Transaction processing and data storage are being revolutionized by blockchain technology. In fact, many of the issues businesses are currently facing can be solved by using its distributed ledger system because it is immutable, secure, and affordable. As such, more companies are now turning to blockchain platforms to build their applications that leverage this groundbreaking technology.
But it can be challenging to select the ideal platform for your project’s requirements given the wide range of possibilities available, right? To help you out, we’ve compiled a list of 15 of the best scalable blockchain platforms available today. But before we dive in, let’s briefly discuss blockchain technology and how it works.
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What is Blockchain Technology?
Blockchain Technology is a decentralized digital ledger, similar to a giant computer. Instead of relying on a third party to monitor and process information, blockchain decentralizes the system by holding the information within its own network. The technology has revolutionary potential, from providing secure contracts for workers to helping protect medical records from theft or misuse. Though it is often associated with cryptocurrency and other financial assets, the potential of blockchain is much wider reaching than that: possibilities include creating transparent voting systems, creating verified digital identities for services like banking or government documents, and even maintaining food safety records in industry supply chains. Thus, blockchain is an incredibly dynamic technology with a lot of unknown potentials; its influence will only expand as more Blockchain uses are explored.
Best Blockchain platforms
Here are 15 of the top blockchain platforms that can be used for applications:
1. Chainalysis KYT
Chainalysis KYT (Know Your Transaction) is a powerful tool for businesses to detect and prevent cryptocurrency-related financial crime. The solution offers real-time detection of potentially suspicious transactions, enabling organizations to identify and stop mass criminal activity in its tracks quickly. Companies can also implement more comprehensive systems that leverage machine learning technology to strengthen their defenses against cryptocurrency crimes such as money laundering, terrorist financing, fraud, and other malicious activities.
- The solution provides data tracking features that allow companies to uncover where assets originated and whether they have moved through multiple accounts or passed through suspicious entities.
- The Transaction Monitoring feature allows users to receive real-time alerts whenever transactions that could be related to criminal activities occur.
- The Risk Assessment feature employs algorithmic data analysis to detect any potential anomalies or issues that could result in financial losses.
- Chainalysis KYT provides professional services for companies that need assistance with implementing its technology into their existing systems or operations.
Ripple blockchain platform is built on a decentralized, open-source protocol that supports real-time interbank payments across different currencies. Ripple makes it easy for businesses to make payments using its distributed ledger technology. Banks and other organizations can process payments instantly with Ripple while avoiding chargebacks and transaction costs. The technology also enables faster international transfers, making it simpler for individuals to transfer money internationally without intermediary services like currency exchanges.
- Ripple also offers enterprise solutions that provide access to advanced analytics for customers and partners and support for tokenizing assets and digital assets.
- Fast, low cost and financial transactions across different currencies
- Users can create automated transaction triggers with Ripple’s smart contracts feature.
- Ripple utilizes multiple layers of encryption and authentication mechanisms to guarantee the safety of funds deposited on the platform.
This makes it ideal for large institutional investors who want a secure way to manage their funds without sacrificing speed or convenience. This is why many major banks worldwide have begun adopting Ripple’s technology to make their services more competitive in the global marketplace.
Since its debut in 2015, Ethereum, a decentralized blockchain platform, has swept the globe. Vitalik Buterin developed Ethereum to be more than just another kind of virtual money like Bitcoin. Developers can build their tokens on top of the Ethereum blockchain using the ERC-20 standard. These tokens can be used for a variety of things, such as voting rights within a community, funding through initial coin offerings (ICOs), or even as prizes for accomplishing specific tasks within an application. Ethereum is constantly evolving, with new upgrades being implemented regularly to improve scalability and security. The most recent upgrade, known as Ethereum 2.0 or Serenity, will introduce several improvements, including sharding which will significantly increase transaction capacity.
- A distributed ledger that uses blockchain to securely process digital payments, share data and track asset movement.
- It allows developers to create decentralized applications (Dapps), which run on the Ethereum network and can be used to invest, manage financial assets, transfer money, and more.
- Combining public and private transaction functions into one platform, Ethereum can provide users access to a range of tools that offer maximum flexibility in all areas of blockchain usage.
Velas blockchain platform is a new digital asset platform that acts as a bridge between traditional and decentralized economies. It combines the best of both worlds (Centralized and Decentralized solution) by providing a secure, authorized, and self-contained network that allows users to benefit from affordable financial products and services they will be in.
Velas is designed as a smart contract platform to host the next generation of decentralized applications. (dApps). It uses blockchain technology to give users complete control over their money while providing security, transparency, and trust. The platform allows users to securely store, send, redeem, and sell cryptocurrencies without providing their private key or personal information.
- It has a dynamic Delegated Proof-of-Stake (DPoS) consensus algorithm ensures quick transaction times, low transaction fees, and safe storage for user funds.
- The platform also features a practical network structure designed for scalability and usability with built-in protections from double spending attacks.
- All transfers on the Velas network are secured by an advanced encryption system powered by sophisticated cryptography algorithms such as SHA512.
- It has an easy onboarding process that allows anyone to get started quickly without needing prior knowledge about blockchain technology or cryptocurrency trading.
It has an intuitive interface designed especially for novice traders who may not have much experience dealing with digital assets
5. Oracle Blockchain Cloud Service
Oracle Blockchain Cloud Service is an enterprise-level cloud platform enabling organizations to build and manage their private blockchain networks securely. It allows companies to create, operate, govern, and share secure multi-party applications and services across the public cloud. Oracle Blockchain Cloud Service is designed to enable organizations to create, manage, and deploy decentralized applications (dApps) using smart contracts. It also provides a secure platform for companies to track their assets, streamline processes and reduce costs.
- It offers business-critical security features such as identity management, encryption, authentication, access control, audit logging, and policy enforcement.
- The platform offers an intuitive user interface for business partners to collaborate on shared digital assets.
- It allows customers to develop custom blockchain applications with sophisticated consensus algorithms for both permissioned and permissionless models.
6. Microsoft Azure Blockchain
Microsoft Azure Blockchain platform is a distributed ledger platform that runs in the cloud and enables businesses to quickly build, operate, and administer their own blockchain networks. It offers every element required to construct, set up, and run a distributed, secure peer-to-peer network. Organizations can easily create and deploy blockchain applications using Azure Blockchain without worrying about the difficulties in setting up a private blockchain infrastructure.
- It offers a simple yet powerful system for creating decentralized applications on the blockchain using smart contracts.
- It provides users with end-to-end encryption of sensitive data stored on its nodes, ensuring maximum security of all information stored on its platform.
- It supports various consensus algorithms such as Proof-of-Work (PoW), Proof-of-Stake (PoS), Byzantine Fault Tolerance (BFT), and Delegated Byzantine Fault Tolerance (dBFT) which provide robustness against malicious actors while maintaining high throughput performance.
- Users can leverage its built-in analytics tools like Power BI and ML Studio to gain insights into their data in real-time or visualize trends over time.
Its support for DevOps makes developing applications on Azure Blockchain easy, with automated deployment processes reducing development time significantly
No single entity controls it because it runs on a decentralized peer-to-peer network. The proof-of-work consensus process is used by all users to collectively validate and confirm all transactions, which powers the Bitcoin network. This ensures nobody can alter the ledger or spend money they don’t have. Blockchain technology, at the heart of Bitcoin, enables safe, unchangeable, and transparent transactions between individuals without the involvement of outside parties.
- All Bitcoin transactions are recorded on the public ledger known as the blockchain, meaning no one can tamper with them or reverse them without the approval of the entire Bitcoin network.
- There will only ever be 21 million Bitcoins in circulation which ensures that the value of each coin is held stable over time since there is no way for new coins to flood the market and devalue existing ones.
It offers users complete anonymity when making payments since all transactions are encrypted and linked only to a public key address that does not connect to personal information.
8. IBM Blockchain
IBM Blockchain platform is a technological tool made to support organizations in managing, storing, and sharing data securely and openly. It uses complex encryption methods, cryptographic algorithms, and consensus mechanisms to guarantee the accuracy and security of all transactions. With the help of IBM Blockchain, every member of a network may access, track, and safely store data in several locations. The platform is constructed using Hyperledger Fabric technology, which offers an open-source foundation for developing dependable and secure enterprise-grade blockchain applications.
- It offers scalability, privacy, security, resilience to attack and tampering, high throughputs of transactions, low latency times for reconciliations between parties involved in the transaction process, and ease of integration with existing systems or applications.
- IBM Blockchain can be part of a permissioned network that allows only authorized users to access the system while providing access control over their data.
- Its modular nature makes it easy to update or customize the platform according to specific business needs.
9. Hyperledger Fabric
The Linux Foundation created the blockchain platform Hyperledger Fabric, which provides a modular and adaptable architecture for creating enterprise-grade distributed applications. It is built to be enterprise-ready and gives businesses the resources they need to create reliable, secure networks. Developers can build distributed applications, smart contracts, and other types of solutions with the help of Hyperledger Fabric. The strength of distributed ledger technology is combined with well-known technologies like corporate software, cryptography, and digital assets in this platform.
- It has pluggable components such as channels to segment transaction flow, membership services that maintain identities for users on the network, chaincode (smart contracts) for application logic execution, and plugin APIs for integrating external systems into the ledger.
- Hyperledger Fabric boasts strong security protocols with robust identity management capabilities to ensure user data protection and privacy on the network.
- It supports industry standards such as SQL queries and Chaincode operations through its CouchDB key-value store.
Stellar blockchain platform uses the Stellar Consensus Protocol. It was introduced in 2014. It enables users to make and receive payments across borders rapidly and securely. Through its decentralized marketplace, it facilitates asset exchange and allows for low-cost cross-border transfers. Smart contracts, which let programmers create apps on the network, are also supported by Stellar.
- It is one of the fastest networks currently available for processing payments because its consensus algorithm can handle up to 1,000 transactions per second.
- The platform provides high availability and minimal latency without sacrificing security.
- Both fiat currency and digital assets are supported, and there is an integrated asset exchange as well.
- It provides distributed non-custodial exchanges that enable users to easily access liquidity while keeping total control over their money.
A pioneer in blockchain technology and financial services, Blockstream blockchain platform was established in 2014. A secure, dependable, and open financial system is what Blockstream works to establish. To increase the security, scalability, and privacy of blockchain technologies, Blockstream collaborates with a variety of organizations. Blockstream is dedicated to commercializing the most cutting-edge blockchain innovations, such as Sidechain technology, the Lightning Network, Liquid Network, Atomic Swaps, and the Elements Project.
- One of their primary offerings is the Liquid Network, a sidechain-based platform for facilitating faster, secure, and cost-effective transfers between Bitcoin exchanges.
- Blockstream provides enterprise-grade infrastructure solutions, such as Blockstream Satellite and Lightning Network, aimed at helping users securely store their funds and transact with each other quickly.
- Its Atomic Swaps allow people to exchange digital assets directly without requiring any third-party services or trust between participants.
- The Elements Project is a sidechain protocol based on Bitcoin enhanced with powerful features such as Confidential Transactions, Decentralized Issuance, Chain Lock, and more.
12. Hyperledger Iroha
Applications for asset management and digital identity are the focus of Hyperledger Iroha blockchain platform. It was developed by the Japanese finance company Soramitsu with assistance from Hitachi and other Hyperledger community businesses. Iroha uses a Byzantine Fault-Tolerant framework, which enables simple and safe scaling. The Internet of Things (IoT) and other large-scale enterprise solutions can use it because of this.
- A private key that is safe and secure for each user account, with several authentication techniques using signatures.
- The capacity to securely issue tokens to other users, tokenize assets through customizable asset setup, register assets on the ledger, and obtain real-time data about them.
- Uses the distributed consensus method of the blockchain to store and securely manage user digital IDs.
- Customers can transfer money directly between accounts without using a third party’s services.
- Unlike conventional blockchain solutions, Iroha uses a block less consensus process called “Sumeragi,” which enables better scalability.
Kaleido blockchain platform is a robust and user-friendly software package created to assist organizations in rapidly, conveniently, and affordably creating custom apps. It comes with a variety of tools that let users create sophisticated apps fast and maintain them in the cloud. Kaleido was created to be compatible with already-existing frameworks, databases, APIs, and languages.
- The Kaleido blockchain platform allows businesses to build applications using the most popular development language, such as NodeJS and Ruby on Rails.
- It also provides a user-friendly graphical interface that makes it easy to design apps without coding knowledge.
- Kaleido includes powerful features such as integrated version control, automated scalability, and security measures—allowing businesses to take full advantage of the latest technology trends in their business applications.
- With Kaleido, businesses can rapidly deploy both custom solutions and existing applications with minimal effort or cost.
Kaleido also offers a wide range of analytics capabilities that provide real-time feedback and insights into how customers are using apps to improve performance and optimize customer experience over time.
Swirlds is a blockchain platform for distributed applications or programs that run concurrently across several computers. The Swirlds team created it as an alternative to blockchain technology and other distributed computing models. It is intended to offer a low-latency, high-throughput, low-cost method for developing distributed applications that is secure and dependable.
- Swirlds has been designed to provide high transaction speed, allowing hundreds of thousands of transactions per second to be processed in real-time.
- With its unique consensus algorithm, Swirlds allows for rapid communication between nodes so that transactions can be completed quickly with minimal delays.
- It provides users with more control over their data and ensures that it remains secure and private.
- All user data is encrypted using advanced cryptography algorithms to ensure maximum user security.
- The built-in verification process helps ensure that only valid transactions are added to the ledger while invalid ones are discarded automatically.
The IOTA Foundation created Tangle blockchain platform, a cutting-edge distributed ledger system. It is a brand-new data structure that is built on a directed acyclic graph. (DAG). Tangle does not employ blocks or miners, in contrast to conventional blockchain technology. Instead, proof-of-work is used by users to validate transactions. (PoW). This indicates that to publish a new transaction and approve two other transactions on the network; each user must engage in PoW. Through the use of cryptographic signatures, this consensus process weaves a web of linked transactions together.
- Tangle can easily scale with increasing user demand and transaction volumes.
- All transactions are cryptographically signed by the sender and use various cryptographic validation techniques to ensure their authenticity before being recorded in the distributed ledger.
- When utilizing the Tangle protocol, there are no fees associated with sending or receiving funds, meaning users enjoy zero-cost transfers of value across the network.
- The distributed nature of Tangle makes it highly available as there is no single point of failure within the network architecture, meaning users can access their funds quickly and reliably at any time they need them, regardless of system outages or service disruptions elsewhere in the network.
The range of distributed ledger technologies available today is vast, and each brings unique features and capabilities to the table. It depends on a number of variables, including scalability, security, privacy, dependability, cost-efficiency, and more, to decide which one to utilize. Businesses can choose the best DLT for their requirements by carefully weighing these factors. In the end, the technology that organizations use should be able to satisfy their unique needs and serve as a solid platform for future expansion. No matter which one they choose, these technologies offer an exciting opportunity to revolutionize existing processes and create new opportunities in multiple business sectors.
As the world continues to embrace distributed ledger technology, it will be fascinating to see how these technologies evolve. It is clear that the potential of DLT is vast and could lead to a whole new era of innovation and collaboration between businesses. So, now is the perfect time to start exploring its potential for your business