Just when we think we have seen everything, a new kind of technology sets foot in the market and blows our minds all over again. I guess it is safe to say that this is precisely what happened with Blockchain.
In fact, very few people realized back then that this “Bitcoin technology” as it was termed then has so much potential to disrupt all the industries to their very core. Once, its potential and capabilities were realized, its popularity spread like a wildfire.
Just look at these Blockchain statistics and witness its uprising growth in the market.
Due to gradual development and innovations in this technology, the market is full of numerous Blockchain platforms since everyone is trying their luck with this emerging technology.
Now, there are always some elements that shine better than the rest, and this is precisely the case with Blockchain platforms as well. From a myriad of such platforms, there are these few ones that stand out from the crowd and have come to the highlight.
So, it only makes sense that we should also familiarise ourselves with these platforms, for they might be the future of the industries.
Without any more blabbering, let’s get down to business.
This is how it all started. Bitcoin is the first digital currency based on Blockchain technology. It is a decentralized currency that does not have a central bank and can be sent on a peer-to-peer network. It uses cryptography to verify transactions by network nodes, which are recorded in the blockchain, a public distributed ledger.
Created in 2012, Ripple has been placed in the market besides Bitcoin. Ripple is used by banks to connect with each other. The technology also connects digital assets exchanges and payment providers. It is a great way to send money globally without incurring hefty charges, as it supports low commission currency exchange. It is its speed that allows 5 transactions per second, making it popular among users.
Coming second to Bitcoin, Ethereum created big momentum in the market as it is at this point people started to understand this one mystery of technology and beneficial it is. It was first introduced in the market in 2014 by Vitalk Buterin. It is open-source in nature, making it a perfect choice for app development agencies to use it for making exceptional applications.
IBM is probably the first company to dive into this technology and create a platform to promote transparent business operations. The company with its technology is devoted to blockchain app development to provide a permission network and help other businesses utilize the incredible features of the technology. It supports programming languages such as Go and Java. In fact, IBM partnered with Raw SeaFoods to use blockchain technology for food tracking.
To elevate cross-industry blockchain technologies, Linux Foundation thought it fitting to invent Hyperledger Fabric in 2015. It is said to be the newest blockchain platform in the market which quickly grabbed the attention. It has approximately 180+ collaborating enterprises and is production-ready for organizations.
HydraChain is, in fact, an extension of Ethereum in partnership with Brainbot technologies. It adds support for developing permissioned distributed ledgers. This platform is completely compatible with the API and contract levels. It is popular due to its many features and high customizability is one of them.
R3 cords consortium is actually a collaboration of some globally renowned financial institutions exploring the potential of blockchain technology. With the help of this platform, a new open-source DLT platform has been created. R3 Corda now comes among the top blockchain platforms because of features such as it focuses on interoperability ease of integration with the legacy system, and that it also explores domains like healthcare, supply chain, and more besides the commercial segment.All these platforms are absolutely terrific and are expected to grow even more in the market due to the immense potential locked into the blockchain technology. We are sure that within a decade or less, we would gain a whole new perspective of this technology and innovate ways to use this technology to its full potential.