
Every firm has always made use of new technological advancements to improve the efficiency of its operations. Due to the abundance of platforms supporting Blockchain development, it’s essential to pick one with an eye on the company’s needs and criteria in mind.
We’ve compiled a list of some of the finest Blockchain platforms for various industries, each with its unique strengths and benefits.
Blockchain R&D company “OnChain” developed NEO, a decentralized app development platform. Using the NEO token as a base token, NEO collects transaction fees from applications operating on the network. This GAS token is then utilized for transactions.
NEO uses the Delegated Byzantine Fault Tolerance consensus algorithm because it is more scalable and productive. Use cases of the “smart economy” have been deployed using NEO in order to improve transaction control.
A distributed ledger system that aims to improve the security of digital assets held by organizations is open source. It employs a consensus mechanism called Partitioned Consensus, and each instance has exclusive power to validate transactions. There are no fees for transactions on this platform, which Coinprism built, but the asset administrator must approve them.
Quorum, Ethereum’s enterprise-focused version, aims to simplify the development of enterprise-grade applications and solutions using Ethereum’s functions and features. Founded by JP Morgan, it is able to support and adapt to Ethereum’s upgrades and changes swiftly since it alters the Ethereum core. It’s free and open-source, and it employs a consensus process called Majority Voting to provide speedier outcomes.
In order to link payment providers, banks, corporations, and digital asset exchange activities without any chargebacks, “XRP” or “Ripple” is utilized. It is Ripple’s primary focus to minimize liquidity costs (xRapid), exchange payments across several networks (xVia), and send money internationally (xCurrent) (xCurrent).
5. Fabric Of Hyperledger
Another Hyperledger platform, Hyperledger Fabric, is about constructing solutions using a modular approach. It also allows the development of an app or solution for a business by generating multiple modules. This supports and promotes modular architecture. The hired developers must have money in their bank accounts to construct an app and use it to produce solutions.
6. Hyperledger Sawtooth
Do you want to create an app that doesn’t rely on a centralized infrastructure to keep track of digital ledger records? Hyperledger Sawtooth is your best bet, and you’ve been served it!
One of the most excellent Blockchain platforms if your company needs to match the functions it offers is developed by the Linux Foundation, IBM, and Digital Asset. The PoET consensus method successfully integrates with “trusted execution environments” and gains one additional advantage.
Ethereum supports more than that, cryptocurrencies and money-based apps. It makes it easy to build a Blockchain-based application, and its distributed computing capabilities have won over many experts and made it the most popular Blockchain platform. Vitalik Buterin, Gavin Wood, and Joseph Lubin have formed and executed the concept, and it is the finest and most mature one for the development of future applications.
Many Blockchain platforms enable and enhance the usage of Blockchain for safe and quick transactions as technology techniques continue to evolve. As a result, organizations must assess and select the platform that best matches their needs, achieves their goals, and provides enough security.
When it comes to processing payments and financial transactions, Blockchain is undoubtedly the greatest technology available at this point.