Blockchain technology is in full swing and in high demand in the digital world arena. The benefits being reaped from improving the execution of financial transactions and simplifying trade are truly massive.
In this article, we will focus on the top 5 Blockchain platforms which have brought in a significant change in speed and energy consumption; thus increasing their value in businesses.
Ethereum is one of the oldest Blockchain platforms which is decentralized and efficient as a Bitcoin network. It was established in 2013 and is adopted widespread due to its advanced features and benefits.
The key points to note about Ethereum are:
- Supports smart contracts enabling decentralization
- Uses Solidify programming language for writing smart contracts
- The programs run on the platform’s virtual machine
- Possesses an efficient security framework
- Ether is its own cryptocurrency
- The special feature of a software network utility, allowing developers to create and build new apps, tools, and NFTs
- Used in several applications like music, entertainment, games, and decentralized finance applications
- Has two types of accounts – contracts and user accounts
- Every node of the Ethereum blockchain is used to store the smart contracts in public mode
- Leverages Merkle trees for improving the scalability, optimizing transaction hashing, and enabling security
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Hyperledger Fabric is one of the richest blockchain platforms pioneered by the Linux Foundation. The platform had been developed considering the features and advantages of enterprise distributed ledger.
The key concepts of the Hyperledger Fabric blockchain platform are:
- Can be plugged into an architecture that is modular, indeed comprised of a rich ecosystem of components
- Supports open smart contract model, capable of supporting multiple data models like UTXO models known as Unspent Transaction Output models and account models
- Works perfectly in deployments that support closed blockchain
- Operates with faster speed and with proper security provisions
- Helps in improving data privacy by enabling data sharing of private data on a need basis in private data collections and isolating transactions in channels
- Promotes high-speed transactions
- Requires less storage and a quick start-up process
- Adherence to data privacy regulations like GDPR
Hyperledger Sawtooth is one of the open-source blockchain platforms that is preferably used effectively in developing supply chain systems specifically for coming up with novel consensus algorithms.
The key factors to be noted for this blockchain platform are:
- Leverages proof of elapsed time which is a novel consensus mechanism. This enables integration with hardware-based security technologies
- Promotes running of programs in trusted execution environments. These environments operate in secure enclaves and are part of the computer memory which is protected
Developments that are undergoing in the blockchain platform are:
- Establishing a Hyperledger Sawtooth library, allowing developers to select the particular components of the blockchain platform which are needed to be used in the application
- Plans to leverage Splinter for networking. This will facilitate the provision of dynamic private circuits or groups of nodes
- Adoption of Hyperledger Transact for processing transactions through the extension of smart contract features and functionalities
- Utilize Augrim for consensus that increases the count of algorithms supported in the blockchain platform
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R3 Corda also uses the novel consensus mechanism or framework. The benefit of using this mechanism is that the transactions are linked cryptographically. Multiple transactions are not grouped in batches or blocks as per the mechanism being used by this particular blockchain platform.
Some of the key facts to be noted about R3 Corda are:
- Real-time processing of transactions
- Significant improvement in performance
- Prominent in the financial industry as it provides good security when it comes to conducting financial transactions and smart contracts
- Facilitates automation of the business logic irrespective of the business a company is involved in
There is wide speculation that R3 Corda will prove to be very effective for transactions that are related to the Insurance sector.
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IBM Blockchain has been proved to be very suitable for customers or firms that are less averse to risk. Unlike other decentralized blockchain networks, this particular platform from IBM is believed to be capable of seamlessly linking to enterprise cloud and legacy technologies.
Its developer tool is easy to use providing flexibility for customization as and when required. Further developments are in progress to develop an interface that is user-friendly and capable of performing certain key tasks easily like configuring, testing, and deploying smart contracts.
The above-mentioned five blockchain platforms are gaining significant prominence due to their efficiency, seamless operations and executions, ease to use features, and performance-friendly.