#blockchainplatforms

Blockchain has become a mainstream technology in each sector. Initially, Blockchain was used as Bitcoin but today it goes beyond that expanding its applications across industries, including finance, gaming, real estate, supply chain management, and healthcare.

It was designed to foster efficient, secure, and transparent transactions, increasing its popularity even more.

Today, there are over 560 million cryptocurrency users worldwide.

There are 85 million Blockchain Wallets in 2024, with significant spending on Blockchain solutions.

90% of businesses are using blockchain technology in some form.

Blockchain platforms are capturing the market.

The Blockchain fever is high, businesses seek next-gen blockchain app development solutions that can improve efficiency and security. Here are the top Blockchain platforms to build future-proof Blockchain ecosystems and solutions. 

What do you mean by Blockchain Platforms?

But, do you understand the concept of Blockchain technology? 

Blockchain technology is a Distributed Ledger Technology (DLT) that stores data within blocks linked together. Each block has specific storage, when it is filled, the data gets stored on the next block, linking it to the previous block for reference. You cannot alter this data due to decentralization and cryptographic hashing.

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Now, understand what Blockchain Platforms are.

Blockchain platforms help you build, deploy, and manage blockchain-based applications. These platforms offer the necessary tools, protocols, and infrastructure for developing and managing decentralized applications (dApps) and smart contracts on a blockchain network. 

They often include features such 

Consensus mechanisms

Identity management

Data storage

Blockchain integration capabilities

Different types of Blockchain platforms

Blockchain platforms are of four types-

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Public Blockchains: These platforms are open to everyone. Anyone with a stable internet connection can operate them, for example, Bitcoin and Ethereum.

Private Blockchains: these are public blockchain platforms with permission. It means, only authorized people can access them and perform actions. Users can access this blockchain only if they have a digital certificate or verification. Example- Hyperledger Fabric and Corda.

Consortium Blockchains: Consortium blockchain platforms allow multiple organizations to maintain and control the blockchain. A group of companies or institutions share and manage a digital ledger without a central authority. These platforms are used for collaborations requiring trust and privacy among a select group of participants, such as businesses, banks, or government agencies. Some popular examples are- R3 Corda and Hyperledger Fabric.

Hybrid Blockchains: It is a combination of public and private blockchains. Businesses using this network might have some restrictions in accessing specific data while some are public. Some hybrid blockchains are Dragonchain and Ardor.

87% of businesses will plan to invest in blockchain in 2024.

Benefits of Using Blockchain Platforms

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86% of individuals believe Blockchain technology can benefit their businesses. Businesses can use blockchain platforms for the following benefits.

Extensive resources

For developing a blockchain-based application, businesses must have several setups. However, the blockchain platform is a one-stop solution that provides structure and security to access necessary components, reducing the overall development time and effort.

Improved productivity

Blockchain platforms successfully eliminate third parties or mediators to transfer information. It ensures smooth peer-to-peer transactions and reduces transaction costs and settlement time, improving productivity and producing better ROI.

Eliminate fraud

Blockchain is known for transparent, immutable, and cryptographic security. So, once you store the data on the blockchain network, it is safe, as no one can alter it with authorization. 

You can a hire blockchain developer who can use reliable blockchain platforms to build blockchain applications.

Top Blockchain Platforms to Choose in 2024

1. IBM Blockchain

It is a Blockchain-as-a-Service (BaaS) offering by IBM. It allows users to create secure and reliable blockchain networks. It works on Hyperledger Fabric, a trusted open-source framework that offers fully managed blockchain solutions.

Key features-

You can use the Platform Developer Tools to create smart contracts in different technologies, Node.js, Java, or JavaScript.

You can use the Ansible Playbooks or the Red Hat Marketplace to deploy networks effortlessly.

Manage multiple blocks and deployments with its intuitive console.

Integrate it with the cloud to scale their resources.

Ensures disaster recovery with high uptime.

2. TRON

This blockchain platform was introduced in 2017. It is faster and more efficient than other blockchains. It uses delegated proof-of-stake (DPoS) to confirm transactions quickly and improve network speed. It offers a three-layer system to reduce delays often seen in traditional networks.

TRON has its cryptocurrency called TRX. It has changed how online content is created and shared, aiming to be a leading platform in Web3 as it decentralized content development and distribution.

Key features-

Tron supports Solidity smart contracts and tokens like BTT, USDT, and USDC.

It processes up to 2k transactions per second, faster than Ethereum.

Tron uses a three-layer structure and DPoS consensus for efficient network operation.

Super authorities manage and create blocks through a democratic process where top candidates earn rewards by participating with 9999 TRX.

3. Stellar

Stellar is an open-source blockchain platform for efficiency and faster cross-border payments. It allows developers to build secure blockchain apps and issue assets. It has its Consensus Protocol (SCP) that ensures fast and efficient transactions. It has its cryptocurrency called Lumens (XLM).

Key features-

It confirms transactions in 5 seconds with low fees.

It connects banks, payment processes, and users for efficient cross-border transactions.

Users can issue, buy, and sell digital assets like currencies and commodities.

Stellar integrates with the crucial network for real banking connections.

Developers can use SDKs to build applications.

4. Corda

Corda is a blockchain platform widely used by financial organizations and businesses. It maintains a unique identity across networks, minimizing security risks, and supporting regulatory compliance. Corda is designed for enterprises that want to adhere to regulatory compliance and interoperability, distinguishing it from other blockchain platforms like Ethereum.

Key features-

Corda supports multiple groups interacting on one network with secure identity management.

It ensures privacy with permissioned access to data and secures digital asset movement.

Corda complies with ISO 20022 and ISDA CDM regulations, focusing on identity and transaction integrity.

Developers use languages like Java or Kotlin to develop smart contracts and applications on Corda.

The Flow Framework guides nodes through ledger updates like asset issuance or trade settlement.

5. Ethereum 

Ethereum is the go-to blockchain platform for new projects. It introduced smart contracts and offers a virtual environment for creating decentralized apps easily. It is used to develop decentralized apps, NFTs, and smart contracts using Solidity programming. It now uses Proof of Stake for better energy efficiency and sustainable solutions.

Key features-

Ethereum is decentralized, secure, and immutable.

It is compatible with smart contracts for diverse decentralized applications.

The Ethereum Virtual Machine is a foundation for blockchain platforms adopting smart contracts.

Ethereum has Layer 2 chains to boost scalability and lower transaction costs.

6. Multichain

Multichain is a platform for businesses to create custom, private blockchains that can interact with each other. It is a flexible and scalable solution for specialized blockchain solutions.

Multichain ensures fast, secure, and cost-effective data transfer between blockchains. 

Key features-

Multichain creates and connects blockchains quickly.

It supports Ethereum, Layer 2 chains, Bitcoin, and COSMOS chains.

It supports unlimited digital assets and tokens, ensuring verification across the network.

Users can create diverse databases for data storage, and controlling transactions and assets.

Multichain ensures interoperability between different blockchains.

It reduces technical complexity for developers.

You must connect with a leading Blockchain Consulting to understand your blockchain platform’s requirements. 

Also Read: Blockchain App Development Cost

Tips to Select a Blockchain Platform for Your Business

While choosing the blockchain platform for your business, consider the following things.

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 Your platform should be scalable and can handle growing transactions and user base. Most of the businesses fail as they fail to scale due to their choice of platforms. Make your choice based on quality, affordability, and ease of use, especially for less transaction-intensive applications.

You must understand what type of blockchain you want for your business. Decide between public, private, or hybrid blockchain based on needs. Public offers open access but less control, private offers more control and security, while hybrid combines both for flexible data management.

Choose the blockchain platform that supports multiple programming languages to ensure compatibility with development needs and team skills.

Check what consensus mechanism (e.g., Proof of Work, Proof of Burn, or Proof of Stake) is supported by your blockchain platform, as it significantly affects network security and performance. 

Ensure the platform supports smart contracts. These automated programs enforce agreements on the blockchain, streamlining processes and reducing intermediaries.

Choose a Blockchain development company for better and more efficient Blockchain Development Services.

Blockchain Platforms for Investors

Many blockchain platforms are used by investors to tokenize their digital assets. Some of them are-

Gemini

Uphold

Coinbase

Binance

Kraken

Bitstamp

Bitcoin IRA

Build Scalable Blockchain Applications with OnGraph

OnGraph is a leading blockchain app development company for full-stack blockchain development services. We have expert blockchain developers who have successfully launched a Web3 decentralized platform- ROVI for everyone to trade, play games, wallet, and more. 

Connect with OnGraph for next-gen Blockchain app development services. From custom blockchain development services to readymade solutions, we can help your business scale and launch faster than ever.

What makes OnGraph unique?

Blockchain experts

Implement the latest security and regulatory measures

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Full-stack blockchain app development

Distributed Ledger Technology (DLT) has been making waves across industries, but it often gets overshadowed by its widely known application: “blockchain”. While blockchain leverages DLT’s power, DLT itself is a broader concept with a range of applications. So, what exactly is DLT, and how can it revolutionize RWA industry?

Let us explore the transformative potential of DLT, moving beyond the buzzword of blockchain.

What is Distributed Ledger Technology?

Distributed Ledger Technology (DLT) is a type of database that stores information across multiple locations simultaneously, rather than relying on a single server. This is achieved through geographically distributed servers, known as nodes.

Each node in the network processes and validates every piece of data, creating a record and establishing consensus on the dataset’s validity within the ledger across all nodes.

Types of Distributed Ledger Technology (DLT): Centralized and Decentralized.

Centralized DLT

In a centralized DLT system, control and authority over the ledger are concentrated in the hands of a single entity or organization. This central authority manages the entire database.

Key features of centralized DLT include:

Single Point of Control: A central entity maintains the ledger, making decisions about data updates, access, and security.

Efficiency: Centralized systems are efficient due to streamlined decision-making and management.

Examples:

Traditional Banking Systems: Most traditional banks operate using centralized databases. They manage customer accounts, transactions, and balances within their own controlled infrastructure.

Private Blockchains: Some private blockchain networks are also centralized. For instance, a consortium of banks might collaborate on a blockchain for interbank settlements, where they collectively manage the ledger.

Decentralized DLT

Decentralized DLT distributes control and authority across multiple nodes (computers) in a network. No single entity has exclusive control over the entire ledger.

Key features of decentralized DLT include:

Multiple Nodes: Various participants (nodes) maintain copies of the ledger, ensuring redundancy and resilience.

Transparency: Changes to the ledger are visible to all participants, promoting transparency.

Examples:

Blockchain (Public): Bitcoin’s blockchain is a prime example of decentralized DLT. Nodes (miners) validate transactions, reach consensus, and maintain the ledger. No central authority governs Bitcoin.

Ethereum: Ethereum’s blockchain allows for smart contracts and decentralized applications (DApps). It operates on a decentralized network of nodes, enabling programmable transactions.

Public Permissionless Blockchains: These open networks, like Ethereum, allow anyone to participate in maintaining the ledger.

Hybrid Models: Some DLT systems combine elements of both centralized and decentralized approaches. For instance, consortium blockchains involve a group of trusted entities managing the network.

Thus, centralized DLT offers efficiency but relies on a single point of control, while decentralized DLT ensures transparency and resilience by distributing authority across a network of nodes. The choice between these models depends on the specific use case and desired level of decentralization.

Decentralized DLT (similar to Blockchain)

Decentralized DLT is very similar to blockchain. In fact, blockchain is a type of DLT that utilizes a decentralized structure. A decentralized DLT shares several key characteristics with blockchain technology. These are:

- Immutable - Transparent - Append-only - Decentralized

However, unlike blockchain networks, which are fully decentralized with no central authority, DLTs may incorporate some level of central oversight. Both systems are particularly popular in the finance sector due to the speed and transparency that decentralized systems offer.

A decentralized DLT isn’t a one-size-fits-all solution. There are three main types, each offering different levels of access and control.

1. Private Permissioned: Less Transparent

Imagine a party with a strict guest list. That’s kind of like a private-permissioned DLT. They are partially decentralized in the sense of being distributed across known participants rather than unknown participants. Only approved members can see who else is there and what information is being shared. While it offers some benefits of DLT, like increased security, it’s not truly transparent.

2. Public Permissionless: Open to All

This is the wild west of DLT! Anyone can join a public/permissionless network. There are no gatekeepers; everyone can see the information stored on the ledger. This transparency is great for building trust, but it can also raise privacy concerns. Think of it like a giant public bulletin board where anyone can post (and see) anything.

3. Public Permissioned: Finding the Middle Ground

Public-permissioned DLT strikes a balance. Anyone can access the network, but not everyone has the same power. Imagine a public park with designated areas for activities. You can walk your dog in the open field, but only licensed trainers can lead group sessions. This type of DLT allows for open participation while still maintaining some control over sensitive information or actions.

While the above 3 are more popular types of DLT, we have 2 more on the list. These are:

4. Hybrid DLT: This approach bridges the gap between permissionless and permissioned DLTs. It allows for transparency, like public blockchains, while offering some level of data privacy control, like private blockchains. This makes it ideal for scenarios where collaboration is needed, but some information needs to be kept confidential. Imagine a supply chain where participants can track goods transparently, but sensitive details like pricing might be restricted.

5. Consortium DLT (or Federated Blockchain): This is essentially a permissioned network governed by a group of organizations, rather than a single entity. It offers the benefits of both decentralization (shared decision-making) and control (limited participants). Members can share data securely, collaborate efficiently, and enjoy faster transaction speeds due to the streamlined validation process. This type of DLT is ideal for industries like finance or healthcare where collaboration is crucial, but data privacy and regulatory compliance are paramount.

Finding the Right Use Cases for DLT

The best DLT for a particular situation depends on the needs. Private networks offer more control but less transparency, while public networks are open, but privacy might be a concern. Public-permissioned use cases of DLT offers a compromise, making it a good option for situations where both participation and control are important.

KALP DLT is a public-permissioned ecosystem that is specifically designed for all real-world assets (RWAs) and integrates asset tokenization and compliance providers directly into the chain.

Advantages of Utilizing Kalp DLT for Asset Tokenization

The adoption or use cases for DLT Distributed Ledger Technology (DLT) presents numerous advantages across various use cases. These are mentioned in detail below:

Global Reach: Enables worldwide access to previously illiquid assets, fostering seamless trading and borderless investment opportunities.

Improved Price Discovery: Blockchain reduces intermediary influence, leading to more accurate pricing of illiquid assets.

Enhanced Transparency: Immutable ledger creation ensures clear tracking of asset ownership and transactions, enhancing accountability.

Operational Efficiency: Increases transaction speed and reduces costs, streamlining traditional asset management processes.

Accessibility: Allows fractional ownership of high-value assets, broadening investment opportunities for investors.

The Kalp DLT Advantage

Compliant DLT: Kalp DLT is a permissioned and compliant ecosystem facilitating cross-chain interoperability of digital assets. It is fully registered and complies with all U.S. Money Services Business regulations.

Foundation of Trust: Kalp DLT ensures a strong foundation of trust by requiring all network participants to undergo stringent Know Your Customer (KYC) and Know Your Business (KYB) procedures. This thorough vetting process enhances security and compliance, fostering a trustworthy environment for all users.

Scalable Infrastructure: Kalp DLT’s public and permissioned multi-chain network provides versatile, scalable and sustainable blockchain adoption. It enables the integration and interoperability of various blockchain solutions. Thus, accommodating diverse needs and facilitating growth and adaptation in the financial industry.

These benefits collectively contribute to an inclusive, transparent, and efficient financial marketplace, benefiting investors, asset owners, and regulators alike by streamlining oversight and compliance.

Challenges and Concerns addressed by Kalp in Asset Tokenization

Despite the benefits of RWA tokenization, we cannot overlook the hurdles in implementing and adopting tokenized assets in finance. These are:

Regulatory Oversight: The lack of a uniform global regulatory framework creates uncertainty and may hinder global expansion. However, Kalp with its regulatory permissioned ecosystem facilitates seamless RWA tokenization on-chain.

Infrastructure Development: The need for interoperable standards and scalability across diverse blockchain networks presents significant hurdles. Though, we Kalp addressaddresses it via cross-chain interoperability to popular chains.

Eliminates Industry Skepticism: Many failures in the industry have underscored the associated risks and fueled skepticism. Kalp’s approach enhances transparency in asset ownership and valuation and fostering trust through legal custodian.

Collaborative Efforts: Our Kalp blockchain innovators, regulators, and financial institutions work together in transitioning tokenization from concept to widespread financial practice.

Conclusion

The integration of Distributed Ledger Technology (DLT) in tokenizing real-world assets is revolutionizing asset management by enhancing investment access, market transparency, and efficiency. Successful adoption depends on collaboration among tech developers, regulators, and the finance industry.

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When we look some years back, we saw that there was no more use of technologies and with the availability of a few technologies, only a few peoples used them.

But now everything changes, today we all are seeing huge evolution in technologies and now most of the businesses integrated these technologies to enhance their business growth. Blockchain is one such emerging technology that changes the way of business.

It is no surprise to those who have worked or attempted to make sense of Blockchain that it needs a huge plan to bring a decentralized Blockchain Project started to do it when it comes to complicated and ever-changing technologies — they require a committed team, experience, and necessary tools to succeed.

So through this article, we are going to discuss how a blockchain development company can select blockchain platforms for business growth and also going to know how it is important to take proper decisions when it comes to blockchain.

 How Beneficial Blockchain Platforms are?

· Distributed Platform

Blockchain is a centralized and privately controlled ledger. This allows maintaining an organized and safe account of all transactions. The way to achieve so is via the platforms of Blockchain.

· Higher Efficiency

A development framework from Blockchain is planned to operate from day one. In comparison to other Portal approaches 'Blockchain systems empower customers to connect directly. As a consequence, the quality is reviewed and intermediaries are discarded.

· Avoid Fraud

Blockchain's solutions are at the core of the system which avoids details modifications. In other words, when modifying the details to satisfy their desires it is difficult to manipulate.

·  Encourages Availability

Platforms provide the transparency to blockchain technology services by being transparent.  All who are parts of the Blockchain network knows who is responsible for what. 

Top Blockchain Development Frameworks

·  Ethereum

The platform was developed in 2015 and is primarily used for decentralized applications by every blockchain development company. Constant changes have also been made for Ethereum so that the development team will gain huge benefits. As a result, Ethereum 2.0, still very popular, has become available to us.

·  Hyperledger

It is one of the best blockchain frameworks and the best thing about it that it’s freely available as it is open source. It also supports the development of high performing DLT. This will allow blockchain to be implemented at the enterprise level. This is because it consists of six frameworks and seven tools.

·  EOS

For decentralized apps, this specific blockchain platform is used. This is also a shared network interface that anyone can use, and EOS accounts can be built. You may also apply your network transactions.

EOS is a special and common platform as it determines who makes every unit. It is based on the vote of the token holders selected from a selection of approved candidates.

· Quorum

The network can be considered a private system working with the finance industry. This system helps companies to make use, for private or public contracts, of clever contracts written in the Solidity language. It's an Ethereum edition which is authorization. For financial institutions, thus, it is of great importance.

·  R3 Corda

This blockchain ecosystem is an open-source system of blockchain service providers that is a network of 300 companies. It promotes mobile services in diverse fields, including education, banking, digital properties, and finance. In the Kotlin language, the code is written.

Types of Blockchain Platforms

· Public networks

They are open networks in which anyone will take part, like items such as running complete nodes, exchange tokens, cryptocurrency mining and so on. On the other hand, they are typically more expensive to use. That is why they are generally not considered a Blockchain network for startups.

· Permissioned Networks

The public is accessible to these networks, but their involvement is monitored. In general, they are very fast, with low latency plus high storage capacity over public networks.

· Private Networks

These networks are only available among trusted people and not disclose in public. They have null latency and are very fast. Most private networks do not use blockchain or have the same benefits of open encryption and immutability.

 Features of Blockchain Platforms

·  Privacy

The most important aspect of the Blockchain platform is that it provides privacy to business. 

·  Centralized

In this case, regulation is under the hands of one central body, and all data and networks available to users are controlled.

·  Decentralized

Here the control is not accessible from the authority, so any person on the network may access the data. If the information includes users 'personal information such as names, records, addresses and so forth, which can only be exchanged by users on a similar network.

· Scalability

It is crucial for the Blockchain application network or a production organization to innovate and incorporate new items for growth through complex transactions and participation trends. Scaling issues are both challenging and essential for the blockchain process.

Conclusion:

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