Top 5 enterprise Blockchain platforms
The increasing numbers of Blockchain platforms contribute to supporting and accelerating the development of blockchain-based platforms. Businesses have realized the demand and have started to explore the capabilities of Blockchain by developing innovative Blockchain applications.
What is a Blockchain platform?
A Blockchain platform enables the development of permissioned or permissionless Blockchain applications. Hyperledger, XinFin, Ripple, R3 and EOS are a few names providing robust Blockchain platforms and allowing developers to build host applications on the Blockchain.
The factors that can help decide the best Blockchain platform include:
- Development status of the platform
- The reputation of the blockchain platforms on open source software development communities like Github
- The Consensus protocol being used
- Whether the platform supports Smart contract functionality or not
- Scope of scalability the Blockchain platform provides
Top Five Enterprise Blockchain Platforms
Here, we’ve listed the top five Blockchain platforms:
|XDC Network||R3 Corda||Hyperledger Fabric||Hedera||Quorum|
|Consensus algorithm||XDC Delegated Proof-of-Stake (XDPoS)||Pluggable Framework||PBFT||aBFT||Raft-based Consensus and Istanbul BFT|
|Smart Contracts||Legally bounded||Legally bounded||Not Legally bounded||Legally bounded||Not Legally bounded|
|Currency||XDC||No native cryptocurrency||No native cryptocurrency||HBAR||No native cryptocurrency|
|Operation Mode||Consortium Blockchain||Private Blockchain||Private Blockchain||Public Blockchain||Private/Consortium Blockchain|
|Governance||XDC Foundation||R3 Company||Linux Foundation||Hedera Governing Council||JP Morgan|
XDC network is a non-profit blockchain company based in Singapore. The primary focus of the company is international trade and finance. The XDC network effectively overcomes the gap between legacy systems and the Blockchain to become the language of global marketing and finance.
XDC network’s protocol built upon a paradigm of consortium blockchains makes it different from other private/permissioned and public blockchains.
XDC network supports both private and public networks. It implies financial institutions can connect their network to XDC and have their transactions validated on a public chain. XinFin seeks to combine the advantages of decentralization with security and the high transaction speed of private Blockchain.
XDC is the XDC network’s cryptocurrency. Unlike Bitcoin, XDC does not use Proof-of-Work. They use XDC Delegated Proof-of-Stake (XDPoS). XDPoS consensus mechanism relies on 108 trusted distributed master nodes that need to meet the staking requirements to secure and run the network. Proof-of-Stake mechanism is a decentralized way of validating transactions on the Blockchain network. XDPoS supports low transaction fees and 2 second transaction confirmation time.
XDC network supports all EVM compatible Smart contracts, atomic cross-chain token transfers and protocols. It also aims to continuously research and incorporate new scaling techniques such as sharding, private chain generation, EVM parallelization and new hardware integration into XinFin Network’s Masterernode architecture.
It claims to be an ideal scalable Smart contract public Blockchain for token issues, decentralized applications and token integrations for small and large businesses.
The three main issues that the XDC network aims to solve are:
- High transaction time and network congestion on Ethereum
- Ethereum’s high transaction fees
- It brings decentralization and interoperability with Ethereum systems
The main unique points of XDC are its network, products and ecosystem.
The technology description includes:
- XDPoS consensus mechanism
- Built-in governance dApp
- Randomization and Double Validation
- Sharding based on stable Masternode architecture
The technology helps the XDC network to provide:
- Cheap transactions that are approximately 1/100 times of Ethereum’s cost
- 2 seconds transaction confirmation time
- 2000 TPS to manage robust dApp and token ecosystem
- EVM compatibility that allows interoperability with the Ethereum ecosystem.
XDC Network is rigorously working to develop an entirely secure ecosystem and has sealed various partnerships from different fields like IT solutions providers, agriculture, advertising, robotics, pharmaceutical tracking, gaming, education and research, communication, payment, food traceability, name service and tourism.
R3 is one of the leading consortia of financial institutions that built an open-source Blockchain platform named Corda in 2015.
Corda is a permissioned Blockchain platform that supports DLT applications enabling businesses to perform transactions directly and in strict privacy. It doesn’t have a cryptocurrency or any built-in token. Since Corda operates in permissioned mode, it increases privacy and provides fine-grained access control to digital records.
It uses an Asynchronous Byzantine Fault Tolerance consensus mechanism and also offers Smart contract functionality.
Corda was designed for the financial sector but now is being used in various other industries like healthcare, trade, government authorities and supply chain. Many big firms like Intel and Microsoft use Corda as a Blockchain platform.
R3 works with many leading public companies, software firms and government institutions to speed up the design, development and deployment of enterprise-grade Blockchain solutions on the Corda platform. Their professional services suite enables Blockchain experts to step into a successful journey of building a production application and network. There are three fundamental stages of a project on Corda:
- Design: Simplest design to reduce Blockchain complexity
- Develop: Speed up time to production
- Deploy: Confirms growth and long-term success
R3 Corda aims to provide:
- Solution architecture services to design and review the product using CDL (CorDapp Design Language)
- Capacity in your sprints
- Deployment support
Hyperledger is an open-source community that aims to develop a suite of stable frameworks, libraries and tools for enterprise-grade Blockchain deployments. It is a neutral home for various distributed ledger frameworks such as Hyperledger Sawtooth, Fabric, Indy and tools and libraries like Hyperledger Caliper and Hyperledger Ursa, respectively.
Hyperledger Fabric is intended for developing solutions and applications with a modular architecture. The main features of Hyperledger fabric include:
- High performance and scalability
- Permissioned membership
- The modular architecture supporting plug-in components
- Queryable data
- Lower latency of finality
Hedera hashgraph is a highly scalable public network that doesn’t involve computation of heavy Proof-of-Work algorithm. It is used to design and develop innovative and scalable decentralized applications. The consensus mechanism on which it relies is asynchronous Byzantine Fault Tolerance (aBFT).
Hedera is different from other Blockchain platforms as it is fair, fast, secure and follows a unique mechanism. It offers considerably better and reliable algorithms for higher transparency.
The main features of Hedera Hashgraph include:
- Faster than other Blockchain platforms
- Secure and stable
- Rapid transactions with low fees
- Multi-signature accounts and transactions
- Implementation of public BFT notary service for Corda
It is an open-source Blockchain protocol designed for use in private or consortium blockchain networks. ConsenSys is building entirely over Quorum and is used as an open-source Blockchain platform by businesses.Quorum is an enterprise-focused Ethereum Blockchain that specifically financial sector. Since Quorum operates on a permissioned network, it offers organizations the ability to customize it to their own needs. It is the brainchild of JP Morgan.
The main features of Quorum include:
- Community driven
- Trustworthy and enterprise-ready
- Better performance
- Enhanced contracts and transactions privacy
- Voting-based consensus mechanism
- Proper peer and network management
The innovation with Blockchain technology is moving at a frenetic pace and numerous Blockchain platforms have started to emerge with new robust features. Among the emerging crowd of Blockchain platforms, enterprises need to understand and identify the right platform to build highly scalable applications.
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Comparison of various blockchain protocols helps comprehend the dynamic features of different platforms, thereby making it easy for businesses to select one.
Here is the list of the leading Blockchain Development Companies you can work with.
Know about some of the top blockchain platforms to explore in 2022 and identify how to select the right one for your business use case.