Top Blockchain Platforms in 2022: Overview of the 10 Platforms Worth Checking Out
As people started to appreciate the potential and benefit of blockchain technology, the demand and investment in this emerging technology dramatically increased. From its initial application in the financial industry, blockchain-based application and software development has spanned across various industries and disrupted many business sectors. It is reported that global spending on Blockchain Development Services and Solutions in 2021 has surpassed 6.6 billion USD. In this article, Newwave Solutions will introduce to you the 10 most used blockchain platforms to help you choose the best solution for your business.
1. What are Blockchain Platforms?
Blockchain platforms are ways to streamline value exchange, improve transparency, and simplify trade and financial transactions. A blockchain platform consists of cryptographically signed and transactional records of participants in a network linkage via timestamp and reference links. Blockchain is a decentralized state transition machine that manages digitized assets such as currencies, securities, precious metals, and commodities. and records operations.
The traditional blockchain platforms that empowered the development of Bitcoin raised a lot of debate surrounding Bitcoin’s energy consumption and speed; therefore, over time, modern blockchain platforms have been improved to overcome these limitations.
2. Top 10 Popular Blockchain Platforms.
Despite being the oldest blockchain platform, Ethereum is one of the most popular decentralized platforms that stores thousands of decentralized applications (dApps) and support documents across multiple use cases. However, this multifunctionality of this platform comes with high prices and processing costs, and users may experience slow speeds and a lack of security due to bugs.
2.2. IBM Blockchain
IBM Blockchain is a modern and simple platform with an open-source code base that enables third-party uses. This platform has a user-friendly interface and a variety of customization options that increase the versatility of developers for developing software and apps for the different business sectors. This private solution also supports multiple programming languages for the development of smart contracts such as Java and Go. Despite its being technically appropriate for a broad range of businesses, its high pricing hinders its accessibility to small and middle enterprises.
2.3. ConsenSys Quorum
ConsenSys Quorum is a fully managed service based on Ethereum which uses proof-of-authority that improves the security, speed, and quality of multiple processes and transactions at the same time. This ledger service simplifies many blockchain development processes to make it more accessible. With regard to the fee, the basic version of Quorum is free, although developers must be paid to purchase the advanced version with full services and features.
2.4. Hydrogen Molecule
Hydrogen Molecule is a blockchain platform tailored to the finance sector which enables transactions of crypto and security tokenization, on-chain authorization, data tracking, and hashing. Molecule’s on-chain identity is compatible with all Ethereum-based protocols that provide faster, more secure, and easy-to-use and scale finance solutions. Companies that capitalize on this blockchain platform might enjoy a smoother and easier process even with nearly zero experience.
2.5. Hyperledger Fabric
Hyperledger Fabric is a Linux open-source blockchain platform, developed based on a modular architecture to develop complex, cross-industry applications. This platform has the ability to simplify a complicated system and with a vast selection of plug-and-play components, it makes large and complex solutions. It also enables data sharing and isolation of transition to increase security. However, the dependence on Hydrogen Molecule Linux and complicated onboarding hinder its wider application across the industry.
As Hydrogen Molecule, Ripple is a blockchain platform dedicated to financial institutes. There have been thousands of financial companies using this platform as it enhances transparency, speedy response time, and low transaction costs. Developers can use native cryptocurrency on ripple but don’t have to use it on apps. Ripple enables cross-border payments and low-fee transactions which become an ideal platform for financial institutions. However, Ripple doesn’t support smart contracts.
Another financial-based blockchain platform, Stellar stands out as a decentralized platform that allows developers and contributors complete control over the main features to increase scalable, and versatility. The consensus protocol of Stellar is different from Ethereum and engages several security features but still ensures a fast process. However, this platform is not user-friendly which limits its application.
EOSIO is a modern blockchain platform that offers sub-second block latency rates and enables smart contracts, hosts dApps, and provides decentralized storage. All these features increase scalability for enterprise-level applications. Besides, the platform is highly configurable which makes it easier to adjust operations to specific requirements. The use of this platform requires little effort as extensive learning courses and resources have been exclusively provided to users.
Corda is a blockchain-based on uses, peer-to-peer distributed ledger technology that processes all exchanges in real-time, enabling higher performance for your dApps. Coders can use many types of JVM-compatible languages to build their software. Its modular APIs and R3 offer huge scalability and accessibility with multiple transactions at the same time with affordable pricing.
Element is a unique platform that can run as a sidechain which allows developers to integrate existing blockchain applications in the current Elements projects with minimal disruption. Elements does not apply the proof-of-work model, and builds on Bitcoin’s code but includes new features like confidential transactions and allowing assets to transact across multiple blockchains. However, developers might not find good customer support if they use this platform.
3. Find the Right Blockchain Platforms for You
Depending on your specific need, there are a few platforms that might be suitable for you. To make the best decision, you should consider some factors:
- The required level of privacy
- Size of the network and your growth goals
- The scalability and accessibility goals
- Read more about these factors in
If you still don’t know which platform to choose, Newwave Solutions is here to help. Contact us now!
To Quang Duy is the CEO of Newwave Solutions, a leading Vietnamese software company. He is recognized as a standout technology consultant. Connect with him on LinkedIn and Twitter.