These days, blockchain technology is booming in the market. The technology that emerged in 2009 as a bitcoin has now become a mainstream technology. Blockchain has apps in various industries like healthcare, logistics, supply chain, legal and so on. Those apps are designed and developed to make business processes more efficient and transparent. The survey clearly states that blockchain platforms are ever-growing and will continue to evolve. During 2020-2025 blockchain market will grow at a CGPR of 67,3%. So, here is a list of top 7 blockchain platforms to explore in 2021 that will make organizations more efficient & transparent in the business ecosystem. Before diving to the blockchain platforms, let’s have a look at some basics of blockchain platforms.
Basics Of Blockchain Platform-
Blockchain platforms allow development of blockchain-based applications. Those platforms can either be permissioned or permissionless. Tezos, Hyperledger, ethereum and EOS are some of the popular names that have built blockchain frameworks, and allows people to develop and host applications on blockchain. Let’s know the factors that will help you to choose the best blockchain platform.
You can also know basics of blockchain at- Blockchain – The Basics you should know.
Factors To Consider Before Choosing The Best Blockchain Platform-
1. Development Status Of A Platform-
Check the development status of the platform in GitHub or other related communities. Know whether the platform’s code has been tested multiple times or it is still in the development stage.
2. Type Of Blockchain That You Need-
Know the different types of blockchain and understand the type of blockchain that your use case needs. Choose the platform based on the network it supports, i.e, public, private or permissioned blockchain network.
3. Languages That Platform Supports-
Blockchain is as yet in its beginning stage and numerous new programming languages have been introduced. So before selecting a blockchain framework, know what programming languages are supported by SDKs.
4. What Blockchain Consensus Protocol does the platform use to achieve consensus-
If you don’t understand consensus protocol, it will be challenging to work on a blockchain platform. There are various consensus algorithms like Proof of Stake, Proof of Work, Proof of Burn and so on. It is important to understand that which blockchain platform supports which consensus protocol.
5. Platform Support For Smart Contracts Functionality-
Not all blockchain platforms support the concept of savvy contracts which are responsible for validating, triggering or enforcing actions on the blockchain systems.
6. Kind Of Scalability That Your Solution Need-
As the number of transactions and participants increase, a blockchain network should be able to scale to adapt to the growth. If your project is not transaction intensive and needs just a random data review like escrow agreement, you should restrict network decisions to quality, ease of use, access and cost.
Know the importance of blockchain for app developers at- How Blockchain is important for App Developers?
Top 7 Blockchain Platform In 2021-
It is an open-source and decentralized blockchain network that performs peer-to-peer transactions and deploy smart contracts. Tezos is a smart contract and dApp platform similar to Ethereum, Waves, Neo. It’s self-amending cryptographic mechanism makes it different from other platforms. Tezos has a modular architecture and formal upgrade mechanism which allows its network to facilitate formal verification. It is designed to offer safety and code correctness required for digital assets and high-value use cases. It is a self-governing decentralized blockchain platform.
- On-Chain Governance
- Smart Contracts and Formal Verification
- Self-amendment Protocol
- Delegated Proof of Stake Consensus Mechanism
2. Hyperledger Fabric-
It is a project of Hyperledger, intended to build blockchain based solutions or apps using modular architecture. Architecture’s modularity allows network designers to plug in their preferred components like membership services and consensus, differing it from other blockchain solutions. Hyperledger fabric is designed for permissioned networks, enabling known identities to participate within the system. Network participants should be authorized and have credibility in the capital to take part in blockchain. Blockchain companies prefer building enterprise-grade apps using Hyperledger fabric.
- Multi-language smart contract support
- Support for Solidity and EVM
- Highly modular
- Low latency of finality
- Pluggable Consensus
- Queryable Data
3. Hyperledger Sawtooth-
It is an enterprise-grade and modular platform, designed to create, deploy and execute distributed ledgers that enable digital records to be maintained without a central authority. PoET (Proof of Elapsed Time) consensus mechanism of Sawtooth enables Hyperledger sawtooth to integrate with hardware security solutions called as “trusted execution environments” and Intel’s newly launched Xeon processor.
Hyperledger Sawtooth is an open-source blockchain platform to integrate with an enterprise-ready 1.0 version. Launch of 1.0 software solutions is necessary for every developer because it indicates that maintainers are still dedicated to core features. Thus, it gives blockchain companies confidence that whatever they build, won’t break due to future upgrades.
Now, Hyperledger has announced the sawtooth’s version 1.1. In new release, they have introduced support for WebAssembly smart contracts and an improved consensus interface.
- Parallel transaction execution
- Ethereum contract compatibility with Seth
- Pluggable consensus algorithms
- Private networks with sawtooth permissioning feature
- Separation between application level and core system
It is a blockchain platform designed to develop scalable and secure dApps. It provides dApps’ hosting, smart contracts capability, decentralized storage of enterprise solutions to solve scalability issues that Bitcoin and Ethereum faced. This platform eliminates all users’ fees and accomplishes consensus by using multithreading and delegated proof-of-stake algorithm. They have a dedicated community as “EOS forum”, where developers and investors can discuss the platform.
- Permission Schema
It is an open-source blockchain platform that enables next-gen transparency, efficiency and robustness in business. With this framework, organizations can transact directly and privately with smart contracts. You can build interoperable blockchain networks that transact in a strict private environment. Corda framework includes smart contract technology that allows businesses to transact directly with great value. It also reduces the extra record-keeping and transactional costs.
- Open design
- Agile and Flexible
- Open Development
It is one of the most leading blockchain platforms that has a native cryptocurrency called ETH or Ether. Ethereum is used to build new apps that are related to financial apps, games, decentralized markets, cryptocurrency wallets and so on. It has large community with core protocol developers, crypto-economic researchers, cypherpunks and mining organizations. It focuses to eliminate internet third-parties who save data and track financial transactions.
- Rapid Deployment
- Smart Contracts Functionality
- Turing Completeness
It is a decentralized blockchain platform that aims to develop a free and global content entertainment system. This enables seamless and reliable sharing of content digitally. This platform can manage more than 2000 transactions per second at a zero fee. It depends on the delegated-Proof-of-Stake consensus mechanism to secure blockchain. Tron(TRX) provides a medium for creators to share content directly with users, without the need of the middlemen. Also, original data remains with creators that makes the process secure.
- High Throughput
- Multi-language extension
- Eliminating counterfeit chain
- High Scalability
- High Availability
- Compatibility with EVM
As blockchain is rapidly moving towards innovation, new platforms have started to emerge with some extra features. There are lots of blockchain platforms available across the world, so organizations should understand the right platforms to build scalable applications. Here we’ve discussed the most popular 7 blockchain platforms in 2021. If you’re still confused about selecting the right blockchain platform for your business, consult with Solace experts. We are here to through consultation and development. Connect with Solace and get a free quote for converting your blockchain project idea into a real product. We will be happy to help you.