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INN4SCIENCE BLOG

INN4SCIENCE BLOG

Blockchain

5 Best Blockchain Platforms Overview: Everything You Need to Know in 2019

top 5 blockchain platforms

Now, blockchain is so much more than a concept cryptocurrencies are based on. Hence, there are so many blockchain platforms out there that it’s no wonder it may be difficult to choose one for your project.

What should we expect from blockchain, its evolution in 2019, and popular blockchain platforms? Take a look at our list of top five blockchain app platforms and make sure to fill in the blanks regarding the technology with our comprehensive overview.

Note: unfortunately, we can’t possibly squeeze all the relevant information in one article and one blockchain platform list. If you find yourself still having some questions after reading it, don’t hesitate to employ the blockchain consulting service.

blockchain platforms

Understanding Blockchain Technology

Blockchain was conceptualized in 2008 to become the technology powering Bitcoin as we know it. Although it was originally designed to be the public distributed ledger of all the transactions for Bitcoin, the technology itself started living a life of its own. Now, the technology powers smart contracts, decentralized apps, alternative cryptocurrencies, etc.

How Does Blockchain Work?

Before we start, we should emphasize that blockchain is more like an umbrella term for various technologies based on Satoshi Nakamoto’s concept. Therefore, there is no universal answer to the question in the title of this section.

Broadly speaking, blockchain is a database of all the transactions or events happening within the network. Five main characteristics that distinguish it from any other database. Blockchain is:

  • Decentralized. All the records are stored in one file. This file is stored on a number of machines (called “nodes”). Therefore, if the file on one node gets damaged, the records don’t get lost;
  • Transparent. Anyone who has access to the database can view all the records and make sure they haven’t been modified. At the same time, any personal data is not disclosed as all you can see is the public address;
  • Immutable. Every new block of records contains an encrypted hash of previous blocks in the chain; therefore, it is impossible to make changes in one block without altering all the blocks after it, and this requires the consensus of the network nodes;
  • Encrypted. A chain can be accessed only using a private encryption key, and it uses public and private keys to prove that you own the assets. If you lose your key, there is no way to recover it;
  • Trustless. This is the main revolutionary idea behind the technology. As the database is decentralized, encrypted, and immutable, there is no need for a trusted third-party authority to enforce the transaction (like traditional financial institutions).

Based on the access control extent, there can be permissionless (i.e., public) and permission-based (also known as private) blockchains. Public ones can be accessed by anyone, there are no restrictions imposed. Private ones, in turn, can be accessed only if you are given permission or an invitation from the network’s admins.

To add a new block of records to the blockchain database, all nodes need to reach a consensus to verify the said block. The way they do it is called the consensus mechanism or protocol – basically, it is a decision-making algorithm.

How Blockchain Is Changing the World

Now that we have dealt with the peculiarities of what blockchain is and can be let’s take a quick look at the impact of this technology on five major industries.

Banking & Finances

The top benefit of the technology for this industry is making international transactions faster and cheaper. TransferWise is a startup that is a good example of this. It allows its users to make international payments in any fiat currency that take up to a day to get processed, and the fee is up to 90% less than in the case of using the bank’s services.

Besides this, the technology can be applied to top blockchain technology platforms that gather donations for crowdfunding or charity purposes.

Moreover, we are bound to see cryptocurrency exchanges rising in popularity. If you are curious about starting your own exchange, we suggest you read our article on how to create a cryptocurrency exchange.

Healthcare

One of the main issues present in the industry is that medical records of one person may be fractured and stored by different healthcare providers. Proof Work is one of the startups determined to solve this issue. Its main aim is to make sure the medical records are in the hands of the patients, not the healthcare providers.

Supply Chain Management

Blockchain can make this part of any business a lot less of a headache by allowing storing the information about the item, its origins and description, and all of its movements from the original supplier to the store’s shelf. And it’s not only immutability that is so beneficial for retailers – it is the transparency of the data as well.

Knowledge Sharing

We all love Wikipedia, don’t we? However, it is a website stored in a centralized way, and it can be censored (like it is in Turkey) or taken down. So, it may cease to exist at any point.

Everipedia decided to fix these issues by implementing this technology. The technology is applied to storing information so that it remains immutable and available even after the company that founded it is gone.

Trading Digital Assets

When you trade physical assets, the transfer of ownership is no issue – the seller gets the money, and the buyer gets a particular asset (like a car or a phone). However, when it comes to digital assets like 3D models, collectibles, graphics, music, stock videos, etc., they can be copied and distributed as many times as you’d only wish.

How can blockchain solve this issue? You can use it to record the ownership rights and their transfer to another user the same way you would trade Bitcoin. Thus, there can be no “double spending” of these assets.

blockchain platforms list

5 Best Blockchain Platforms in 2019

Creating a blockchain from scratch is often cost- and time-inefficient. This is why there are so many specialized platforms out there – their main purpose is to help developers speed up the development and make it easier, and this is the main blockchain platform definition. So, let’s take a look at what types of platforms you can encounter, which one can be your best framework, and our blockchain platforms list that will come in handy for you next year.

Types And Purpose Of Platforms

Unfortunately, no steady classification exists for such platforms yet. Based on our own experience, we can distinguish their variety based on a number of criteria:

  • purpose: there are blockchain platforms for creating custom cryptocurrencies, ICOs, decentralized apps, exchanges, and blockchains for storing records (like medical data or supply chain management information);
  • type of blockchains: there are platforms that allow creating only private ones, only public ones, or both;
  • end users: platforms allowing creating B2B, B2C, C2C or corporate-only networks.

Top 5 Blockchain Platforms

So, we have figured out what popular platforms you can stumble upon. Now, it is finally time to see what platforms for blockchain project development you should watch closely in 2019 – we have chosen top five promising platforms for your consideration (presented in no particular order).

#1. Ethereum

Ethereum - blockchain platform

Of course, we would like to start our platform list with the most frequently used platform after Bitcoin. Ethereum was conceptualized as the review of Satoshi Nakamoto’s concept, and its technology was eventually dubbed Blockchain 2.0.

As one of open-source blockchain platforms, Ethereum’s main focus is on allowing its users to run smart contracts on custom-built blockchains. This blockchain platform is used primarily for running ICOs and sometimes for creating decentralized apps.

Let’s take a look at Ethereum’s most crucial functionality:

  • Ethereum Wallet – it allows exchanging assets for ether (the platform’s currency) and other tokens and storing them;
  • creating and deploying smart contracts – self-executable programs that allow running agreements on a trustless basis;
  • creating cryptocurrencies;
  • creating DAOs (i.e., democratic autonomous organizations).

Now, it’s time for a brief Ethereum technical overview:

  • it takes 14-15 seconds on average for one transaction to get processed;
  • the platform processes 15 transactions per second on average;
  • it runs on the Proof-of-Work mechanism (although there are plans to switch to Proof-of-Stake to increase the platform’s scalability);
  • it is referred to as “application-agnostic” – so, there is no inbuilt functionality for creating dApps;
  • it uses Solidity programming language;
  • transaction fees amount up to $1 per a transaction.

#2. EOS

EOS - blockchain platform

EOS is a new player in town, but it’s already created enough hype around itself, enough to be considered the best blockchain platform – it is even referred to as “the Ethereum killer” every now and then. Although it was launched at the beginning of 2018, it has already gained its recognition, especially when compared to Ethereum – and its founder, Block.One raised more than $4.1 billion during the one-year-long ICO.

If we put it simply, EOS is, basically, a decentralized operating system the main purpose of which is to make building dApps faster and easier. In order to use this blockchain platform for dApp development, you need to own EOS coins to get access to EOS servers’ capacity.

Let’s take a closer look at what functionality EOS has to offer:

  • trading RAM;
  • inbuilt basic dApp functionality, such as role-based permissions and user account generation;
  • renting EOS resources;
  • eos.io storage.

And, here’s our quick EOS technical overview:

  • the platform processes more than 1,000 transactions per second and aims to reach the 1 million per second mark;
  • it takes up to a second for a transaction to be verified;
  • it uses dPoS consensus with 21 witnesses for adding new blocks;
  • there are no transaction fees (instead, you are obliged to stack EOS after a transaction takes place);
  • it allows using C++ for dApp development.

#3. MultiChain

MultiChain - blockchain platform

MultiChain is a Bitcoin-based free platform for developing private blockchains. It is a novice in the world of blockchain development and among open-source platforms as well, but its contributors are already developing MultiChain 2.0.

The platform’s main purpose is to allow developers to create private blockchains that will be operating within an organization or between several organizations.

So, what can MultiChain offer blockchain developers?

  • creating private (i.e., permission-based) blockchains in as little as 90 seconds;
  • the platform supports all the features initially available in Bitcoin Core;
  • extensions for additional features like multiple networks, permissions, and custom blockchain parameters;
  • MultiChain Web Demo (web interface for APIs);
  • MultiChain Explorer (allows for browsing the blockchain);
  • a getting-started tutorial and other guides are available for developers on the website;
  • the developers’ community forum;
  • programming languages supported are Python, C#, JavaScript, PHP, Ruby.

#4. OpenChain

OpenChain - blockchain platform

Developed by Coinprism, OpenChain allows enterprises to create and manage their digital assets on a Bitcoin sidechain. It can be used to manage such assets as stocks and bonds, fiat currencies, cryptocurrencies, ownership titles (e.g., for land, digital commodities like music and films), and gift cards and loyalty points.

Here’s what OpenChain offers enterprises and developers:

  • smart contracts modules are available;
  • multiple roles within the network: observers (they get read-only copies of the blockchain), validators (they verify the new transactions and add them to the chain), etc.;
  • transactions are digitally signed like in the case with Bitcoin;
  • the platform employs the client-server architecture instead of the peer-to-peer one;
  • there are no transaction fees (transactions are validated by the admin instead of miners).

#5. Hyperledger Sawtooth

Hyperledger Sawtooth - blockchain platform

Created under the umbrella of the Hyperledger project, Sawtooth is one of the enterprise blockchain platforms that allow creating both public and private blockchains for B2B purposes where transactions are used to share changes in certain states. Its use cases include creating networks for exchanging digital assets, settling bond assets, and tracing the seafood supply chain.

Let’s take a look at the key things Hyperledger offers developers:

  • creating both public and private blockchains;
  • creating and deploying smart contracts for on-chain governance;
  • no inbuilt cryptocurrencies or mining;
  • Proof-of-Elapsed-Time consensus mechanism (in this case, all nodes have equal chances of winning the right to add a new block;
    each node gets a randomized timer, and the first node to wait until the timer expires wins this “lottery”);
  • supports Python, Solidity, Rust, Go, C++ and JavaScript programming languages.

In Conclusion

Surely, our list of blockchain platforms is not exhaustive – there are so many more popular platforms that may corner their niches and get surrounded by hype in 2019. Yet, our top five choices are definitely worth your particular attention, and it’s up to you to decide which one is the best blockchain platform. Thanks to them, developing your own blockchain project can become more time- and cost-efficient.

Ready to start your own blockchain project? Whether it is a B2B, B2C, corporate or any other project you have in mind, share your vision with our blockchain development company, and we’ll make it a reality.

DO YOU HAVE ANY QUESTIONS?

LET'S DISCUSS! BOOK A CONSULTATION WITH OUR SPECIALIST


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