Updated: December 6, 2022 
With the introduction of Bitcoin, blockchain technology came into existence. Today, it is recognized as the most powerful and widely used technology available across all industries.
According to studies, the worldwide blockchain market was valued at 1.57 billion U.S. dollars in 2018, and it is forecasted to grow more than a hundred times to 163 billion U.S. dollars by 2027. This is an evident indicator of the growing hype around blockchain and its effective adoption by businesses.
Industries that use blockchain technology to promote more open and effective business processes mainly include supply chain, healthcare, logistics, finance, etc.
The primary objective of various blockchain applications is to boost the efficiency of a wide range of business operations and take the company to the next level. Due to its three main characteristics – immutability, security, and decentralization — blockchain has become the first preference for many companies.
If you want to make the incredible potential of blockchain technology your holy grail, then you must first choose the appropriate blockchain development platform. But before diving deep, let’s understand what exactly blockchain technology is.
Blockchain Technology – A Brief Overview
Due to its decentralized nature and use of cryptographic hashing, blockchain technology is also known as distributed ledger technology (DLT), and it is designed to store data that is visible and impervious to manipulation.
Information is stored in a blockchain on blocks connected to one another. A chain is formed when each block is filled, closed, and connected to the ones before it, providing a specific amount of storage.
This high-end technology is primarily used to record transactions across many computers in such a way that it prohibits the record from being changed retroactively without updating all consecutive blocks and getting network approval with ease. Let’s now look at some of the benefits offered by it.
- Using blockchain to process payments and move money – transactions carried out using a blockchain may be completed in a matter of seconds, and banking transfer fees may be decreased (or abolished).
- Use blockchain to track the supply chain efficiently – Businesses may use blockchain to spot problems in their supply chains quickly, find items in real-time, and keep an eye on the quality of their goods as they travel from producers to retailers.
- Blockchain for electronic – IDs Microsoft is experimenting with blockchain technology in order to provide users control over who may access their data and to assist them in managing their digital identities.
- Blockchain for information sharing – Blockchain may act as an intermediary to safely transport and store corporate data across different industries.
- Blockchain for copyright and royalties protection – Building a decentralized database with blockchain technology has the ability to ensure the preservation of music rights and provide musicians with transparent, real-time royalties.
- Blockchain for controlling the network of the Internet of Things – In order to efficiently analyze the reliability of new devices being added to the network, identify devices connected to a wireless network, monitor those devices’ activities, and determine then jump on to check how credible those devices are.
- Healthcare blockchain – Healthcare payers and providers are already utilizing blockchain to manage clinical trial data and electronic medical records while still adhering to regulatory requirements.
Top 10 Blockchain Platform To Build Decentralized Solutions
The building blocks for creating blockchain-based applications are referred to as blockchain platforms. Let’s use a relevant example to comprehend the blockchain platform’s concept better.
Let’s say you plan to establish an NFT market. To make your NFT marketplace function, you will have to deal with a lot of complexity in front-end design, back-end development, and other blockchain-related development.
The development process will take longer if all of these tasks are undertaken from scratch. This is where the blockchain platform comes in handy because it makes it easier to get things done without having to start from zero.
In essence, blockchain platforms enable companies to utilize the software, infrastructure, and services already in place that are required to create a blockchain application.
Choosing the greatest blockchain that is right for you might be difficult because each blockchain offers something distinctive that makes them stand out from the rest, whether it be transaction speed or gas fee. Here are the top 10 blockchain systems which help you build decentralized solutions with ease!
1. Ethereum
One of the earliest blockchain platforms is Ethereum, which was first proposed in 2013 by a Russian-Canadian programmer by the name of Vitalk Buterin.
Ethereum is an open-source platform that uses a Proof-of-Work mechanism. Blockchain networks, like Ethereum, are accessible from everywhere and run privately or without a need for authorization.
Ethereum offers a virtual machine environment that makes it simple and efficient for developers to create next-generation non-centralized applications. Additionally, it was created with Solidity – a programming language that facilitates the creation of smart contracts.
Ethereum Features:
- Ether
- Smart Contract
- Ethereum virtual machine (EVM)
- Decentralized applications (Dapps)
- Decentralized autonomous organizations (DAOs)
2. Tezos
Peer-to-peer transactions can be carried out using the open-source, decentralized blockchain platform Tezos, which can also be used to implement smart contracts efficiently.
The fact that the Tezos blockchain platform is community-governed and supported by institutional-grade security is its strongest feature. Tezos is built on the Proof-of-Stake algorithm, which significantly reduces energy usage and running expenses when compared to the Proof-of-Work method.
Because Tezos employs the on-chain upgrade method, it is incredibly simple to modify, adapt, or assist developers in adding new features, allowing your business to be on the cutting edge of technology. Due to its modular architecture and formal upgrading mechanism, Tezos can easily support formal certification.
Tezos Features:
- Institutional grade security
- Governance by people
- An energy-efficient algorithm
- It can be upgradeable seamlessly
3. Stellar
The Stellar open-source network is in charge of holding and transmitting money in a cost-effective, secure, and efficient manner. Stellar is an incredibly versatile and potent blockchain platform.
With the help of Stellar, you can create, send, and digital exchange versions of many other currencies, including the dollar, bitcoin, and others.
The Stellar framework’s native digital currency is a Stellar Lumen (XLM) token. Its framework, which is powered by its own coin, underlies all of its operations.
Stellar Features:
- Powered by an unstructured, open database
- Allows thousands of transactions to occur in a single second
- The cost of inflation is 1% every year.
- Pluggable framework
- Compatibility between Ethereum contract and Seth
- Parallel execution of transactions
- The distinction between applications and core systems
- ISO 20022 compatible messaging for private & hybrid state
- Delegated Proof-of-Stakes (XDPoS)
- Stake XDC and setup masternodes
- A decentralized peer-to-peer system since it uses open-source technology
- It facilitates instant, free, and secure global transactions
- Ripple has its own cryptocurrency called XRP
- Offer energy-efficient transactions
- Designed to be highly modular
- Offer support for both Solidity and EVM
- Supports multilingual smart contracts
- Queryable data
- Offers high scalability options
- Supports Delegated-Proof-of-Stake consensus mechanism
- Provides EVM compatibility (Ethereum Virtual Machine)
- No transaction costs are involved on this network.
- A high degree of customizability
- Extensive interoperability
- Powerful enough for multiprocessing
- Easily upgradeable
- Offers an efficient way to conduct KYC and AML
- Compliant with ISO 20022 and ISDA CMD
- Automates business logics
- Facilitates the exchange of high-value data
- Community support of the platform
- Security needs
- Multi-functionality
- Consensus type
- Industry focus
4. Hyperledger Sawtooth
The Hyperledger and Linux foundations together created the open-source blockchain platform known as Hyperledger Sawtooth.
This framework is based on a consensus technique called Proof of Elapsed Time (PoET) and Practical Byzantine Fault Tolerance (PBFT).
The most effective option for distributed ledger networks and applications is Hyperledger Sawtooth. Allowing developers to describe business rules in their own language has made the creation of blockchain applications far easier.
Hyperledger Sawtooth Features:
5. XDC Network
XCD is a hybrid blockchain platform for businesses that combines features from both public and private states. The main purpose of the introduction of XDC blockchain platforms was to let businesses use the amazing potential of blockchain technology to cut costs and boost visibility.
With Delegated Proof-of-Stake, a hybrid relay bridge can easily be constructed, block finality is instant, and the XDC blockchain framework may be used to establish interoperation for compatible smart contracts. Because XDC adheres to ISO 20022 financial messaging standards, a high level of interoperability between the hybrid blockchain and financial institutions has been made possible.
XDC Features:
6. Ripple
Another blockchain technology designed for creating financial software applications is called Ripple. Payment service providers, digital asset exchanges, banks, and any other company can connect to the blockchain with the aid of the Ripple framework, making it easier to deliver free financial services.
Additionally, Ripple provides liquidity solutions that let companies construct a decentralized infrastructure and process payments in less than three seconds without being restricted by pre-funding constraints.
Money can easily be sent without any issues, whether it is in the form of dollars, euros, yen, or cryptocurrencies. Faster currency conversions amongst various currencies are made possible by XRP.
Ripple’s Features:
7. Hyperledger Fabric
For the purpose of developing applications or solutions, the Hyperledger Fabric platform is designed to act as a modular platform. The system enables the plug-and-play integration of all of its elements, including consensus and membership services. This system’s modular and adaptable design makes it suitable for a wide range of industrial applications.
The ideal option for businesses wishing to develop complex blockchain goods and services is Hyperledger Fabric, which is sponsored by the Linux Foundation and powered by open standards.
Hyperledger Fabric Features:
8. TRON
Another name to add to our list of the top blockchain-based, decentralized digital platforms is TRON, which runs on its own TRX money. The creation of a decentralized web similar to Ethereum is one of TRON’s primary goals.
When it comes to transaction processing, the TRON blockchain infrastructure is able to handle around 2000 transactions per second. Additionally, there is no transaction cost associated with it.
TRON Features:
9. EOS
A blockchain protocol called EOS is built on the EOS cryptocurrency. Blockchain technology is primarily used to save transaction costs and process millions of transactions per second.
EOS makes use of the Proof-of-Stake consensus mechanism to enhance security and enable transactions at a lower cost.
Since EOS provides functionalities that Bitcoin and Ethereum do not, it can be seen as an enlarged version of the Ethereum and Bitcoin networks. The EOS blockchain network, which also offers decentralized storage for corporate solutions and hosting for decentralized applications, can be used by businesses that need scalability solutions (dApps).
Features of EOS:
10. Corda
An excellent choice for creating financial blockchain applications is Corda, a permissioned and extremely secure blockchain framework. In order to minimize security threats, Corda enables CorDapp identities only to be linked to legal entities by offering a single identity and mutual membership.
Corda has the extra advantage of making it simple for businesses to make transactions across many networks because it can be linked with any current payment rail.
Corda Features:
Top-Notch Factors To Consider Before Choosing The Best Blockchain Platform
Since you are now well aware of the top blockchain platforms, you can easily anticipate that choosing the best one is not as easy as you think. This is why you need to consider some top-notch factors before you land on the perfect blockchain platform.
Wondering what they can be?
Here are some of the top factors that you must consider before choosing the best blockchain platform. Let’s explore!
1. Application Control
The decision-making process must take into account who will be in charge of your blockchain application and what information will be shared with the users. Consider the centralized blockchain network, for instance, if you require a central authority to manage your blockchain application. In contrast, if you want to distribute your application data across the entire network, a decentralized network is a great choice.
2. Nature of Information
A private blockchain platform is the best option if you want to create an application that works with private information like names, documents, addresses, and so on. A public blockchain development platform would be the greatest choice, however, if you want to guarantee corporate legitimacy and transparency.
3. Scalability Needs
Blockchain development platforms must be scalable enough to support expansion as businesses and participants grow. This helps you eliminate the possible inability to increase company revenues.
Before selecting the best blockchain framework, you should carefully evaluate a few more variables in addition to these three main ones:
Wrapping Up
Blockchain is a significantly booming industry that is all set to change the dynamics of businesses in the near future. All the platforms mentioned above serve to be the starting point for anyone who wishes to explore the power of this state-of-the-art technology.
It is crucial to select a comprehensive platform that caters to your specific requirements and aligns with the goal of your business. We at RV Technologies take pride in being a leading e-blockchain development company, having extensive experience in blockchain technology. Our professionals can help you get started with the right platform and guide you towards seamless technology adoption.
Connect with us today and take your first step towards the world of blockchain!
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