Blockchain as a technology has its uses in nearly all industry verticals. It can be seen that organizations from different domains are embracing blockchain for digital transformation and its applications are going far beyond bitcoin and cryptocurrency.
With its ability to function with transparency while also helping brands save money and time, organizations are investing increasingly in the blockchain technology. From money transfer, healthcare, logistics, and government to the internet of things, personal identity security, media, and NFTs – there are applications of blockchain everywhere.
No doubt why the Global Blockchain Technology Market is expected to grow at a CAGR of 84.5% between 2022 and 2028. It was valued at $1.78 billion in the year 2021. In addition, the world has spent more than $6 billion on blockchain solutions in 2021. And this spending is expected to rise in the coming years.
Now, since businesses have started exploring the uses of blockchain, the demand for the blockchain development platforms is also increasing. These platforms permit the development of blockchain-based applications and they can be permissioned or permissionless. Businesses can select the blockchain development platform depending on their needs and preferences.
However, they are often confused while selecting the best ones. So, in this article, we will be discussing some of the top blockchain development platforms along with their pros and cons to make things seamless for them. If you are a business or budding entrepreneur who wants to utilize Blockchain Technology for your business app, read on.
Blockchain platforms let developers build blockchain-based apps easily and efficiently. However, you need to choose the right one depending on your business needs. Let’s check out some of the best ones:
Ethereum is one of the top blockchain development platforms in terms of usability and popularity. It came into existence in 2013 and is gaining immense popularity with every passing day. This platform supports smart contracts and DApps and is known for the smoothness and scalability that it provides to even a huge scale of data transportation.
Being one of the oldest and most established blockchain platforms, it even has its own cryptocurrency called ETH or Ether. It uses PoW (Proof-of-work) mechanism and is the top choice of NFT traders. It is a permissionless blockchain platform and developers who need to develop apps using Ethereum have to pay charges in Ethers for running transactions.
Here are some of the use cases of Ethereum:
The second in our list of best blockchain development platforms is Hyperledger Fabric. It helps build blockchain-based apps or solutions using a modular architecture. It gives network designers the flexibility to plug and play with the components they require. Thus, if you need to build a complex application or software that needs flexibility, Hyperledger Fabric is the ideal option for you.
It is a blockchain platform that supports software where privacy – through channels – is a crucial operating requirement. It can isolate several transactions in the channels fast. Many blockchains prefer creating enterprise-grade solutions using this platform. Governed by Linux Foundation, Hyperledger Fabric’s absence of a proof-of-work algorithm provides high scalability.
Here are some of the use cases of Hyperledger Fabric:
Launched in 2012, Ripple is an open-source protocol developed to support transactions in a cheap and fast way. It is not just a platform but also a currency. The platform’s own currency is called XRP and it also lets businesses create their own currency with the help of RippleNet.
The mission of RippleNet is to allow banks to process cross-border transactions in a less costly and quick manner. Thus, it is an ideal option for the present global payment system used by most banks. The platform offers numerous benefits for people who make international transactions, for example, a typical transaction takes less than five seconds to complete via RippleNet.
Here are some of the use cases of Ripple:
Launched in 2015, Corda is another open-source blockchain development platform by the R3 Consortium. It was initially developed for financial institutions but it has now expanded into the insurance, healthcare, and finance industry as well.
Corda is a permissioned P2P DLT (Distributed Ledger Technology) that supports the smart contact feature. It means businesses can program and deploy smart contracts on the platform using Java or Kotlin. In addition, there are no tokens or cryptocurrencies in Corda.
The platform has proven performance backing it up and it can handle more than 600 transactions per second. In addition, it is highly scalable and can process and store data using a ledger. One of its main advantages is its Serialization Framework which consists of a set of APIs leveraged to boost and standardize interoperability in several components of the platform.
Here are some of the use cases of R3’s Corda:
Basically, Quorum is an enhanced version of Ethereum founded by J.P Morgan. It is just a modification of Ethereum’s main features and that’s why it incorporates Ethereum updates quickly and flawlessly.
Just like Ethereum, Quorum is also free to use and an open-source blockchain platform. But, it uses vote-based and several other different algorithms to process more than 150 transaction requests per second. Because it is a permissioned platform, the networks using Quorum will not be open to everyone. It can manage software and apps needing speed of private transactions and high throughput processing.
Here are some of the use cases of Quorum:
The above-mentioned blockchain platforms are all top-notch and have amazing capabilities. However, choosing the one among them that suits your business needs in the best possible manner is the most difficult task. It needs a lot of research and experiments. Here are some of the factors that you should consider:
To develop a robust blockchain application, you should choose a platform that can fulfill your present and future business needs.
While Corda, Fabric, and Ethereum are the most popularly known blockchain development platforms, your team of blockchain app developers must also have an understanding of languages like Python, C++, Solidity, and how distributed storage like RDBMS and NoSQL work to develop a robust app.
So, do your research and compare all the above-mentioned platforms against these factors to make an informed business decision. You can always get in touch with Top-Notch Blockchain Development Experts at Apptunix to help you make the right decision.
Get the weekly updates on the newest brand stories, business models and technology right in your inbox.