A Complete Guide To Choose Blockchain Platform For Business Growth

A Complete guide to choose blockchain platform for business growth

Those who has worked on Blockchain or have tried to understand it, it comes as no surprise that with when it comes to the complex and ever-developing technology, getting a decentralized Blockchain project off-grounds takes more than a great thought — it needs a dedicated team, expertise and right resources for succeeding. Also, even then, even within the presence of the golden trio, Blockchain projects tend to fail. Hopelessly. Here, we are going to explore a few subsets around the choice of Blockchain platforms, with a single-focus intent to keep you from becoming a number in the failure statistics.

You can also know Top 10 Blockchain programming languages at- Top 10 Blockchain Programming Languages for 2019.

Advantages of Blockchain Platforms- 

Development of the best Blockchain framework and network is an idealistic state for some aspiring businesses – an expensive ideal world that is more or less impossible to achieve when the reality wave of complexity hits. This difficulty brings Blockchain platform providers in the picture. They let businesses exploit the existing software, infrastructure, and service related to Blockchain. To validate their need, promising Blockchain-based technologies accompany different advantages:

  • Getting the basics at one place – Blockchain is a distributed database. It assists with tracking all the transactions in a structured and secure manner. The manner in which it accomplishes this is through the Blockchain platform.
  • More efficiency – A Blockchain technology platform is formulated to be proficient from the very first day. In contrast to other gateway solutions, Blockchain platforms allow the stakeholders to directly interact with the customers. This, subsequently, checks cost and expels the consideration of intermediaries.
  • Anticipation of fraud – With Blockchain being at the core of the solution, Blockchain platforms prohibit modification of information. Which means, it gets difficult to abuse the information by editing it to address their needs.
  • Promotes Auditability – By being transparent, the platforms bring responsibility to the table of Blockchain technology services. Everyone who is a part of the Blockchain system realizes who is pledged for what and hence holds them accountable when things go wrong.

Types of Blockchain Platforms –

There are three types of Blockchain development frameworks: public networks, permissioned networks, and private networks.

  • Public Networks – These are decentralized networks. Anyone can participate in it at any level, including things, for example, running full nodes, trading tokens, mining cryptocurrency, and so on. On the other side, they are more expensive and slower to use. Hence they are not considered as a necessary Blockchain platform for new businesses.
  • Permissioned Networks – these networks are visible to public however participation in them are controlled. They are extremely quick and also have low latency plus high storage capacity compared with public networks.
  • Private Networks – these are shared between the confided in parties and not made open for public. They are extremely rapid and have zero latency. The majority of the private networks don’t use cryptocurrency or have similar security and immutability advantages of decentralized networks.

Top Blockchain Development Frameworks- 

1. Ethereum

The platform is established in 2015 and also has used its first-mover advantage to overwhelm the Blockchain landscape as developers’ chosen platform for building decentralized applications. The core development team alongside the wide network has continued to make enhancements in the platform, an indication of which is their efforts behind Ethereum 2.0 creation and popularizing. The efforts are a method for making it the best Blockchain platform for new businesses.

2. EOS-

EOS Blockchain is aiming to become a decentralized operating system which can support several decentralized applications. It is a public network platform which anyone can use for creating EOS accounts and submitting transactions to the network – a core that prompts a few points of comparison between EOS and Ethereum. What makes EOS the best framework for Blockchain is that it reaches consensus through delegation of who will produce each block, which is chosen on the basis of a vote in by the token-holders out of a large list of approved candidates.

3.  Hyperledger-

It is an open-source permissioned Blockchain which is prone towards creation of high-performing DLT which allows cross-industry collaborations. One of the most famous Blockchain platforms are made of six frameworks and seven tools. This help businesses with embracing Blockchain at the enterprise level.

4. Quorum-

The platform is a private enterprise fork of Ethereum which focuses on the financial sector. Brands using Quorum can deploy smart contracts written in Solidity language, as either private or public contracts. Being a permissioned version of Ethereum, it is viewed as the go-to technology for various financial institutions and a significant part of the Enterprise Blockchain development.

5. R3 Corda-

It is an enterprise Blockchain consortium made of more than 300 firms that collaborated to meet Corda – an open-source Blockchain platform. It has enterprise distributed applications in sectors like healthcare, insurance, digital assets, and finance. Written in Kotlin language, Corda boasts of an elevated level of It has endeavor appropriated applications in parts like human services, protection, advanced resources, and account. 

Corda is written in Kotlin language. And it boasts a high level of integration with some existing business infrastructures, supporting high-level Blockchain app development services’ inception

How to Choose the ideal Blockchain Development Platform for Your Business?

1. Privacy-

As stated above, Blockchain is categorized in two parts-

  • Centralized- here a single authority controls the network and the data which is available to the users and
  • Decentralized- here data is shared across complete network

If the application manages private data, for example, names, documents, and addresses, and so on to be shared between the users, you should go with a private network that isn’t decentralized. If the application promotes business trustlessness and transparency, you should put the data on public Blockchain development framework.

2. Scalability needs-

As the transactions and participants increase, the Blockchain technology platform should also develop and adapt to this growth. Scaling issues are a major challenge in the Blockchain projects. The transaction speed of Ethereum and Bitcoin are still not as high as PayPal or Ripple, and so on. If  your dapp isn’t transaction-intensive and would work admirably with a simple escrow agreement, you should confine the network and vendor decision to quality, cost, and ease of use. However, if your dapp requires more transactions, you should inspect side-chain implication for liability/security and assess network transaction fees.

Other than these two basic factors, there are some other contributing factors that a Blockchain development company considers as well while selecting the best Blockchain framework, for example,

  • Availability of skills
  • Community support 
  • Multi-functionality 
  • Security needs, etc. 

Final words-

These are some basic considerations to choose the blockchain platform. There can be few others too. If you are failing to choose the best blockchain platform for your business growth, Consult with Solace experts. We have a dedicated blockchain developer’s team to help you through consultation and development. Connect with Solace for effective and efficient blockchain development. We will be happy to help you.

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