Popular Blockchain Platforms of 2021 and Their Importance

Needless to say, our future lies with blockchain. With the alarming increase of blockchain, every individual or organisation has started to realize its potential in the current as well as coming years. Earlier, it was thought to bring discrepancies in the financial sector, but now it brings a smoother halt across numerous industries across the globe.

Businesses are now utilizing blockchain applications much more than before, the demand is at a rapid zoom. But, not many are aware of the fact that along with blockchain applications, the demand for blockchain development companies is also on a rise. But wait, are you even aware of ‘what a blockchain platform is’? If not, don’t stress, we’ll explain to you every little aspect of it. Let’s get started.

Most Popular blockchain platforms of 2021

Blockchain platforms allow the building of blockchain applications. They can either be permissioned or permissionless. Some of the most famous blockchain platforms that have built blockchain frameworks & allowed the hosting of applications are Ethereum, Hyperledger, Ripple, R3, and EOS. So, now you know what these platforms are, let us move on to discussing the most common and famous blockchain platforms for your business.

Stellar

It is a distributed blockchain-based ledger to expedite cross-asset value transfer. It can also deal with exchanges between cryptocurrencies as well as fiat-based currencies. Smart devices, banking tools, and mobile wallets can be built using a stellar network. The Stellar Consensus Protocol(SCP) permits you to reach a consensus without relying on the closed systems for recording financial systems. With a set of safety measures, SCP optimizes safety by restricting the progress of the network unless a consensus can be made in the scenario of misbehaving nodes or partitions. SCP has moderate financial and computing requirements, reducing the barrier to entry and opening up the financial system to new participants.

Hyperledger Fabric

Hyperledger fabric is the project of hyper ledger only which is utilized for crafting blockchain-based solutions or applications by bringing in the modular architecture. The moderateness of this network permits the designers to plug in into preferred components such as membership services & consensus. This network is for permissioned networks that authorize known entities to participate in the system. Blockchain companies rely on this very network to make enterprise-grade applications.

Hyperledger Sawtooth

It is an enterprise-grade and modular platform for the creation, deployment, and execution of distributed ledgers that enables digital records that permit the maintenance of digital records without having a central authority. It is Hyperledger’s second open network platform to combine with an enterprise-ready 1.0 version.

Ripple

It was discovered in 2012 that intends to connect payment providers, digital exchange assets, corporates through the blockchain network, and RippleNet without any chargebacks. It is built on advanced & futuristic blockchain technology that is more scalable and faster than other blockchains. It brings into use probabilistic voting to reach the consensus between nodes. Many big brands such as Santander, American Express, MoneyGram International, and Deloitte are currently testing their potential to use in the future for making existing payment processes secure and faster.

Quorum

Quorum is an enterprise-based version of Ethereum. It is Ethereum’s modification thus it engulfs Ethereum updates effortlessly and quickly. Likewise, Ethereum is an open-source and free to use blockchain platform. Besides, it uses vote based and different algorithms for the processing of thousands of transactions every second. This network can effectively manage applications that require high throughput processing and speeding of private transactions.

Corda

Corda is a cutting-edge blockchain platform that allows institutions and organizations to negotiate with smart contracts whilst removing abrasions in business transactions. Since Corda doesn’t support a cryptocurrency of its own or built-in token and is a permissioned platform, it permits only credible participants to access the data & not the complete network. This facilitates privacy and extends grained access control to digital records.

EOS

EOS is a blockchain platform that solely focuses on the development of Decentralized Applications. This platform has a vision of offering decentralized applications hosting, decentralized storage of enterprise solutions, and smart contract capability, and simplifying the scalability issues of Ethereum and Bitcoin. Moreover, there is no need for users to pay the fee to avail the benefits of dApp based EOS. For the attainment of consensus, the EOS platform utilizes multi-threading as well as a delegated proof-of-stake algorithm. They also have their forum called ‘EOS Forum’. It allows developers & investors to discuss the network platform and EOS talk for users based on the steem blockchain.

Open chain

It is an open-source distributed ledger technology that falls in sync with organizations that have the potential to handle digital assets in a safe & sound manner. is suited for organizations that are capable of managing the business’s digital assets in a secure and scalable manner. This platform uses Partitioned Consensus where one instance has a single authority for transaction validation. The transactions on this platform are free of cost and undergo validation by the asset administrator; making it much more efficient than other network platforms.

Ethereum

Ethereum is an open-source and blockchain-based distributed computing platform. It is famous for running smart contracts on a custom block-blockchain and it presents a run-time environment to smart contracts in Ethereum. Every single node in the platform will have to run an EVM implementation. Besides, Ethereum is a Proof of Work(PoW) based platform; it has a comparatively lower speed than other networks. Ethereum has also designed a large online support community to keep every user updated about the new coming enhancements and updates.

Also Read: Why Most of the ICOs Based on Ethereum Blockchain?

Dragonchain

It is a service platform that is crafted to provide enterprises and develops to earn the right resources to develop blockchain applications the soonest. It is designed for organisations and enterprises. It has a private/public hybrid platform that extends the ease of use and is high-performance to develop and deploy blockchain applications and microservice-based smart contracts. With their cloud-based model for blockchain as a service, there is no need for patch implementation, updates, and server setup. In addition, this platform supports various programming languages such as Python, Node.js, C, and Java.

Hyperledger Iroha

This platform is for building trustworthy, secure, and fast applications. It is a simple, easy yet modularized distributed ledger system based on a safe consensus algorithm called ‘Yet Another Consensus’, protecting Iroha networks from adversary nodes or failures. Backing portability and macOS & Linux environment, this network platform is relevant for supply chain & IoT use cases.

NEO

It is designed to make adaptable decentralized applications, where the base asset is the NEO token. The purpose behind this is to create GAS tokens that can be used to pay transaction fees to make applications run on the network platform. NEO platform uses Delegated Byzantine Fault Tolerance to be its consensus algorithm. This was selected because it enhances better performance and scaling in comparison to other consensus mechanisms.

Why Choose Webcom Systems As Your Blockchain Development Company?

Widely known, Blockchain is moving at a great pace, presenting innovation and bestowing trust with every step. Numerous blockchain platforms are used by the biggest giants around the world. If you’re also seeking to construct a blockchain platform for your company, Webcom Systems is the right blockchain development company. Our professionals build blockchain platforms whilst giving thorough advice on which blockchain platform would best suit the client’s requirements.

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