These are the top 10 blockchain platforms that you need to consider in the year 2023
The technology in blockchain platforms has grown rapidly in recent years, with numerous platforms emerging to cater to various use cases. The blockchain landscape is set to become even more diverse and exciting in 2023, with new platforms offering novel solutions to long-standing problems. In this article, we have explained the top 10 blockchain platforms that you need to consider in the year 2023.
What Is a Blockchain Platform?
Using blockchain technology, a blockchain platform is a type of digital infrastructure that enables organizations and developers to create, deploy, and manage decentralized apps (dApps). A blockchain platform’s fundamental component is a network of computers, or nodes, each of which verifies and validates newly added blocks to the chain to maintain a distributed record of transactions.
Top 10 Blockchain Platforms to Consider in 2023
Below are a few blockchain platforms to consider in 2023
1. Ethereum
Ethereum, which was introduced in 2013, is one of the oldest and most established blockchain platforms. It offers a truly decentralized blockchain network similar to the Bitcoin blockchain network. According to Manders, its key strength is that it supports true decentralization through smart contracts. When compared to other platforms, its main weaknesses are slow processing times and higher transaction processing costs. It has its cryptocurrency, ether, in addition to its role as a blockchain platform that underpins enterprise applications.
2. ConsenSys Quorum
Financial services company JPMorgan created Quorum, a modified version of Ethereum. It makes use of the Ethereum blockchain platform’s basic work and repackages it into a secure environment that institutions may use. It has been developed to facilitate swift transactions across a private network between organizations like banks and insurance firms.
3. Hyperledger Fabric
Hyperledger Fabric is a set of tools that aid in the development of blockchain applications. It is endorsed by the Linux Foundation and was created from the bottom up with corporate distributed ledger applications in mind. It has an extensive ecosystem of components that can be integrated into a modular architecture. It performs well in closed blockchain deployments, improving security and speed. Moreover, it offers an open smart contract model, which is capable of including several different data models, such as the account and unspent transaction output (UTXO) models.
4. IBM Blockchain
According to Manders, IBM Blockchain is a private, decentralized blockchain network that has been most successful with less risk-averse enterprise clients. He believes it offers more chances than other decentralized networks to link to enterprise clouds and legacy systems.
5. R3 Corda
There is some debate over whether R3 Corda is a blockchain or another type of distributed ledger. It employs a novel consensus mechanism in which transactions are cryptographically linked but does not batch multiple transactions into a block regularly. According to the official Corda website, it is “both a blockchain and not a blockchain.” One of the primary advantages of this method is that all transactions processed in real-time blockchains can perform better than other kinds of blockchains in terms of speed.
6. Tezos
Tezos is an older platform that supports decentralized applications, smart contracts, and novel financial instruments such as NFTs, which can be thought of as a modern variation on trading cards that are linked to digital assets. It has been in development since 2014. To adapt to new purposes, the platform has a dynamically upgradeable protocol and modular software clients.
7. Hyperledger Sawtooth
Hyperledger Sawtooth, another open-source blockchain initiative hosted by Hyperledger and the Linux Foundation, employs a novel consensus mechanism known as proof of elapsed time, which can integrate with hardware-based security technologies to enable “trusted execution environments” of program code to run in secure enclaves, which are protected areas of computer memory.
8. Stellar
Stellar is a more recent blockchain technology that has been designed for various DeFi applications. It makes use of the Stellar Consensus Protocol, which is said to be able to reduce the time needed for transactions to be processed and approved on a public blockchain network. It also has security features for blocking undesirable or dubious participants in a financial transaction. Many businesses have embraced it for cross-border money exchange and worldwide trade.
9. Klaytn
A blockchain platform called Klaytn was created by Ground X, a blockchain partner of South Korean internet giant Kakao. One of the most well-known blockchain platforms, Klaytn, provides a variety of tools and features for creating decentralized apps that are quick, safe, and scalable. It is well-suited for a variety of use cases and applications in different industries, including healthcare, banking, supply chain management, and more.
10. EOSIO
In 2018, the EOSIO blockchain platform made its debut as an open-source project. It is best suited for creating smart contracts and decentralized apps. Its proponents claim that it uses a sophisticated PoS-based consensus mechanism that performs better than more traditional systems like Ethereum. Also included is support for a governance element that enables voting on platform updates.