Looking a few years back makes us realize that the name which is constantly visible at the top of the list of trending technologies for years is Blockchain. Its transparency and ability to interact between systems resulted in the transformation of the economies.
Since cryptocurrencies are becoming popular, Blockchain is also achieving heights in the world of technologies by revolutionizing businesses. Increased use of blockchain by all-scale businesses and industries has made it stand out in the competitive market.
Trending Statistics of Blockchain Technology
- The blockchain sector will be worth $163.83 billion by 2029, with a CAGR of 56.3%.
- By 2024, the global market for blockchain solutions will be worth $19 billion.
- According to the PwC “Time for Trust” report, blockchain technology will boost the global GDP by $1.76 trillion by 2030.
- According to Deloitte Survey, In the coming five years, it is predicted that 91% of respondents might see a measurable & confirmed profit on their blockchain investments.
- Food and agriculture industries expect growth worth $1.48 billion by 2026.
What is Blockchain Technology?
Blockchain technology is a structure consisting of a chain of records (blocks) that are linked together in a way that can not be changed or manipulated by any system. Each block has information about the previous block, making it a chain connected with a cryptographic hash. Blockchain is a digital ledger that can store the transaction records authorized by the owner’s digital signature to make it secure from being corrupted. It is similar to google docs which can be shared but can not be accessed without the owner’s permission.
What is a Blockchain Platform?
Blockchain platforms are structures with complex and powerful coding languages that can generate and handle various tasks, like NFTs, starting and end of transactions, and the development of smart contracts. They are frameworks that are used for building blockchain-based applications.
Spotlighting the Top Blockchain Platforms in 2024
Here are the top blockchain platforms to consider:
Ethereum is a renowned and most popularly used decentralized blockchain platform. The term was first introduced in 2013 and the development work started in 2014. It finally went live in July 2015, July. it enables the building and deploying of decentralized apps with the functionality of smart contracts. Its core strength is its ability to build complicated code with smart contacts, making the transactional process transparent and interactive and eliminating the need for a middleman.
The Ethereum blockchain platform is being increasingly adopted by technologists providing blockchain development services for creating dApps due to its heightened security mechanism. Ethereum is expensive compared to other platforms as it not only supports enterprise applications and smart contracts but also has its own cryptocurrency named Ether which supports Platform’s network and also makes transactions easier.
IBM blockchain is another blockchain platform founded in 1911 by IBM to simplify business operations and optimize its efficiency. It provides several products and services to assist enterprises in utilizing blockchain development services in sectors like Blockchain in Healthcare, finance, etc.
It is quite easy to develop and maintain blockchain networks with the help of feature-rich IBM blockchain and its powerful functionalities. It enables businesses to leverage the benefit of smart contracts along with offering various sets of tools and services for Hyperledger fabric.
Hyperledger Fabric is an open-source project introduced by the Linux Foundation in 2015. These platforms are being developed with six frameworks & seven tools so that they can be utilized by many businesses for creating enterprise-grade applications and solutions. It is a highly secured blockchain platform that enables sharing of data only among the systems with permissions.
It builds trust between the organizations by offering accessible and secure transactions that can be tracked. It allows integration of smart contracts in the coding languages making it easier for developers. A wide range of industries are utilizing Hyperledger Fabric for example finance, healthcare, supply chain, IoT etc for optimizing business processes.
Tezos is a blockchain platform that performs peer-to-peer transactions and provides smart contract deployment to businesses. It is a decentralized framework with the ability to self-improve, enabling the development of dApps using smart contracts. This makes it quite similar to Ethereum. But where it differs is the key feature of Tezos, its native cryptocurrency coin called Tez.
The self-amending nature of the Tezos is another core feature, which means that Tezos can be easily updated with the market trends and is open to grabbing the latest opportunities or innovations into it.
Stellar is an open blockchain platform that allows the storage of data and money transfers for all the currencies in the world. It enables the creation and transfer of digital representations along with their trading. Currencies including Dollars, Pesos, Bitcoin, etc can be transferred using Stellar. The core feature of Stellar is it serves as a single network for all financial systems to work together on one platform.
Stellar has the capability to make your small businesses turn into multinational banks with the connections of a wide range of currencies. APIs and SDKs of Stellar are designed to revolutionize the Blockchain In the finance sector.
Ripple is another strong blockchain platform that started in 2012. It is focused on the advancement of the financial sector in the world’s digital revolution. It brings together all entities like banks, payment processors & many more using a blockchain network.
Any company can create a customized financial solution with Ripple by approaching a well-versed blockchain development company. Hundreds of companies all over the world are leveraging the benefits of this blockchain platform to create secure financial platforms and perform international payments.
Exploring the Benefits of Blockchain Platforms
The significant benefits of deploying Blockchain Platforms in businesses are mentioned below:
Blockchain technology is transparent because in blockchain every transaction is recorded on a public ledger that anyone with permission can access. This increases openness and transparency between companies and their consumers.
The use of middlemen is eliminated in various operations in many industries including supply chain management, payments, etc. because of blockchain technology. A Blockchain platform can facilitate faster transactions by enabling international money transfers using a digital currency that happens within minutes compared to traditional financial services.
Blockchain is undoubtedly more secure than traditional record-keeping methods because every transaction in the blockchain is connected to the previous one and encrypted making it safer. It stores data in a digital ledger in the protection of cryptography that safeguards data from hackers and manipulation. Once the data is inserted in a blockchain mechanism, no one can make any changes foolproof and secure.
The tracing of goods’ locations becomes easy with the blockchain platforms. When the products are exchanged, a tracing audit trail constantly monitors and displays the location from where the goods originated. This results in the end of fraud related to exchange between companies and increases security. This traceability is beneficial for apps like supply chain management because the best blockchain platforms can assist in validating the authenticity of the transferred goods and assets.
The growth of the fintech sector is increasing with the digital transformation of the ecosystem. The main technology used in this sector and all the other sectors for businesses is Blockchain. That is why Blockchain platforms are being adopted by industries at a high rate. With the increase in adoption, blockchain also requires an increase in advancement as well to fill the needs of businesses. Advanced blockchain platforms are upgraded according to the needs and demands of the market but choosing one among the bests is always challenging.
Above is the list of top blockchain platforms in 2024 and beyond but which is right for you can only be determined by understanding the project idea and its requirements. There is a brief description of all the platforms to help to understand and make an informed decision. You can take help from an experienced blockchain development company to choose a suitable platform and create an app using that for your businesses in your budget.
Frequently Asked Questions
What do you understand about a blockchain development platform?
A blockchain development platform is an architecture or framework that makes it easier for the developer to create blockchain-based enterprise-grade applications with heightened security, access to the authorities, and protection of data from cyberattacks.
Why is Blockchain technology necessary nowadays?
Blockchain is essential for all sectors as it increases transparency and security of information shared among businesses or computer systems. It secures data from corruption and manipulation as it is linked in the form of a chain. It can only be accessed by employees with authority and access. For making a safe and secure transfer of data, it is vital in current times due to the increased rate of cyberattacks and vulnerabilities.
Which is the most popularly used blockchain platform?
The most popularly used blockchain platform is Ethereum, launched in 2013. It is the most trusted platform to date among all the others for providing robust blockchain development services with security and creating dApps with smart contracts. Even though it is on top, still stands second to Bitcoin in the market of currencies.