Top 10 Blockchain Platforms to Consider in 2023
These are the top 10 blockchain platforms you need to consider in 2023
The technology of blockchain platforms has grown rapidly in recent years, with many platforms emerging to cater to various uses. The blockchain landscape is set to become even more diverse and exciting in 2023, with new platforms offering new solutions to long-standing problems. In this article, we have explained the top 10 blockchain platforms you must consider in the year 2023.
What is a Blockchain Platform?
Using blockchain technology, a blockchain platform is a type of digital infrastructure that enables organizations and developers to create, deploy, and manage decentralized apps (dApps). A blockchain platform’s basic component is a network of computers, or nodes, each of which verifies and validates newly added blocks to the chain to maintain a distributed record of transactions.
Top 10 Blockchain Platforms to Consider in 2023
Below are some blockchain platforms to consider in 2023
1. Ethereum
Introduced in 2013, Ethereum is one of the oldest and most established blockchain platforms. It offers a truly decentralized blockchain network similar to the Bitcoin blockchain network. According to Manders, its main strength is that it supports true decentralization through smart contracts. Compared to other platforms, its main weaknesses are slow processing times and higher transaction processing costs. It has its cryptocurrency, ether, in addition to its role as a blockchain platform that underpins enterprise applications.
2. ConsenSys Quorum
Financial services company JPMorgan created Quorum, a modified version of Ethereum. It takes the basic workings of the Ethereum blockchain platform and repackages it into a secure environment that institutions can use. It is designed to facilitate fast transactions over a private network between organizations such as banks and insurance companies.
3. Hyperledger fabric
Hyperledger Fabric is a set of tools that help in the development of blockchain applications. It is endorsed by the Linux Foundation and was created from the ground up with enterprise distributed ledger applications in mind. It has an extensive ecosystem of components that can be integrated into a modular architecture. It works well in closed blockchain deployments, improving security and speed. Moreover, it offers an open smart contract model, which is able to incorporate several different data models, such as account and unused transaction output (UTXO) models.
4. IBM Blockchain
According to Manders, IBM Blockchain is a private, decentralized blockchain network that has been most successful with less risk-averse corporate clients. He believes it offers more opportunities than other decentralized networks to connect to corporate clouds and legacy systems.
5. R3 Corda
There is some debate as to whether R3 Corda is a blockchain or another type of distributed ledger. It uses a new consensus mechanism where transactions are cryptographically linked, but does not aggregate multiple transactions into a block regularly. According to the official Corda website, it is “both a blockchain and not a blockchain.” One of the primary advantages of this method is that all transactions processed in real-time blockchains can outperform other types of blockchains in terms of speed.
6. Tezos
Tezos is a legacy platform that supports decentralized applications, smart contracts and new financial instruments such as NFTs, which can be considered a modern variant of trading cards linked to digital assets. It has been under development since 2014. To adapt to new purposes, the platform has a dynamically upgradeable protocol and modular software clients.
7. Hyperledger Sawtooth
Hyperledger Sawtooth, another open source blockchain initiative hosted by Hyperledger and the Linux Foundation, uses a new consensus mechanism known as proof-of-time, which can be integrated with hardware-based security technologies to enable running “trusted execution environments” of program code. in secure enclaves, which are protected areas of the computer’s memory.
8. Stellar
Stellar is a newer blockchain technology designed for various DeFi applications. It uses the Stellar Consensus Protocol, which is said to be able to reduce the time it takes for transactions to be processed and approved on a public blockchain network. It also has security features to block unwanted or questionable participants in a financial transaction. Many companies have adopted it for cross-border money exchange and worldwide trade.
9. Klaytn
A blockchain platform called Klaytn was created by Ground X, a blockchain partner of South Korean internet giant Kakao. One of the most well-known blockchain platforms, Klaytn, offers a variety of tools and features to create decentralized apps that are fast, secure and scalable. It is well-suited for a variety of use cases and applications in various industries, including healthcare, banking, supply chain management, and more.
10. EOSIO
In 2018, the EOSIO blockchain platform debuted as an open source project. It is best suited for creating smart contracts and decentralized apps. Its proponents claim that it uses a sophisticated PoS-based consensus mechanism that outperforms more traditional systems like Ethereum. Also included is support for a governance element that allows voting on platform updates.
