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Top Blockchain Platforms in 2024

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Due to its rising demand, businesses have started realizing the potential of blockchain platforms.

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Research suggests that by 2026, the blockchain market will be valued at $67.4 billion. Blockchain initially disrupted the banking sector, but its applications are currently being researched in various sectors, including software development.

The demand for blockchain development platforms has skyrocketed as enterprises have begun to build blockchain apps to test the capabilities of the technology. Another factor contributing to the rise in blockchain streaming platforms is the expansion of dApp development.

What is a Blockchain Platform?

A blockchain is a database that easily tracks and records physical or virtual data transactions in a network. Data is kept in blocks that are connected together in a chain and stored in a blockchain database. Due to the inability to delete or amend the chain without network consensus, the data remains chronologically consistent. To manage orders, payments, accounts, and other transactions, you can utilize blockchain technology to establish an unchangeable or immutable ledger. A common picture of these transactions is consistent with the system’s built-in features, which also stop illegitimate transaction submissions.

How to Select a Blockchain Platform for your Business?

Blockchain technology is already successfully employed in many businesses. According to a report, the market for blockchain technology was valued at USD 5.92 billion in 2021 and is projected to increase at a compound annual growth rate (CAGR) of 85.9% from 2022 to 2030. Here are a few things you must consider before choosing a blockchain platform for your business:

What is the Development Status of a Platform?

The Blockchain technology platform must expand and adapt as the volume of transactions and participants rises. Scaling problems are a major obstacle for Blockchain applications. You must limit the network and vendor selection to factors like quality, affordability, and usability if your application is not transaction-intensive and would function well with a straightforward escrow agreement.

What Type of Blockchain do you Require?

The next step is to decide on the type of Blockchain you require for your business needs. While public blockchain can be accessed through public networks allowing anyone to administer the nodes, private blockchains are run by syndicates and offer better performance, more specific permissions, and more security choices than their public alternatives. Furthermore, a hybrid blockchain ensures data safety in its operational context by using the private blockchain functionality.

What Languages does the Platform Support?

Countless innovative programming languages have been launched, and blockchain technology is still in its infancy. Learn which programming languages are covered by the SDKs of a blockchain platform before choosing one.

How Popular is the Platform?

Examine a blockchain platform standing on social media platforms like GitHub or Reddit. Remember, most Blockchain software solutions provide a quick and economical approach to handling transactions with the smallest delay. So, choose the most popular platform.

What Blockchain Consensus Protocol does the Platform Use to Achieve Consensus?

If you are unfamiliar with the consensus mechanism of the blockchain platform, working on it might be difficult. Understanding whether a blockchain platform supports which consensus protocol is essential; thus, different consensus algorithms are available, including Proof of Work, Proof of Stake, Proof of Burn, and many more, so you can use them according to your need.

Does the Platform Support Smart Contracts Functionality?

The program runs automatically when the contract’s inherent criteria are satisfied, effectively doing away with middlemen. The idea of smart contracts, which are in charge of verifying, initiating, or enforcing activities on blockchain systems, is not supported by all blockchain platforms.

What Kind of Scalability does your Solution Need?

A blockchain network should be able to scale as the number of members and transactions rises. You should restrict network options to quality, convenience of use, accessibility, and affordability if your project does not require a lot of transactions and just necessitates periodic data inspection, such as an escrow agreement. However, if your project involves a lot of transactions, consider the security implications of side chains and network transaction costs.

Blockchain Platforms for Developers

The following is the blockchain platform list for developers with the building blocks they need to develop applications:

Ethereum

One of the best blockchain platforms, Ethereum, was released in 2013. It offers a blockchain that is as fully decentralized as the Bitcoin blockchain network. Ethereum is also completely decentralized and boasts complete support for smart contracts.

IBM Blockchain

Commercial clients who are less risk-averse have found the fastest blockchain platform with IBM Blockchain private, decentralized blockchain network. The developer believes that its ability to connect to the business cloud and legacy systems more easily than other decentralized networks presents the greatest prospects.

ConsenSys Quorum

Using Ethereum as its foundation, ConsenSys Quorum is a fully controlled ledger service. Quorum, which operates quicker and can handle more transactions at once than the rest of the Ethereum network, employs proof-of-authority rather than proof-of-work. Additional security elements, including compatibility for GDPR and comparable laws, are also included.

Hydrogen Molecule

An industry-specific blockchain development platform is Hydrogen Molecule. Document hashing, on-chain authorization, data tracking, as well as cryptocurrency payments, and security tokenization are all made possible by Molecule. With the help of these characteristics, businesses may use the blockchain to deliver quicker, more secure financial solutions.

Hyperledger Fabric

By isolating operations in channels or facilitating the exchange of private data in private data collections on a need-to-know basis, Hyperledger Fabric may also enhance data privacy. It also enables quick transactions with little finality and confirmation delay.

Ripple

Ripple positions itself as a one-stop shop for business, offering quicker, more transparent, and more affordable solutions than traditional financial services. Its clients include Bank of America, Banco Rendimento in Brazil, and Singapore-based global payments processor Nium.

Stellar

Stellar promises a “world of options for programmers looking to build financial access.” Its open network provides speed, affordability, and utility. Its rail network covers more than 185 nations.

EOSIO

The “top open-source platform” for companies and programmers using blockchain, according to Eosio. It is quick and adaptable, supports scaling, is highly configurable, and gives developers various tools and resources. Due to Eosio’s foundation in C++, both private and public networks can benefit from its “very flexible” environment.

Corda

A blockchain exists in Corda, but not in the conventional sense. It uses peer-to-peer distributed ledger technology but does not bundle several transactions into a block. Your dApps will run faster since it handles all interactions in real-time.

Elements

Elements from Blockstream are special since they can operate as a sidechain as well as an independent blockchain. You can seamlessly combine blockchain apps with Elements projects if you already have blockchain apps. Like the others on this list, elements depart from the proof-of-work paradigm to offer shorter latencies.

XDC Network

The XDC Network, backed by the XDC Foundation, promotes itself as a hybrid blockchain capable of powering use cases and remaining adaptable to suit the needs of an evolving industry. The network established a branch in Metaverser’s Crypto Valley in 2022, thanks to a collaboration with the blockchain game Metaverse and the finance company Globiance.

Tezos

Tezos is an older platform that has been in development since 2014. It allows decentralized apps, smart contracts, and unique financial instruments like NFTs, which may be compared to a contemporary version of trading cards linked to digital assets.

The platform’s ability to adapt to new purposes is made possible by its support for a dynamically upgradeable protocol and modular software clients.

Hyperledger Sawtooth

Another Hyperledger and The Linux Foundation-led open source blockchain project, Hyperledger Sawtooth, enable “trusted computing environments” of program code to run in secure enclaves and secured regions of computer memory by utilizing a novel consensus protocol called proof of elapsed time.

Hedera Hashgraph

A distributed ledger system called hashgraph has been referred to as a substitute for blockchains. The public ledger Hedera uses a hashgraph technique that is currently patented, and Apache 2.0’s Grant of Patent License grants permission to implement the patent as long as the implementation complies with the Apache license provisions.

Hyperledger Iroha

Hyperledger Iroha is intended to be straightforward and simple to integrate into infrastructure or Internet of Things applications that call for distributed ledger technology. With an emphasis on user application development, Hyperledger Iroha offers a straightforward structure, a modular, domain-driven C++ design, and a brand-new, crash-fault tolerant consensus algorithm dubbed YAC.

Dragonchain

To better meet your business needs, Dragonchain offers developer-friendly connectors and apps that are fit for the workplace. It is a platform for building adaptable and scalable blockchains.

OpenChain

It is a blockchain platform that is open source. It is made to maintain digital assets in a scalable, secure, and resilient way. Every instance of its partitioned consensus algorithm has a single authority for legitimate transactions. This platform is more effective and dependable since it is built using a client-server architecture.

NEO

With the main objective of creating a smart economy, NEO is a blockchain that was created to completely digitize assets and identities using smart contracts. Digital assets and digital identities are viewed as being crucial to raising everyone’s standard of living in the philosophy underpinning a smart economy.

Tron

Blockchain-based operating systems like Tron are well-known for users who may primarily swap media assets and create decentralized apps. To gain access to particular operating software capabilities, the TRX money is utilized. As a result, the token’s main use case is for the Tron network.

Multichain

An open-source variation of Bitcoin is called MultiChain. It is easy to use and can be used to build both open and private customized blockchains. It includes a well-designed combination of features as well as improvements targeted toward business and commercial customers.

Blockchain Platforms for Investors

As an investor, you can use the following top Blockchain platforms to tokenize digital securities. You can buy ownership in a company whose shares have been tokenized by purchasing securitized tokens.

Gemini

Gemini is a blockchain trading platform introduced in 2015 and is targeted at experienced investors and aggressive traders. Customers who are seeking to purchase and selling cryptocurrencies from Gemini have a number of alternatives. The New York State Department of Financial Services oversees its regulation.

Uphold

The blockchain betting platform Uphold provides a wide selection of financial services and goods. Nearly 220 cryptocurrencies and other assets can be purchased, sold, or traded by users. Regarding its charges, uphold is open. Comparing it to many other crypto exchanges, its fee structure is a little bit different. There are no maker-taker fees, commissions, or deposit costs. Spread fees, which are essentially a little premium you’ll spend over the genuine market price, allow Uphold to generate revenue instead.

Coinbase

Coinbase is a known bitcoin exchange that makes purchasing, selling, and exchanging cryptocurrencies simple. Coinbase makes purchasing Bitcoin as simple as purchasing a stock online through a brokerage but beware of the fees and subpar customer support. A safe cryptocurrency trading and investment platform is provided by Coinbase. Numerous currencies, including Bitcoin and Ethereum, are supported. The primary Coinbase platform has an intuitive user interface. Through Coinbase Pro, any Coinbase user has access to lower costs and additional services.

Binance

One of the best platforms for NFTs is the fastest rate of development is Binance, which is recognized with launching two significant Blockchain projects in recent years. The Binance Chain is one of these. The company’s first Blockchain platform, Binance Chain, was officially unveiled in April 2019. It functions as a marketplace platform for the trade of cryptographic assets. It provides Binance DEX, an exchange where users can trade Binance Coin or BNB. Users can build decentralized applications (Dapps) using Binance Chain (BC). Trading fees on this Blockchain are low, and there is no need for a middleman. It is a decentralized platform that is transparent.

Kraken

Kraken is the leading bitcoin exchange in the UAE. It is a trading platform that was established in San Francisco in 2011, making it one of the biggest and oldest exchanges. It offers the ideal solution for all trading requirements. Kraken offers a wide variety of cryptocurrencies that you may buy, sell, and trade. The Kraken cryptocurrency exchange is one of the most well-known and established Bitcoin exchanges in the world, offering a wide range of digital assets and fiat currencies. The Kraken is present all throughout the planet, not just in one location.

Bitstamp

In 2011, Bitstamp was established; Damijan Merlak is one of its co-founders. It is established in Luxembourg and has its main office in the UK. It is one of the first crypto exchange to have ever existed, and it serves a variety of users, from novices to seasoned traders. Investors can trade Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash for fiat currency using Bitstamp. Customers can use their debit and credit cards to withdraw and transfer fiat currencies including USD, GBP, and EUR.

eToro

The eToro Group has built a reputation for providing secure and compliant services to its millions of consumers globally. Advanced signature procedures are used by the eToro Money crypto wallet in compliance with security best practices. Using the same login information as their trading account, current eToro customers may easily access the cryptocurrency market thanks to the crypto wallet. If you have cryptocurrency in your wallet, you can convert accepted coins to one of the cryptocurrencies that are supported by the wallet using the conversion tool.

Bitcoin IRA

Bitcoin IRA is the most secure option for blockchain advertising platform, providing Bitcoin IRAs with genuine offline cold storage of private keys and dollar-for-dollar insurance benefits for crypto assets. The primary benefit of Bitcoin IRAs is that they diversify retirement portfolios, which helps to reduce risk and increase possible profits. Due to their comparatively stable markets, investors who previously diversified their IRAs with precious metals are now turning to cryptocurrencies for the same purpose. Investors may be able to avoid paying high capital gains taxes by utilizing digital currency in particular types of retirement funds.

Conclusion

Due to the rapid rate of innovation in the blockchain industry, new platforms have begun to appear with updated functionality. There is a list of blockchain platforms, but businesses need to know which ones to use to develop extremely scalable applications. As a result, we have covered the platforms that the leading blockchain businesses, such as IBM, Intel, Microsoft, and others, employ.

By taking KnowledgeHut Blockchain Solutions Architect online course, you can select the blockchain platform and technology stack that best meets your demands. Hence, going for the aforementioned new blockchain platforms and the basics of the technology. It will help you understand and learn more about how blockchain works.

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