Emerging Blockchain Platforms to explore in 2021
Blockchain technology appears to be gaining attention in the modern era. The technology that began as Bitcoin in 2009 has evolved into a mainstream technology. Blockchain technology has applications in various industries, including healthcare, supply chain management, logistics, and legal. Blockchain applications are designed and manufactured to improve the efficiency and transparency of business operations.
As companies start to analyze the potential of blockchain technology through the development of blockchain applications, demand for blockchain platforms has skyrocketed. According to one of the surveys, the global blockchain market is estimated to face a sharp growth from USD 3.0 billion in 2020 to USD 39.7 billion in 2025, at a compound yearly development rate of 67.3 percent between 2020 and 2025. As a result, the demand for blockchain platforms is increasing to securely and rapidly establish a blockchain network.
Below mentioned are some of the top-notch blockchain platforms.
Tezos is a decentralized and open-source blockchain network that enables peer-to-peer transactions and the deployment of smart contracts. Its modular architecture and formal upgrade mechanism enable formal verification to be performed on its network.
Arthur and Kathleen Breitman founded Tezos to provide the security and code correctness required for digital assets and high-value use cases. It is a self-governing decentralized blockchain platform. Tezos blockchain is a smart contract that is an application decentralized in nature. Tezos platform is similar to Ethereum, Waves, and Neo, but its self-amending cryptographic mechanism distinguishes it.
Stellar is a decentralized blockchain service that connects the storage and transfer of money. It allows users to create, trade, and send digital representations of all major currencies, including dollars, bitcoin, and pesos. Over 69% of banks are constantly testing blockchain innovations to enhance the transparency, seamlessness, and security of their services.
Stellar is a customizable and substantial blockchain technology that allows the development of secure and fast financial technology applications, tokens, and digital assets representing financial assets. It is a fully accessible transaction and currency network. It has no owner; if it has anything, the public owns it. It is capable of processing millions of transactions per day. As with Ethereum and Bitcoin, Stellar relies on the blockchain to maintain network synchronization. A stellar blockchain platform enables you to create your own assets, trade peer-to-peer tokens, and convert currencies during the payment process.
- Hyperledger Fabric:
It enables plug-and-play functionality for components such as membership services and consensus. It features a modular and adaptable design that accommodates a variety of industrial use cases. The ability to create a network of networks is a significant feature of Hyperledger Fabric. Representatives of the Fabric network collaborate, but because businesses typically want to keep specific data private, they typically maintain separate relationships within their networks.
For instance, a buyer may interact with multiple sellers who all offer the same product. Sellers and buyers should maintain a personal transactional relationship that is not noticeable to all sellers. This is facilitated by Hyperledger Fabric’s “channels” attribute. Rather than a fully accessible, permission less framework, Fabric provides a secure, scalable platform for private contracts and transactions.
- Hyperledger Sawtooth:
Hyperledger Sawtooth is a distributed ledger technology that features a modular and flexible architecture that decouples the core system from the application domain. As a result, smart contracts can imply business rules for application areas without understanding the core system’s underlying design. It is compatible with various consensus algorithms, such as Proof of Elapsed Time (PoET) and Practical Byzantine Fault Tolerance (PBFT).
It is a blockchain platform for enterprises that enables the development of distributed ledger networks and applications. It aims to secure distributed ledgers and smart contracts, particularly for enterprises. It simplifies blockchain applications by allowing developers to specify business rules for their apps in their preferred language.
EOS is a blockchain network that initiates the generation of scalable and secure decentralized applications. It hosts decentralized applications (dApps), enables intelligent contracts, and provides decentralized storage for enterprise solutions to address Ethereum and Bitcoin’s scalability issues. The EOS platform is free to use and achieves consensus through multicore processing and a delegated proof-of-stake algorithm. They have a designated community called the “EOS forum” where developers and investors can exchange ideas about the channel.
The correct choice of blockchain platforms will ensure a secure and smooth flow of digital transactions. Forrester estimated that 30% of development projects will reach the peak of innovation globally in 2021. This percentage reflects the emergence of blockchain technology. Consulting a team of blockchain consultants can help you identify the right blockchain platform for your business requirements because a wide range of blockchain platforms available in the market could confuse you with which is the best platform to go with.