Blockchain seems to be picking up pace nowadays. 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.
Here it is important to mention the various Blockchain platforms can be used by the enterprises. I want to mention here that I will be focussing on various Blockchain platform other than Bitcoin.
After Bitcoin, if there is something that has created a buzz in the market, then its Ethereum. Vitalk Buterin founded it in the year 2014. Ethereum is one of the highly active and open source Blockchain which also forms the base for development of other applications.
Key features of Ethereum :
- Open for public use
- Proof-of-work based system
- Strongly followed in Github
Multiple language application like C++ and python
2. Hyperledger Fabric
This is one of the most recently developed Blockchain platform The world got to know about hyperledger in the year 2016. Linux Foundation made it. Its objective is to boost the use of Blockchain technologies across different industries.
Key features of Hyperledger
- Real-only history inquiries
- 180+ collaborating enterprises
- Production ready for enterprises.
3. IBM Blockchain
It is the pioneer company to venture into blockchain so that it can create a platform for transparent business operations. IBM has a separate division which is only focussing on creating Blockchain based applications. IBM boasts about a more efficient consent mechanism which has made it garner the attention of many.
Key features of IBM Blockchain
- It offers a permissioned network, which most of the companies are eyeing because of the security issues
Supported language: Go and Java
It is an open-source Blockchain platform which is used to create permission network. This finds usage in both within and across different enterprises.
Key features of Multichain :
- Formation of permissioned network
- Strongly followed at Github
- Free and open source pricing
It is a collaborative initiative of Ethereum and brainbot technologies. Since its an extension of Ethereum platform, it is used to create private ledger which is useful for the enterprise although it is not much popular but is regularly updated at Github.
Key features of Hydrachain :
- Follows Ethereum protocol
- Permsisioned network
Supported language: Python
When we talk about popularity, the Ripple shares similar popularity as Ethereum or Bitcoin. It was created in 2012 and is one of the best performing currency.
Key features of Ripple :
- It helps connect banks, digital assets exchanges, and payment providers
- Send money globally with ease.
- The high speed of ripple guarantees 5 transactions every second, thus making
- It a faster and more efficient platform.
7. R3 Corda
If you have heard about Blockchain, then you would have often heard about the R3 consortium. It is a collaboration of some of the world’s biggest financial institutions that are exploring new uses of Blockchain and integrating it with the system. It has created an open-source DLT platform.
Key features of R3 Corda :
- It was founded in the year 2013
- Apart from focussing on the commercial segment, Corda also explores
- Blockchain’s application in healthcare, trade finance, supply chain, etc.
- It is a permissioned Blockchain
- It focusses on interoperability ease of integration with the legacy system.
It is also an open-source Blockchain platform.
Key features of BigChainDB USP’s:
- Custom assets
- No in-built currency
- Public and private network
It’s a popular open source platform. This platform is majorly useful for companies who are looking for handling digital assets. It has customized permission at different levels.
Key features of Opencahian:
- Private network
This is the latest entrant in the world of Blockchain platform. Its an added application of open source Blockchain technology.
Key features of IOTA:
- It is for the creation of both public and permissioned network
- It supports nano payments
- IOTA token based pricing
How to choose the best platform for your business?
Before you decide to move to use Blockchain, it becomes imperative to understand, what are the different aspects of the Blockchain platform that you are considering. Here are some of the parameters that you need to look at :
- Kind of network
- Language used
- And the consensus mechanism
Once you have found a platform matching all your requirements, you can go ahead with it.