The emergence of Bitcoin triggered the boom of several Blockchain platforms that are being utilized by diverse businesses today. Right from streamlining supply chain operations to improving financial transactions, enterprise-grade blockchain platforms are improving business operational efficiency, transparency, and security while resolving issues of transaction speed and energy consumption.
Here’s a look at the top enterprise Blockchain platforms that can help unravel better and bigger opportunities for businesses today.
Just like Bitcoin, Ethereum has been doing the rounds as one of the oldest and reputed Blockchain platforms. Ethereum as a modern platform is here to stay for many reasons, the most important one being its ability to act as a decentralized Blockchain network with a strong support for smart contracts. Developers focusing on building decentralized apps or dApps can write smart contracts on the Ethereum Virtual Machine that offers the Solidity programming environment. Despite limitations like high transaction processing costs and slow transaction speeds, Ethereum has a huge and active developer community and is here is to stay if it can strengthen security mechanisms in the future.
Hyperledger, “founded in 2016 by the Linux Foundation”, offers a range of tools, libraries, and distributed ledger frameworks for Blockchain application development. Hyperledger Fabric is one of the components of Hyperledger with a modular architecture, supporting closed Blockchain development and delivering higher levels of speed and security. Hyperledger Fabric is still in its development stages, where an active community of developers is working on improving legal and GDPR compliances, consensus algorithms, and operational features.
IBM Blockchain makes it to the list of top enterprise Blockchain platforms for the plethora of opportunities it opens for businesses. As a private decentralized network, IBM Blockchain is the most preferred for enterprises with customized business requirements. IBM Blockchain developer tools are flexible and functional, allowing developers to test and deploy smart contracts easily and quickly. The platform is already being used to develop a series of Blockchain applications in supply chain and financial services.
R3 Corda was launched in 2015 and is gaining popularity as an efficient distributed ledger facilitating financial transactions. Corda was developed by R3, which is a leading consortium of financial institutions. It is an open-source Blockchain platform that processes transactions in real-time and has an upper hand over other platforms due to its superior performance. Originally launched to facilitate financial transactions, experts believe that R3 Corda can also be utilized across sectors like retail and supply chain in the future. The platform is already being supported by companies like HSBC, Bank of America, and Microsoft, and is expected to provide greater security in the creation of smart contracts.
Quorum is a custom version of Ethereum that is pioneered by JPMorgan. As an open-source Blockchain platform, Quorum has the ability to process high-speed transactions between banks and insurance companies. The platform is useful for private and consortium networks alongside enhancing the security and legal compliances of Ethereum.
Modern Blockchain platforms are making businesses viable for today and tomorrow. Developers are focusing on making Blockchain platforms more secure, transparent, and efficient than ever. If you are looking to take advantage of the top enterprise Blockchain platforms, Blockchain solution experts like LeewayHertz can help explore and develop innovative Blockchain applications for your business.