The blockchain receives much praise for its immutability, security, and decentralized nature. Due to these inherent characteristics and capabilities, such as smart contracts, the need for new blockchain platforms to help businesses create blockchain-based apps is constantly increasing. Continue reading to discover more about the finest corporate blockchain solutions.
Emerging technology is all around us. In business, it becomes vital to recognize a standard-bearer, assess its commercial feasibility, and apply the requisite expertise to nurture it. According to EY’s analysisOpens a new window , the blockchain â€œsix-packâ€ has sparked unprecedented interest from businesses in recent years, and this year blockchain has seen the tendency to become even more potent.
When organizations employ blockchain sensibly in meaningful business applications, there are six built-in blockchain characteristics with long-term disruptive potential. These are:
- Single fault points are reduced when shared data is distributed across peer-to-peer (P2P) networks.
- Trust built on consensus eliminates the middleman.
- Trust is built on immutable transactions.
- Data that is hashed maintains its integrity and security.
- Automated smart contracts facilitate touchless interactions across process chains.
- Enterprise users can choose between permissioned and permissionless variants.Â
Business owners and IT decision-makers would always want a better understanding of which blockchain technology suits their work. The six blockchain attributes listed above change how people think about corporate transactions, storage systems, industry value chains, and revenue models. Below are the top five corporate blockchain platforms to consider in 2022.
Top Five Enterprise Blockchain Platforms
IBM Blockchain Solution
The IBM Blockchain Platform allows users to quickly set up a blockchain infrastructure and manage networks, channels, and smart contracts with a simple interface. Once the user is ready, the IBM Blockchain Platform makes it simple to accept new members, build channels, modify governance regulations, manage network users’ identification credentials, etc. The IBM Blockchain PlatformOpens a new window uses Hyperledger Fabric to create a new decentralized business network based on finality, trust, and security.
- Based on open-source Hyperledger Fabric 2.4.
- Constant support for Fabric Gateway (the current version of Fabric SDK).
- Have dashboards and toolsets for development and operations.
- Free extension for developers in Visual Studio Code.
- New subscribers can be added super fast.
- With only a few clicks, users can create secure private channels. Sample code for a multi-industry use case is also available.
- Multiple smart contract languages are supported, including Node.js, Go, Java, Solidity, etc.
We just read about Hyperledger Fabric above. Let’s delve a little more into it. It’s essentially a set of tools for creating blockchain applications. Hyperledger Fabric, according to the Linux Foundation, was initially built for business distributed ledger apps. Not to forget mentioning, it is a modular platform with various functionalities. The technology is noted for its security and speed, making it ideal for small-scale blockchain installations. It also adheres to an open smart contract paradigm and supports various data types.
- It’s an open platform.
- All users have verified identities as it is a collection of permissioned networks.
- High performance, scalability, and trust are all maintained.
- Based on the modular structure, which allows network designers to customize their components.
- Ensures the safety of digital keys and sensitive information.
Another famous agile platform on the list is Ethereum, whose currency is known as Ether. It is leveraged by many industries for various use cases and holds the capability of smart contracts. Furthermore, it is part of a robust online network that constantly upgrades and grows its product line. The market capitalization of Ethereum is second only to Bitcoin, and it ensures a fair financial system.
- Enables the creation and implementation of smart contracts.Â
- Permits users to develop centralized programs, referred to as decentralized applications or Dapp.
- Has Ethereum Virtual Machine (EVM), the virtual computer that underpins Ethereum’s complete operating system.
- Allows users to form highly autonomous organizations (DAOs) for free and empowered decision-making. DAOs run transparently and independently without any meddling as no leaders are involved.
Ripple is a great network that connects banks, money transmitters, digital asset exchanges, and corporations via RippleNet. The global transactions are nearly-free without any chargebacks and are executed through its digital asset known as XRP. XRP has grown in popularity and now ranks third behind Bitcoin and Ether. Its scalability and faster payment processing than other platforms are worth noting.
- In contrast to other platforms, it offers incredibly rapid money settlements.
- A transaction on the Ripple network may be completed for as little as 0.00001 XRP.
- It’s a dynamic exchange network since it can handle cash and cryptocurrency trades.
- Large corps employ it extensively.
Created by R3, Corda is an authorized blockchain platform. It supports DLT, making business transactions direct, haste-free, and anonymous. It includes various functionalities that make it unique â€“ like the Byzantine Fault Tolerance consensus mechanism. Also, Corda has no crypto or token of its own. As the system works in a permissioned way, access control to digital documents is exceptionally well designed. Corda was created for the banking sector, but it is currently used in various industries. This platform is used by significant IT firms like Microsoft and Intel.
- Compared to Bitcoin and Ethereum, which take many minutes or even hours to validate a payment, transactions are completed in seconds at Corda.
- Privacy of data and transactions is promoted.
- Users may grant public or private status to different transactions based on business regulations, making it a versatile platform.
- Companies may greatly enhance collaboration efficiency and lower interaction costs by establishing a blockchain-based network on Corda.
Which blockchain platform does your company leverage the most? Comment below or let us know on LinkedInOpens a new window , TwitterOpens a new window , or FacebookOpens a new window . We would love to hear from you!