Blockchain Platforms Worth Considering in 2023

by Arthur · February 10, 2023

It all started with one cryptocurrency, Bitcoin, but the level of development blockchain technology has reached today is difficult to describe in words. Interest in blockchain platforms is no longer only tied to digital currencies, but to a variety of use cases, including supply chain, logistics, healthcare and software development.

Blockchain has undoubtedly revolutionized industries, becoming one of today’s most mainstream and prominent technologies. The applications vary from field to field, but in the end it all comes down to the same goal: making cyber security a priority. Numerous businesses around the world have begun to embrace blockchain’s capabilities, introducing platforms that help them make their operations safer, faster and more transparent. Major websites are also leveraging this technology to improve efficiency, including Binance. The platform provides users with high-level security, decentralization and immutability so that they can easily access it and check the Ethereum price in a short time.

The catch is that so many blockchain platforms have emerged that it’s difficult to decide on one that fits your specific business needs. That is why we will discuss some of the best ones for adopting and developing a blockchain-embedded ecosystem.

Table of Contents

Ethereum

Ethereum was launched in 2013 and celebrates a decade of existence this year. It is one of the oldest and at the same time most established blockchain-based data platforms, known for running the so-called smart contracts, which ensure maximum security and efficiency. Ethereum’s key strength is provided by its true decentralization, which has benefited thousands of users over time. Developers can create decentralized applications called “dApps” and thus offer tailored and practical solutions for a variety of problems and needs. Among its many features, we also count its rapid distribution, tokenization, PoS consensus mechanism and the programming languages C++ and Python. The thousands of dApps (related to cryptocurrency, gaming, finance, etc.) available on Ethereum is indeed an obvious attraction, but there is also another meaningful characteristic that Ethereum exhibits – a promising cryptocurrency called ether.

Many technologists have taken the Ethereum route, using the network to create dApps. In particular, exchanges and platforms for NFTs leverage Ethereum. With this in mind, it is not surprising that the blockchain platform led to the formation of an impressive community powered by the Enterprise Ethereum Alliance (EEA) and consisting of approximately 250 members, including Intel, Microsoft and JP Morgan Chase.

Stellar

Developed for a variety of banking tools, mobile wallets and smart devices, Stellar is used in various DeFi applications. It relies on the Stellar Consensus Protocol (SCP), which allows the recording of financial transactions without the aid of a closed system. SCP is also equipped with a number of undeniable features that improve the overall security of the platform and minimize the likelihood of misbehavior of partitions or nodes. It is important to understand that SCP is not the same as Proof-of-Work (PoW) or Proof-of-Stake (PoS) algorithms. Instead, this protocol contains modest data processing and financial requirements, opens the financial system to new members and lowers the barrier to entry. Numerous businesses have embraced Stellar, including SureRemit, ICICI Bank, RippleFox, NaoBTC and Transfer To. The first is, for example, the integration of the Stellar platform to facilitate goods abroad. Therefore, if you’re looking for a platform to develop modern, seamless financial apps, Stellar might be for you.

Tezos

Created by Arthur and Kathleen Breitman, Tezos aims to bring correctness and security to the existing code for digital assets. It has quickly emerged as one of the most widely used blockchains worldwide, and for good reason. Among Tezos’ main strengths, we count the platform’s PoS algorithm, self-change, on-chain governance, non-interference from a third party in creating smart contracts and dApps, and formal verification. In other words, Tezos promises a genuine digital experience based on security and trust. The co-founders and team behind the project have upgraded it, constantly focusing on optimized performance and reinforced size limits on smart contracts.

IBM Blockchain

IBM is among the first companies ever to incorporate blockchain technology into its business operations. Since then, the company’s blockchain platform has become so important that it is now widely used by several other businesses to improve their business operations and make them more transparent. It is mainly used to connect to legacy technologies and enterprise cloud and is usually preferred by less risk averse customers. IBM Blockchain has been intended to be customizable, truly functional and flexible. Given its current adoption and global success, we can assume that it has achieved its goal. Many companies choose it because of its user-friendly interface that enables critical tasks to be performed quickly and smart contracts to be implemented quickly.

Some of the most successful projects based on this platform include the Blockchain Community Initiative in Thailand and the IBM Food Trust. The former impressively supports services such as corporate auctions for a number of Thai financial institutions and payment obligations. As for the latter, it has more than 18 million transactions right now, so it goes without saying how fruitful it is.

Hyperledger fabric

Hyperledger Fabric is based on a modular architecture that helps create applications and blockchain-based solutions. This feature allows platform designers to connect their favorite components, such as consensus and membership services, and this is really a distinctive point. As it exhibits a variety of versatile and modular designs, the Hyperledger Fabric platform can be used for a variety of industrial purposes. For example, network members can work together on this platform. Hyperledger Fabric enables a network of networks, which means it is much more viable for supporting private transactions and confidential contracts than many platforms out there.

Hyperledger Fabric is also designed to support an open smart contract standard, which means that a variety of computing modes, including versions of unused transaction output (UTXO), are likely to be supported by this platform.

Conclusion

As you can see, there are many blockchain platforms to choose from and the ones mentioned are just some of the most prominent ones. But if you can’t connect your business to one of these, you can also consider the following: