Last Updated on March 21, 2024 by Faisal Khan
Almost every business has been transformed by the disruptive technology known as blockchain, including the financial, healthcare, and supply chain sectors. In the drive to manage data more securely and confidentially, blockchain technology has shown to be the best and most effective option. Even additional opportunities are being discovered as blockchain technology experiments continue.
The growth of blockchain-based platforms is supported and accelerated by the growing number of Blockchain platforms. Businesses have acknowledged the need and begun to investigate the potential of blockchain by creating creative blockchain applications.
What is a blockchain platform?
The creation of permissioned or permissionless Blockchain apps is made possible by a blockchain platform. A few companies that offer reliable Blockchain platforms and enable programmers to create host applications on the Blockchain are Hyperledger, XinFin, Ripple, R3, and EOS.
The following considerations can be used to determine which Blockchain platform is best:
- The platform’s state of development
- The standing of blockchain platforms in communities that generate open source software, such as Github
- Using the consensus protocol
- Whether the platform accepts the capabilities of Smart contracts or not
- Scalability that the Blockchain platform offers
These are the top five Enterprise Blockchain Platforms
- XDC Network
- R3 Corda
- Hyperledger Fabric
- Hedera Hashgraph
- Quorum
- XDC Network
Singapore-based XDC network is a non-profit blockchain organisation. The company’s main areas of interest are international trade and finance. The XDC network successfully bridges the gap between legacy systems and the Blockchain to establish itself as the universal language of finance and marketing.
The protocol of the XDC network distinguishes it from other private/permissioned and public blockchains since it is based on the idea of consortium blockchains.
The XDC network seeks to address the following three key problems:
- Ethereum’s network is congested and transactions take a long time.
- The high transaction costs of Ethereum
- Decentralization and compatibility with Ethereum systems are brought about by it.
- The network, products, and ecosystem of XDC are its key distinctive features.
To create an entirely secure ecosystem, XDC Network is actively forming partnerships with companies in a range of industries, including IT solution providers, agriculture, advertising, robotics, pharmaceutical tracking, gaming, education and research, communication, payment, food traceability, name service, and tourism.
- R3 Corda
One of the top groups of financial institutions, R3, created the open-source Corda Blockchain technology in 2015.
A permissioned Blockchain platform called Corda supports DLT applications, allowing companies to conduct transactions directly and in complete secrecy. It lacks any built-in tokens or cryptocurrencies. Corda promotes privacy and provides granular access control for digital records since it runs in permissioned mode.
It has smart contract features and an asynchronous Byzantine Fault Tolerance consensus method.
There are three fundamental stages of a project on Corda:
- Design: Simplest design to reduce Blockchain complexity
- Develop: Speed up time to production
- Deploy: Confirms growth and long-term success
R3 Corda aims to provide:
- Solution architecture services to design and review the product using CDL (CorDapp Design Language)
- Capacity in your sprints
- Deployment support
- Hyperledger Fabric
An open-source group called Hyperledger is working to create a set of reliable frameworks, libraries, and tools for use in commercial Blockchain installations. It serves as a neutral base for a variety of distributed ledger frameworks, including Hyperledger Sawtooth, Fabric, and Indy, as well as tools and libraries, such as Hyperledger Caliper and Hyperledger Ursa.
The purpose of Hyperledger Fabric is to enable the development of modular systems and applications. Hyperledger fabric’s key characteristics are as follows:
- high scalability and performance
- permitted participation
- The plug-in component-supporting modular architecture
- Queryable data
- lower finality latency
- Hedera Hashgraph
Hedera is distinct from other Blockchain platforms since it operates according to a special method and is fast, fair, and safe. It provides significantly more dependable and superior algorithms for greater transparency.
The primary characteristics of Hedera Hashgraph are:
- A faster blockchain platform than others
- Stable and safe
- Quick transfers with affordable fees
- Multi-signature transactions and accounts
- Launching a public BFT notary programme for Corda
- Quorum
A private or consortium blockchain network can use this open-source blockchain protocol. Businesses choose ConsenSys as an open-source Blockchain platform since it is totally built over Quorum. Quorum is a finance industry-specific Ethereum Blockchain that is business-focused. Because Quorum runs on a permissioned network, businesses can adapt it to their specific requirements. JP Morgan is the one who came up with it.
The key characteristics of Quorum include:
- Open-source \sMature
- Community based
- dependable and business-ready
- improved efficiency
- improved agreements and deals voting-based consensus procedure for privacy
- proper management of peers and networks
Conclusion
Blockchain technology innovation is advancing quickly, and a number of Blockchain platforms have begun to appear with fresh, powerful features. Enterprises must comprehend and choose the best Blockchain platform from the growing field in order to develop highly scalable apps.
Get the best Enterprise Blockchain Consulting Services where the team of professional Blockchain developers has in-depth knowledge and hands-on experience creating reliable Blockchain apps. Get a consultation and discuss your needs with the top Blockchain professionals if you want them to create a high-quality Blockchain application for you.
