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People are becoming increasingly interested in blockchain technology these days. In 2009, Bitcoin emerged as a technological innovation. Blockchain technology can benefit a wide range of industries, including healthcare, logistics, supply chain, and legal. Blockchain applications can improve efficiency and transparency in business processes.
Organizations are now developing blockchain apps to take advantage of blockchain’s potential, increasing demand for blockchain platforms. A survey revealed that 67.3% of the global blockchain market will grow between 2020 and 2025, from USD 3.0 billion to USD 39.7 billion. As a result, blockchain platforms are increasingly needed to build a blockchain-based ecosystem quickly and securely.
Top Blockchain Platforms of 2023
Tezos
To help organizations improve their business ecosystem’s transparency and efficiency, we’ve compiled a list of some of the best blockchain platforms for 2023.
A decentralized network that allows peer-to-peer transactions and smart contracts, Tezos is an open-source blockchain network. As a result of its modular architecture and formal upgrade mechanism, it facilitates formal verification through its network.
With Tezos, you can safely store digital assets and make high-value use cases that require code correctness and safety. The platform is self-governing and decentralized.
In addition to smart contracts and decentralized apps, Tezos offers a self-amending cryptographic mechanism.
Tezos is distinguished from other platforms by the following features:
- Protocol for self-amending
- A mechanism for delegates to reach a consensus on stakes
- Governance along the supply chain
- Formal verification of smart contracts
- Solidity & EVM support
- Data that can be queried
- Support for multilingual smart contracts
- A low finality latency
- Highly modular
- Pluggable Consensus
- Execution of parallel transactions
- Algorithms with pluggable consensus
- Sawtooth permissions for private networks
- Application and core system separation
- Seth-compatible Ethereum contracts
- Open design
- Agile & Flexible
- Interoperability
- Privacy
- Open Development
Hyperledger Fabric
Blockchain applications are created using Hyperledger Fabric. The Linux Foundation champions it as a distributed ledger solution for enterprise use. The system can be modularized by plugging in components from a rich ecosystem. As a closed blockchain deployment, it improves security and speed. UTXO, the unspent transaction output model, and an open smart contract model can also be supported.
Hyperledger Fabric’s unique features include:
Hyperledger Sawtooth
With Hyperledger Sawtooth, the core system is separated from the application domain by a modular and flexible architecture. As a result, smart contracts can provide the underlying design of core systems without requiring a deep understanding of the underlying principles. PoET and Practical Byzantine Fault Tolerance (PBFT) are two of the consensus algorithms it supports.
Distributed ledger networks and applications can be developed using this enterprise blockchain platform. Specifically for enterprises, it maintains distributed ledgers and secures smart contracts. With this technology, developers are able to specify the business rules for their blockchain apps in the language of their choice.
It differs from other blockchain platforms in the following ways:
Corda
Open-source Corda is a blockchain platform that uses smart contracts to facilitate business transactions directly and anonymously. Business processes are streamlined, which reduces document management and transaction costs.
Business requirements can be met with its flexible and agile platform. In healthcare, energy, insurance, finance, and many other sectors, CorDapps enable the transformation of businesses.
A few of the features that make Corda one of the best blockchain platforms are:
Final Words
Approximately 30% of projects will reach production globally by 2023, according to Forrester. A robust blockchain platform is in high demand due to the maturity of blockchain technology.
Consult our blockchain experts if you need help deciding which blockchain platform is right for your business. Additionally, we are well-versed in the top blockchain platforms and can assist you in developing a real product based on your blockchain idea.
