Is blockchain more than a buzzword? Most experts say yes. The blockchain serves as a decentralized ledger that enables people to conduct secure, transparent transactions. This, of course, had usability in the cryptocurrency space with the launch of Blockchain, but it also has applicability in spheres like supply chain management, finance, and even healthcare. While the long-term impact and usability across industries are not yet clear, what is clear is that the application of blockchain technology has grown beyond its initial use as a cryptocurrency exchange platform.
The organization Blockchain Council describes the evolution of blockchain by saying, “The technology that once evolved in the year 2009 as the underlying platform for Bitcoin exchange has now evolved into a mainstream technology. It finds application in various fields. Whether it is healthcare or finance, you can find many companies venturing into Blockchain technology and developing Blockchain based applications that will help in making the business operations more transparent and efficient.”
Blockchain is still relatively new in terms of its applications in non-cryptocurrency fields and developing blockchain-based applications isn’t second nature to many developers. This has introduced the need for blockchain platforms.
Hacker Noon explains the need for and benefit of blockchain platforms by saying, “Some of the significant use cases of blockchain are supply chain and logistics, agriculture, healthcare, manufacturing, IoT applications and much more. Building a blockchain app from scratch can be quite complicated; however, blockchain platforms allow developers to develop blockchain apps with ease. As the blockchain technology is gaining a lot of traction with each passing year, several blockchain platforms are now available in the market that facilitates blockchain development.”
If your business wants to benefit from blockchain, you might need to consider creating a blockchain app or partnering with a successful blockchain platform to implement a blockchain solution. Here’s a list of the most popular blockchain platforms currently available.
List of the most popular blockchain platforms
Keep an eye on these popular blockchain platforms
Ethereum is probably the most well-known and popular blockchain platform – even those not well-versed in the blockchain. Ethereum is said to be able to “codify, decentralize, secure, and trade almost anything.” It was developed in 2013 by a team who wanted to create an open-source, blockchain based computing platform. Because of its open nature, it’s a platform that allows anyone to develop and run applications on blockchain technology. Like Bitcoin cryptocurrency, no one can own or control the Ethereum platform and it runs on a virtual machine that allows decentralized access and running of applications. Because of it’s a public platform, however, it is built for restricted access as opposed to mass use.
Quorum is a popular blockchain platform was launched by the finance giant JP Morgan with the mission of “advancing blockchain technology”. It is essentially the enterprise version of the Ethereum blockchain platform. With core modifications, Quorum is able to incorporate Ethereum updates. Unlike Ethereum, however, it is not a public blockchain platform and requires authorization for users to take part in the platform.
3. IBM Blockchain
IBM has become a big player in the blockchain universe. They are pioneering ways for businesses to implement more transparent operations and have focused an entire part of their company towards creating blockchain-based applications. One of their most popular and influential features is their permission network, which appeals to business users concerned about security.
4. Hyperledger Sawtooth
Hyperledger Sawtooth was executed by powerful minds and business experts at Intel and the Linux Foundation. Long successful in the technology field, these two organizations worked to design a platform that could be used to create, execute and deploy distributed ledgers. The platform allows digital records to be maintained without a need for a central managing authority. It has found a lot of traction in the healthcare industry, where it boasts the processing of over 50 million transactions a day on the Change Healthcare Intelligent Healthcare Network.
One of the main issues that the founders of EOS are trying to solve for is solving for scalability that some have encountered with Bitcoin and Ethereum. Like other popular blockchain platforms, they work to provide the decentralized hosting of applications and management of smart contracts.
Blockstream is a cross-industry blockchain platform solution. While they don’t have smart contract capabilities, they do have the unique ability to provide access to features built by community members. One feature includes a confidential transaction in their peer to peer system. This is attractive to businesses looking to build applications with more security.
You don’t need to be a blockchain expert to benefit from blockchain at your business. Over the last ten years, people and tech companies have immersed themselves in the power and possibilities of blockchain. Looking into this list of popular blockchain platforms might be the first step to utilizing its capabilities in your organization.