Top 5 Leading Blockchain Platforms Powering Today’s Industry
The blockchain industry has seen tremendous growth in recent years, with many different platforms being developed and launched to facilitate the use of blockchain technology. Each of these platforms has its own unique features and capabilities, making them suitable for different use cases and an important part of the blockchain ecosystem.
Leading blockchain platforms
Since the introduction of blockchain technology in 2008, thousands of blockchains have been developed. Of these, only a handful have actually flowered and are widely used. Let’s look at some popular blockchains:
- Ethereum: A decentralized open source platform for building decentralized applications (dapps) and smart contracts.
- Bitcoin: A decentralized, peer-to-peer digital currency and the first decentralized blockchain platform.
- Binance Smart Chain: A fast and efficient blockchain platform built by the popular cryptocurrency exchange Binance.
- Solana: A fast and secure blockchain platform that enables high-performance decentralized applications.
- Cardano: An open source blockchain platform that emphasizes security and sustainability.
Features that make blockchains popular
But what makes a blockchain popular? What features are people looking for in this technology that will make them want to use it?
The most common features include the following:
- Safety – The main function that is most sought after in blockchain technology is security. In a world where data flows freely, privacy is a luxury. It is very difficult to keep personal data without leaks on the internet. This is why most people expect new technologies like blockchain to be more secure
- Open source – The technology of the future is open source. The biggest advantage of blockchain is its decentralization. A strong championing feature is keeping them open source. In this way, anyone and everyone has access to see how applications are built on the blockchain. This ensures maximum transparency.
- High speed – Although optimal speed has not yet been achieved, the future of a decentralized blockchain network looks promising to be very fast
- Low fees – Since money transactions are one of the most common use cases of blockchains, low transaction fees are a tempting feature to have. Especially since centralized transactions between banks account for unnecessary transaction costs
Most popular blockchains today
These are some common but popular features that make blockchain technologies easy to use and recommend. Let’s take a look at how the above popular blockchain networks leverage these features, and more, in their technology:
- Ethereum: Ethereum has become the de facto platform for decentralized applications (dapps) and smart contracts due to its versatility and ability to handle complex operations. It has a thriving developer community that is constantly working on improving its features and scalability.
- Bitcoin: Bitcoin is the first decentralized blockchain platform and is known for its secure, decentralized and transparent nature. It has a large user base and is widely recognized as a store of value, leading to its status as a leading cryptocurrency.
- Binance Smart Chain: Binance Smart Chain is known for its fast transaction speeds and low fees, making it attractive to decentralized exchanges, NFT marketplaces and other high-performance dapps. Its integration with the popular cryptocurrency exchange Binance also gives it a strong user base and ecosystem.
- Solana: Solana is a fast and efficient blockchain platform designed to handle high transaction volumes per second. It has a low-latency network, which makes it attractive for decentralized finance (DeFi) applications, gaming and other use cases that require fast transactions.
- Cardano: Cardano is an open source blockchain platform focused on security and sustainability. It uses a proof-of-stake consensus mechanism and is designed to be more energy efficient compared to other blockchain platforms. It has a strong emphasis on community engagement and governance, which makes it attractive for long-term investment and use.
To fully understand how these popular blockchains are actually driving the industry, we need to take a look at which industries are actually utilizing blockchain technology and how it benefits them.
How industries benefit from blockchain
Blockchain technology has the potential to disrupt and transform a wide range of industries. Some industries currently benefit the most from blockchain technology. Let’s look at some of these and also some companies in each of these industries:
Finance
Blockchain is used in the financial industry to increase transparency, security and efficiency in financial transactions and create new financial products such as decentralized exchanges and stablecoins. A few companies here include
Ripple: a blockchain-based payment platform that enables fast and secure cross-border payments.
Coin base: a digital currency exchange that allows individuals to buy, sell and store cryptocurrencies.
Supply Chain Management
Blockchain is used to improve the traceability and transparency of supply chains, enabling real-time tracking of goods and reducing the risk of fraud and counterfeiting. Some companies in the supply chain include
Ambrose: a blockchain-based platform for supply chain management in the food and pharmaceutical industries.
VeChain: a blockchain-based platform for supply chain management and product traceability.
Health Service
Blockchain is used in the healthcare sector to securely store and share patient data, streamline clinical trials and improve the traceability and safety of medicines. Healthcare companies include
Save: a blockchain-based platform for the secure and interoperable exchange of health data.
MediBloc: a blockchain-based health information platform that empowers patients to manage their own health data.
BurstIQ: a blockchain-based platform for the secure exchange and management of health data.
Gaming
Blockchain is used in the gaming industry to create decentralized and provably fair gaming platforms, as well as to allow the creation and trading of unique digital assets such as non-fungible tokens (NFTs).
Ax Infinity: a blockchain-based game where players can buy and sell character accessories and weapons on the blockchain as NFTs and other tokens seamlessly and securely
Property
Blockchain is used in the real estate industry to improve the efficiency and transparency of real estate transactions, as well as to create new investment opportunities through tokenization.
Ubitquity: a blockchain-based platform for secure and transparent property transactions.
Propy: a blockchain-based platform for buying and selling real estate.
Atlant: a blockchain-based platform for decentralized property ownership and management.
The authorities
Blockchain can improve the efficiency, transparency, and security of various government operations, such as voting systems, land registry systems, and public record keeping.
Follow My voice: a blockchain-based platform for secure and transparent online voting.
Bitfury Group: a company that provides blockchain solutions for authorities and institutions, including land registry systems and public record keeping.
Sophocles: a blockchain-based platform for secure and transparent public procurement processes.
As you can see, there are several use cases in blockchain technology. Many industries can benefit from this technology as we move towards a more data-sensitive future. Furthermore, we can see a large number of companies testing and establishing themselves in each of these sectors as they invest in the future of blockchain technology.
But what is the future of blockchain?
We have seen a wide range of uses for blockchain in a wide range of industries. It is clear that blockchain technology is slowly establishing itself as a new option to counter data leaks and privacy issues that are prevalent on the internet.
However, it is important to be aware that blockchain technology is still in its infancy (as hard as it may seem to believe, given all the examples you have just read above). Several of these applications are in an experimental phase and much more needs to be figured out in terms of security and mass usability. Some are established, but many are not yet established.
However, the technology itself is promising. All we need is some good marketing moves from a use case that is so popular that everyone is comfortable using it on a blockchain network. Once established, we can see a snowball effect in adoption.
Until then, it’s a waiting game for all of us.
