How to Pick the Best Blockchain Development Platform in 2023
The emergence of Bitcoin brought about the origin of blockchain technology, which has now become one of the most prominent and widely used technologies across various industries. Businesses are beginning to recognise the potential of blockchain platforms as their demand continues to rise.
A report by Grand View Search projected that the global blockchain technology market was valued at $10.02 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 87.7% from 2023 to 2030, reaching a total worth of $1,431.54 billion by 2030.
The growth of the Blockchain as a platform is mainly driven by the need for secure and transparent transactions in different industries, the increasing adoption of cryptocurrencies and decentralised applications (DApps), and the rising investments in blockchain technology by governments and enterprises.
But with so many blockchain platforms to choose from, selecting the best one can be a daunting task. If you’re facing this challenge, there’s good news! This blog will provide valuable insights about the top 10 blockchain platforms that can help you build secure and efficient blockchain applications.
But before diving into the details, let’s familiarise ourselves with some blockchain platforms.
What is a Blockchain Platform?
A blockchain is a database that readily tracks and records real or virtual data exchanges in a network.
Data is recorded in blocks that are linked together in a chain and maintained in a blockchain database. The data remains chronologically consistent because it is impossible to erase or change the chain without network consensus.
To manage orders, payments, accounts, and other transactions, blockchain technology may be used to create an unchangeable or immutable ledger. A common image of these transactions is compatible with the system’s built-in characteristics, preventing illegal transaction submissions.
Different Types of Blockchain Platforms
There are four main types of Blockchain platforms. These include:
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Public Blockchain
Public blockchains are networks that are open to anyone who wishes to participate. They are permissionless, which means that anybody may join the network and begin trading.
This platform blockchain is also decentralised, which means a single organisation does not control them.
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Private Blockchains
Private blockchains are permissioned, which means that only authorised users may join the network. Corporations and organisations often use the private blockchain platform to increase the efficiency and security of their operations.
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Consortium Blockchains
Consortium blockchains are permissioned blockchains administered by a consortium of organisations.
Consortium blockchains are frequently utilised for industry-specific applications such as supply chain management or financial services.
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Hybrid Blockchains
Hybrid blockchains utilises both the features of public and private blockchains.
A hybrid blockchain, for example, may allow authorised individuals to access data or services unavailable to the general public.
The Advantages of Using Blockchain Platforms
Blockchain technology has the potential to revolutionise numerous sectors, and blockchain technology providers are investigating ways to utilise it to better their operations.
Here are some of the primary advantages of adopting blockchain platforms:
Security
Blockchain is one of the most secure technologies accessible today. Data on a blockchain is encrypted and distributed over a network of computers, making it highly impossible to attack or tamper with.
Transparency
All transactions on a blockchain are publicly available, resulting in openness and accountability. This might be advantageous for organisations that need to create trust with consumers or partners.
Efficiency
By removing the need for third-party intermediaries, Blockchain can help organisations simplify their processes and cut expenses.
For example, Blockchain may be used to automate supply chain management or improve cross-border payments efficiency.
Innovation
Since Blockchain is a new and fast-expanding technology, companies that develop Blockchain have room for innovation and create new goods and services.
For example, Blockchain may generate new financial products or new methods of exchanging data and interacting with others.
How do Businesses Utilise Blockchain platforms?
Here are some popular instances of how companies using blockchain technology and blockchain platforms:
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Financial Services
Blockchain is utilised to create new financial products such as cryptocurrency and decentralised finance (DeFi) apps.
Blockchain may also improve the efficiency and security of traditional financial services such as cross-border payments and trade financing.
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Supply Chain Management
Blockchain applications may be used to trace the movement of items across a supply chain, from raw materials to completed products.
This can help firms enhance transparency, decrease fraud, and make their supply networks more efficient.
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Healthcare
Blockchain technology can store and exchange medical records securely. It can also create new healthcare applications, such as clinical trial administration and telemedicine.
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Government
Blockchain applications may improve the efficiency and transparency of government functions such as voting, land registration, and property titles.
Top Blockchain Technology Platforms to Watch in 2023
Here is a list of the top blockchain technology platforms regarding scalability, efficiency, and security.
Ethereum
Ethereum, one of the greatest blockchain solutions, was launched in 2013. Ethereum offers a fully decentralised blockchain network supporting smart contracts, similar to Bitcoin.
IBM Blockchain
Commercial clients that are less risk-averse have discovered the quickest blockchain platform with IBM Blockchain’s private, decentralised blockchain network.
Its ability to link to the business cloud and legacy systems more easily than other decentralised networks gives the most opportunities.
Hyperledger Fabric
Hyperledger Fabric may improve data privacy by isolating processes in channels or permitting the flow of private data in private data collections on a need-to-know basis.
It also allows for rapid transactions with less finality and confirmation delays.
ConsenSys Quorum
ConsenSys Quorum is a completely regulated ledger service built on Ethereum.
Quorum, which works faster and can process more transactions at once than the rest of the Ethereum network, uses proof of authority rather than proof-of-work.
Additional security features, such as GDPR and equivalent legal compliance, are also offered.
Steller
Stellar promises a “world of options for programmers looking to build financial access.” Its open network combines speed, affordability, and utility. Its rail network connects almost 185 countries.
Ripple
Ripple presents itself as a one-stop blockchain ecosystem for business, providing faster, more transparent, and more economical alternatives than traditional financial services.
Clients include Bank of America, Brazil’s Banco Rendimento, and Singapore-based global payments processor Nium.
R3 Corda
R3 Corda implements a new consensus process in which transactions are cryptographically linked but do not frequently batch several transactions into a block.
One of the key benefits of this technology is that all transactions processed in real-time blockchains can perform faster than other types of blockchains.
EOSIO
Eosio has been named the leading open source blockchain software utilised by companies and developers.
It is quick and versatile, enables scalability, is highly configurable, and provides developers various tools and resources.
Since Eosio is built in C++, both private and public networks can benefit from its “very flexible” environment.
Tezos
The Tezos platform has been in development since 2014 and is considered to be an older platform.
It enables decentralised apps, smart contracts, and innovative financial instruments such as NFTs, which may be compared to a modern form of trading cards tied to digital assets.
Its support for a dynamically upgradeable protocol and modular software clients enables the platform’s capacity to adapt to new uses.
Dragonchain
Dragonchain provides developer-friendly connectors and workplace apps to satisfy your company objectives better. It is a platform for creating adaptive and scalable blockchains solutions.
Tron
Blockchain systems like Tron are well-known among users who mostly transfer media assets and build decentralised apps.
The TRX currency is used to acquire access to specific operating software functions. As a result, the token’s primary use case is for the Tron network.
Hyperledger Sawtooth
The Hyperledger Sawtooth is an open source blockchain project that is hosted by the Linux Foundation and Hyperledger. It uses a unique consensus mechanism called the proof of elapsed time.
This mechanism can work with hardware-based security technologies to create secure enclaves in computer memory. These enclaves allow for the trusted execution of program code.
Choosing the Best Blockchain Platform for Your Business
Here are a few things to think about before deciding on a blockchain platform for your business:
Platform Development Status
As the number of transactions and participants grows, the Blockchain technology platform must extend and adapt. Blockchain technology applications have significant scaling challenges.
Suppose your application is not transaction-intensive and would run well with a simple escrow agreement. In that case, you must restrict the network and vendor choices to aspects like quality, price, and usability.
Type of Blockchain You Need
The next stage is to identify what form of Blockchain you need for your business.
While public blockchains may be accessible over public networks, enabling anybody to administrate nodes, private blockchains are administered by syndicates and provide superior performance, more customised permissions, and more security options than their public counterparts.
Furthermore, a hybrid blockchain assures data security in its operational context by utilising private blockchain platform features.
Platform Language Compatibility
Numerous creative programming languages have been introduced, and blockchain technology is still in its infancy. Before deciding on a blockchain platform, learn which programming languages are supported by its SDKs.
Check The Platform Compatibility with Smart Contracts
Once the contract’s conditions are met, the program runs automatically, eliminating the need for intermediaries.
The concept of smart contracts, which oversee and execute tasks on blockchain networks, is not universally backed by all blockchain platforms.
Scalability
A blockchain network should grow as the number of users and transactions increases.
Suppose your project does not require many transactions and just requires occasional data inspection. In that case, you should limit network alternatives to quality, ease of use, accessibility, and price.
However, if your project requires a large number of transactions, consider the security implications of side chains and network transaction costs.
Final Thoughts
When researching the top blockchain development platforms, you’ve completed only the first step towards achieving success with your project. It’s essential to consider the background and reputation of a platform before selecting one, as established options tend to have better potential for meeting your goals.
If you’re in need of a blockchain technology solution provider, Vrinsoft Technology Pty Ltd can assist you with both expertise and a wide range of blockchain solutions. Our specialists have extensive experience and are dedicated to being your one-stop destination for all your needs.
Get in touch with us to know more about our services!
Frequently Asked Questions
How to choose the best Blockchain platform?
Choosing the appropriate blockchain company and platform for your startup is difficult. You must consider various factors, including your business model, target market, technical requirements, scalability, security, and cost.
What are the four types of blockchain networks?
Blockchain networks can be classified into four types: public, private, consortium, and hybrid.
Which Blockchain platform is suitable for developers?
Ethereum is a platform that has been around for a long, is well-known, and is rightly considered the best blockchain development platform.
Is cost a significant factor in choosing a blockchain platform?
Yes, cost matters. Consider factors like transaction fees, gas costs (for Ethereum-based platforms), and initial setup expenses. Ensure your chosen platform aligns with your budget and long-term sustainability.
