Blockchain technology is like one of those rapid fires in the Amazon that have all the eyes up in curiosity and now, since most of us have already tried to learn from one source or another what Blockchain means; it is as simply coined as the collection of data records in the form of blocks which are eventually combined to form a chain of database which henceforth cannot be subjected to any change.
Some of the major user applications of blockchain platforms can be mentioned as their high utility in multiparty financial transactions and organized supply chains. They are also highly popular for their facilitation in the decentralization of business segments and processes.
Blockchain technology is the contrivance of a group of people which goes by the pseudonym of Satoshi Nakamoto and was first made known in the year 2008 in a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. In the years that have followed, the undeniable growth of the crypto currencies is unmistakable.
The Blockchain System, as high as they are evolving, provides not only dimensional scope for businesses to expand but also aid them to base on systems which are innovative and revolutionary. These blockchain systems or distribution ledgers can be placed in hierarchical orders in terms of their popularity and applications.
In the last ten years, the Blockchain platforms are in a consistent state of a growth spurt and the ones that need you watching out are-
Ethereum was founded in hopes to instrument a thoroughly trust less contract ledger generic in nature by Russian-Canadian VitalkButerin in 2014. Ethereum is a highly active and an open Blockchain platform that has been quite prominent owing to its potent functionality and the ability that it provides anyone to have an access to decentralized applications that function through the Blockchain technology.
⦁ Vigorously ensued in Github
⦁ Open for public use
⦁ Multiple language applications such as Python, C++
⦁ Proof-of-work based
#2. HYPERLEDGER FABRIC
Introduced first in 2016, Hyperledger Fabric is made known by the Linux Foundation. Its popularity is high due to the fact that it is one of the finest open-source synergetic intentions to boost the blockchain technologies of multiple industries. It backs the application of numerous networks with each admonishing various Assets and Agreements of different Member Nodes.
⦁ 185+ collaborating enterprises
⦁ Modular architecture
⦁ Read-only history inquiries
⦁ Production ready for enterprises
#3. IBM BLOCKCHAIN
The industry giant IBM opened spaces to the future by introducing its own Blockchain platform which garnered a lot of positive reviews for being the progressive and easy to use ledger for transactions. IBM boasts of a better consensus mechanism which has only helped it to gain much popularity.
⦁ Permissioned network
⦁ Paid plans for upgraded application
⦁ Supported languages: Go, JAVA
Established upon the bitcoin’s blockchain, MultiChain is an open-source blockchain used to create permissioned blockchains within or amidst multiple enterprises. The huge popularity of this blockchain platform is derived by its motive to create much secure and private network in its enhanced versions.
⦁ Private permissioned network
⦁ Free and open source pricing
⦁ Actively updated in Github
⦁ Quick deployment
This blockchain platform is a collaborative progressive initiative venture of Ethereum project and brainbot technologies. Being an extension of ethereum system, it is used to create private ledgers for organizational applications. The system is not much popular but is actively updated in Github.
⦁ Open Source Pricing
⦁ Adherence to Ethereum Protocol
⦁ Permissioned network
⦁ Supported Language: Python
Quite like the ones mentioned above, BigChainDB is also an open source blockchain technology platform that has each write documented in the database refraining the requirement of the sidechains.
⦁ Public and Private network
⦁ Custom Assets and transactions
⦁ No native currency
As the name is indicative enough, OpenChain is a popular open source blockchain platform that is widely used in organizations that aim to handle their digital assets. The platform was made known and progressed by Coinprism. The system has customized permissions on various levels which make it much favorable.
⦁ Numerous degrees of authority
⦁ Private Network
#8. CHAIN CORE
Chain Core is a rather new blockchain platform which is being highly brought into an application for its stupendous application in financial utilization. The authority and relocation of financial assets are dispersed among different organizations. Chain Core developer edition is public whereas the upgraded edition is utilized as the commercial product.
⦁ Permissioned network
⦁ Native digital currencies
⦁ Multi-Signature accountability
⦁ Consensus mechanism is Federate
Quorum is the brainchild of J.P. Morgan and is the customized Enterprise edition of Ethereum. Akin to many others in the domain Quorum is public, free to use and motivates innovation and experimentation. It is a smart contract system highly in use by coming of the age organizations.
⦁ Suitable for high-speed applications
⦁ Innovative graphics interface- CakeShop
⦁ Majority voting consensus mechanism
IOTA is the latest horse in the race and has proved its beneficiary in the initial year itself. It is an added application of open source blockchain technology, presently in beta. The blockchain platform commits to be a primary facilitator in the machine economy.
⦁ Both public and permissioned network
⦁ IOTA Token based pricing
⦁ Backs minuscule nano payments
CHOOSING THE ONE:
Obtaining knowledge regarding the best blockchain platforms comes rather handy in choosing the one most perfectly suitable for your organization. However, the parameters which aid in the selection of the one can be mentioned as-
⦁ Kind of Network
⦁ Languages Used
⦁ Consensus Mechanism
Author Bio. :- James Tredwell is a Technical SEO and Content Developer with Hopinfirst.com, one of the top iOS app development company. James is passionate about SEO, Technology and management and blogs frequently on the topics.
Originally published at hackernoon.com