Over the past thirteen years or so, blockchain technology has become incredibly widely used in almost every sphere, from healthcare to logistics. In that time it’s proved highly versatile and a useful tool for securely storing sensitive information.
This explosion in popularity has inevitably led to the rise of various blockchain platforms, each with their own pros and cons, as well as unique features. Deciding on which platform to use can be very complicated, especially for a novice. In this article, we’ve brought together ten top blockchain platforms most popular nowadays, breaking down their most attractive features as well as their benefits and drawbacks. Find out more about them and how they stack up against each other.
Top 10 Blockchain Development Platforms
In this blockchain platform comparison, we consider some of the most well-established platforms as well as some promising up-and-comers. Each platform has its pros and cons, but might be applicable to this or that project depending on your needs.
One of the oldest and most well-known platforms on this list, Ethereum is the second-largest blockchain network, hosting thousands of decentralized apps. With full support for smart contracts and a thriving developer community, it can be a good choice for individuals looking to build their own applications with the help of software developers.
An inevitable downside of Ethereum’s popularity, however, is that it often suffers from slow speeds. It is also quite expensive when compared to lesser-known platforms, with considerably high transaction processing fees.
2. IBM Blockchain
The IBM Blockchain is a newer platform but boasts a similar level of functionality as Ethereum. In fact, this private network was designed with flexibility and functionality in mind.
This relatively low-risk blockchain platform has proved most popular with enterprise clients across various industries. Its high level of customization, user-friendly interface, and fluency in multiple programming languages means it can be used in a wide variety of niches.
One of the main downsides of IBM is the high costs associated with maintaining it. This makes it a less accessible option for many startups. Additionally, since it is less well-established than networks like Ethereum, you may not find the same amount of support resources for it.
3. ConsenSys Quorum
The ConsenSys Quorum, designed by investment banking company JPMorgan, is a platform based on the Ethereum network but optimized to support faster transactions. Used by banks and other financial institutions, it is known for its GDPR support and other security measures.
Compared to other blockchain platforms, Quorum is reasonably accessible. For one thing, the base version is entirely free, meaning you can try out its services for yourself before spending a cent. It’s also fully managed, meaning the entire blockchain development process is simplified and made more accessible.
4. Hydrogen Molecule
Another finance-specific development platform, Hydrogen Molecule, boasts a variety of features that make it the natural choice for developers looking to provide users with fast, safe finance solutions. Tokenized security, hashing, and data tracking — these are just a handful of benefits users of the Molecule platform can make use of.
Other benefits of Molecule include its scalability and simple user interface. These features make it a good choice for small companies with minimal blockchain experience who plan to expand their services later down the line.
5. Hyperledger Fabric
Hyperledger Fabric is a blockchain platform developed by Linux and designed for use by cross-industry apps. With Fabric’s modular architecture, the process of building complicated blockchain solutions is greatly simplified.
Another benefit of using Fabric is that it is a collaborative program. With so many developers chipping in and helping speed up application development, the platform now features an impressive collection of helpful plug-and-play tools.
While this platform has many advantages, it isn’t necessarily the right choice for everyone due to its reliance on Linux. It is also quite difficult to pick up, especially when you have little prior experience with blockchain.
Finance-focused development platform Ripple is another fairly popular blockchain solution. Known for its transparency, low processing fees, and quick response time, it is used by hundreds of financial establishments all over the world.
These features make Ripple particularly well-suited to businesses dealing with cross-border payments. However, developers should be aware that the platform doesn’t support smart contracts.
Stellar is yet another finance-focused blockchain solution. One key difference that sets it apart from other blockchain platforms, though, is that it isn’t owned by any one individual, meaning it’s one hundred percent decentralized. As a result, developers and other contributors have total control over this protocol, all pitching in to help affordable, flexible solutions for decentralized apps.
This platform is less popular with newcomers to the developing scene, however, due to the fact it isn’t as user-friendly as some of the other options on this list. It is also one of the less robust platforms out there, which is a cause of concern for some.
Easy scalability and rapid processing times are two of the main draws of the EOSIO platform. It boasts a greater degree of flexibility than many other blockchain platforms available now, offering compatibility with smart contracts and decentralized apps.
Another benefit of this platform is the abundance of learning materials and extensive training courses made available to developers. These resources are a great help during the development process.
Corda differs from the other entries on this list. There is some debate as to whether it’s a blockchain in the first place. Some developers agree that it is, while others instead consider it to be a kind of distributed ledger. Even the official website for the platform refers to it as “both a blockchain and not.”
Nonetheless, Corda can be used in much the same way as many of the platforms listed here. In fact, users of this technology enjoy a faster processing time than that offered by many other traditional blockchain networks, since all transactions on Corda are processed in real-time.
The final entry on this list, Elements, is built on the Bitcoin network but includes numerous new features, such as confidential transactions. It is also capable of being operated as a side-chain, allowing you to integrate pre-existing blockchain apps with projects based on Elements.
A downside of using Elements is that it is less widely known than other options out there. This means it can be difficult to find support from other developers if you encounter any difficulties.
With so many blockchain platforms available on the market, it can be quite complicated to find one that suits you and your specific needs. This article may have given you a place to start, but you should carefully weigh your options before reaching a decision. Carefully consider what your needs are and what features you require in a blockchain platform. Also think about how much you are willing to spend in order to benefit from these features.
If you need a consultation or have any questions or reservations regarding blockchain platforms, do not hesitate to contact our team.