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Tech seekers!!

You may have heard much about blockchain technology but did you know what are the different types of blockchain development platforms and what are their significance? This guide can help you to know some exceptionally useful types of blockchain platforms and their significance. The sole purpose of this blog is to provide a quick outline of the best Blockchain development platform for 2023 and this blog helps you with what to search for while picking a blockchain for your business.

Let’s Begin!

What Is Blockchain Technology?

Blockchain technology is a revolutionary invention that has changed the way we think about information and data exchange and data security. Blockchain was originally designed to serve as the underlying technology for Bitcoin, the world’s first decentralized digital currency. However, since then, its potential applications have expanded to cover a range of different fields, including finance, supply chain management, and even social media. Additionally, because the network is decentralized, there is no single point of failure, making it more resilient to attacks or outages.

Deep down, blockchain is a decentralized ledger that records transactions in a way that is immutable, transparent, and tamper-proof. Instead of relying on a centralized authority, such as a bank or government, blockchain transactions are verified and recorded by a network of computers, known as nodes, that work together to maintain the integrity of the network. There are many blockchain platforms available in the system that provide developers with the necessary tools, frameworks, and protocols to build decentralized applications (dApps) and smart contracts.

Importance Of Blockchain Development Platforms

Blockchain development platforms play a crucial role in the development and deployment of blockchain-based applications. They provide a set of tools, frameworks, and libraries that simplify the process of building, testing, and deploying blockchain applications. Here are some of the key reasons why blockchain development platforms are important:

Efficiency: Blockchain development platforms offer a more efficient and streamlined approach to building blockchain applications. By providing pre-built modules and components, developers can focus on building the core functionality of their applications instead of worrying about the underlying infrastructure.
Security: Security is a critical concern in blockchain development. Blockchain development platforms offer a range of security features, such as encryption and secure authentication, which help to protect against data breaches and cyberattacks.
Interoperability: Blockchain development platforms enable interoperability between different blockchain networks, allowing developers to build applications that can interact with multiple blockchains.
Scalability: Scalability is another critical factor in blockchain development. Blockchain development platforms provide tools and frameworks that allow developers to build scalable blockchain applications that can handle a high volume of transactions.
Cost-Effective: Developing blockchain applications from scratch can be expensive and time-consuming. Blockchain development platforms offer a cost-effective solution by providing pre-built modules and components that can be easily integrated into applications.

How To Choose The Best Blockchain Development Platforms

To begin utilizing blockchain in your business choosing the best blockchain development is vital. Choosing the best platform depends on various factors such as the project requirements, the development team’s expertise, available resources, and scalability. Below mention parameters can help you to choose the best blockchain development platform to deliver what your business needs.

Type of blockchain(Public or Private): A public blockchain is a decentralized network that is open to anyone who wants to participate in it. A private blockchain is a network that is controlled by a single entity or a group of entities that have the authority to access and validate transactions on the network.
Programming languages: Select a blockchain platform that supports the programming languages that your development team is familiar with. For instance, Ethereum supports Solidity, while Hyperledger Fabric supports multiple programming languages such as Go, JavaScript, and Java.
Security: The blockchain platform should have robust security features that protect against hacks and data breaches. Look for a platform that provides strong encryption, access controls, and data integrity checks.
Functionality: Not all blockchain platforms support Smart Contracts – so in any case, if it is a feature you need in your product, we ensure the platform you are considering supports it.
Scalability: The platform should be scalable to accommodate future growth and user adoption. Look for a platform that provides high transaction throughput, low latency, and efficient consensus mechanisms.
Cost: Consider the cost of using the platform, including licensing fees, development costs, and maintenance costs.
Compatibility: Ensure that the platform is compatible with other systems and platforms that you may be using, such as databases, cloud services, and middleware.
Community support: A strong developer community can help resolve issues, provide guidance, and improve the platform’s overall functionality. Check if the platform has an active and supportive community.

Top Blockchain Development Platforms For 2023

Ethereum

Ethereum would likely be the ideal choice as this network is one of the quickest developing and many designers throughout the world think of it as one of the most outstanding blockchain development platforms. It came into existence in 2013. Ethereum has gained popularity in prominence because of the decentralized applications (dApps) that show the maximum potential of blockchain innovation.

The key highlights of Ethereum:

Open-source platform
Gives a virtual machine environment
Has it sown cryptocurrency “ether”
Has its own programming language “solidity”
Versatility
Valuable huge community
Highly secured
Less downtime

Shortcomings:

Slow processing time
Higher transaction costs
Experiencing Scaling issues

Hyperledger Fabric

Hyperledger Fabric is a measured blockchain development platform or a system that plays a role as a foundation for creating products, software solutions, and applications based on a blockchain utilizing plug-and-play that is focused on use inside privately held organizations.

Hyperledger Fabric is a permissionless network. A few associations work under severe privacy conditions that open blockchains can’t give. This is the place where the requirement for private organizations emerges, and this bearing has a ton to do with Hyperledger Fabric.

Key Highlights of Hyperledger Fabric:

It is suitable for non-crypto projects
Higher scalability
No transparency (security purpose)
It has plug-n-play components
Enhanced security

Shortcomings:

No transparency (those who are looking for transparency)
There are fewer used cases

Bitcoin Cash

Bitcoin Cash is a cryptocurrency that was created in August 2017 as a result of a hard fork from the original Bitcoin blockchain. It was created to address some of the scalability issues of Bitcoin, particularly the limited block size of 1MB that was causing slow transaction processing times and high fees. Bitcoin Cash is often referred to as a “peer-to-peer electronic cash system” and aims to be a decentralized, fast, and low-cost payment system.

It also has a different mining algorithm that is designed to be more accessible to miners using standard computer hardware, which is intended to decentralize the mining process.

Key highlights of Bitcoin Cash:

Lower transaction fees
Improved scalability
Decentralized
Faster transaction processing

Shortcomings

Limited acceptance
Volatility
Security concerns
Regulatory uncertainty

Polygon

Polygon (formerly known as Matic Network) is a Layer 2 scaling solution for Ethereum that aims to provide faster and cheaper transactions with a high degree of security. Polygon uses a Proof of Stake (PoS) consensus mechanism and is designed to be interoperable with Ethereum, allowing for seamless integration with existing Ethereum-based applications. This makes it ideal for use cases such as micropayments, gaming, and other high-frequency transaction applications

Key Highlights:

Reduces transaction fees
Increase transaction speeds
Instant confirmation times
Support multiple programming languages

Shortcomings

Reliability concerns
Congestion and high gas fees
Requires staked tokens to participate

Cardano

Cardano is a public blockchain development platform. It is open-source and decentralized, with agreement accomplished utilizing proof of stake. It can work with peer-to-peer transactions with its inside digital currency, Ada. Cardano was developed in 2015 by Ethereum prime supporter and co-founder Charles Hoskinson. Cordano has marked its position at number 3 behind bitcoin and Ethereum. It is also one of the most promising blockchain development platforms to consider in 2023.

Key highlights for Cordano:

The high degree of fault tolerance
Decentralized
Unmatched transaction speed
Faster and less expensive
Scalable

Shortcomings:

Slow development

Stellar

Stellar is an open-source blockchain platform that offers a decentralized payment system. It is widely used by financial institutions and remittance services for cross-border payments. Stellar is a blockchain platform that allows users to send and receive digital currency and other assets across borders in a fast, secure, and low-cost manner. It was created by Jed McCaleb and Joyce Kim in 2014 and is now maintained by the Stellar Development Foundation.

Key Highlights of Stellar:

Fast and inexpensive transactions
Cross-border payments
Decentralized
Interoperability: can integrate with other blockchains
Uses Stellar Consensus Protocol (SCP)

Shortcomings of Stellar:

Limited smart contract functionality
Centralization concerns
Lack of adoption
Competition

IBM Blockchain Platform

IBM Blockchain Platform is a cloud-based platform developed in 2016, it enables businesses to create, deploy, and manage blockchain networks. It is designed to help companies build secure, scalable, and reliable blockchain-based solutions for various business use cases.

Key Highlights

Advanced security features
Support thousands of transactions per second.
Can integrate with other enterprise systems
Supports multiple blockchain frameworks

Shortcomings

Require specialized expertise
Subscription-based service
Significant costs to use the platform over time
Limited decentralization
Complex integration

EOSIO

EOSIO is an open-source blockchain platform that offers fast transaction processing and scalability. It is used for building dApps that require high throughput and low latency, such as gaming and social media applications. EOSIO blockchain platform that is designed for building decentralized applications (dApps). It was created by Block.one and launched in 2018. EOSIO is a high-performance blockchain platform that aims to offer greater scalability, flexibility, and usability than other existing blockchain platforms.

Key Highlights:

High Scalability
Extended Flexibility
User-friendly
Low transaction fees

Shortcomings of EOSIO:

Centralization concerns
Few Security issues
Limited decentralization
Complexity

Multichain

It was developed in 2016. A multichain blockchain platform is a type of blockchain that allows multiple chains to operate simultaneously within the same network. In contrast to a single-chain blockchain, a multichain platform enables greater flexibility and scalability by dividing the network into several interconnected chains, each with its own unique set of rules, governance structure, and token economy.

Key Highlights

Increased Scalability
Customizable Chains
Interoperability
Enhanced Security

Shortcomings:

Complex design
Increased Cost
Risk Of Fragmentation
Governance Challenges

Ripple

Ripple is a blockchain platform and digital currency that was created to facilitate faster and more secure cross-border payments. It was developed by Ripple Labs, Inc., and has been in operation since 2012. The platform uses a consensus algorithm called the Ripple Protocol Consensus Algorithm (RPCA) to validate transactions and maintain the integrity of the network.

Key Highlights of Ripple:

Fast transactions
Low transaction fees
Cross-border payments
Decentralization

Shortcomings of Ripple:

Centralization concerns
Limited use case
Regulatory concerns
Stiff Competition

Emerging Blockchain Development Platforms To Watch In 2023

Ethereum 2.0

Ethereum is one of the most popular blockchain platforms and has been around for a while, but its major upgrade, Ethereum 2.0, is expected to launch around 2022-2023. This upgrade will bring significant improvements to the network’s scalability and security, making it more attractive for developers.

Key highlights of Ethereum 2.0

Proof-of-Stake (PoS)
Security
Less computational power than PoW
Enhanced user experience

Shortcomings(pretending):

Delayed rollout
Migration challenges:
Uncertainty around benefits
Potential centralization

Polka Dot

It is an open-source blockchain development platform. It is a distributed processing platform that empowers the blockchain solutions on top of it, known as “para chains”, to execute inter-chain exchanges between themselves in a trust-limited way, accordingly making an interconnected blockchain. It has been created by Gavin Wood who also developed Ethereum in August 2020. It has become one of the most loved blockchain development platforms.

Key highlights:

Multi-blockchain network
Permissioned
High scalability
Interoperability
Fast processing
Highly functional
Creates a unified blockchain network

Shortcomings

Lack of decentralization
DOT currency
Only a few used cases are available

SOLANA

Solana is a public blockchain development platform. It was launched in 2017 by a team of developers led by Anatoly Yakovenko, a former software engineer at Qualcomm. It achieves agreement utilizing proof or confirmation of stake and proof of history. Its digital currency is SOL. Similar to Ethereum, the Solana blockchain platform also runs with smart agreements/contracts. Solana blockchain development platform is one of the biggest in Defi as far as the number of impeded funds.

Key highlights of Solana:

First-level blockchain (no para chains)
Own cryptocurrency SOL
Proof-Of-History
Higher scalability
Fast transaction

Shortcomings:

Crashes are possible
Less awareness
Less decentralization

Binance Smart Chain

Binance Smart Chain is a blockchain platform built by Binance in 2017, one of the largest cryptocurrency exchanges in the world. It is compatible with the Ethereum Virtual Machine (EVM), meaning that developers can easily port their Ethereum-based dApps to the Binance Smart Chain. It also has low fees and fast transaction times, making it a popular choice for developers building decentralized finance (DeFi) applications.

Key highlights of Solana:

Compatibility
Interoperability

Shortcomings:

Heavily centralized
Potential censorship of transaction

TRON

TRON is a decentralized platform that aims to create a global entertainment system using blockchain technology. It offers a high-performance blockchain network that can handle a large number of transactions per second. TRON is mainly used for creating gaming and entertainment dApps. TRON was founded by Justin Sun in 2017 and has quickly become one of the largest blockchain platforms in the world, with a market cap of over $7 billion as of 2021.

Key Highlights of TRON:

Resistant to censorship
Handle high transaction volumes
Very low transaction fees
Smart contract functionality
High speed

Shortcomings of TRON:

Centralization concerns
Security vulnerabilities
Lack of adoption
Dependency on the founder

Future of Blockchain

We can expect to see even more advancements in blockchain technology, including improvements in scalability, interoperability, and privacy. One major development that is already underway is the shift towards proof-of-stake consensus mechanisms, which are more energy-efficient and sustainable than the current proof-of-work mechanism used by many blockchains.

Additionally, there will likely be more emphasis on the development of blockchain-based solutions that can integrate with existing systems and infrastructure, making it easier for organizations to adopt and implement the technology. Overall, the future of blockchain development looks promising, and we can expect to see continued innovation and growth in this field.

Also Read: Blockchain Technology – Torchbearer For Mobile Application Development

Final Thoughts

Blockchain Development Platforms have the potential to disrupt a wide range of industries, from finance and healthcare to supply chain management and beyond. By trying out blockchain platforms, you can explore the possibilities and identify new opportunities for innovation and growth. It’s a way to connect with others in the blockchain community.

Choosing the right blockchain development platform is crucial to the success of your project. It can impact functionality, security, scalability, community support, and cost, so it’s important to carefully evaluate your options before making a decision. If in any case, you are stuck somewhere in the decision process you can reach out to us, our Blockchain experts will guide you and help you to choose the best Blockchain Development Platform.

If you want to Hire a Blockchain developer feel free to reach us. We would be glad to be a piece of it!