Last Updated on May 17, 2021
“Blockchain” you might have come across this name in recent years. Blockchain is the most hyped technology nowadays. It’s one of the most advanced technologies in the world that has revolutionized the process of data management. It has created the backbone of a new type of internet by allowing digital information to be distributed without being copied.
Facts about Blockchain Technology:
- It was originally utilised in the digital currency, Bitcoin, (Buy Bitcoin).
- It’s the most secure type of digital exchange.
- On a Blockchain, the transactions performed are organized in groups called blocks, which are then linked to one another and secured using cryptography.
- Blockchain network has a democratized system i.e. there is no central authority in it.
- Blockchain has a very transparent process as it is a shared and unchangeable ledger where the information is open for anyone and everyone to see.
- A Blockchain process carries no transaction cost as there is no mediator between two people making the transaction.
- Blockchain has multiple applicability in banks, healthcare, finance, education, real estate, logistics, supply chains, etc. It helps them to address existing business challenges, security, cost, and efficiency.
Now, let’s understand what is a Blockchain Platform.
The demand for the Blockchain development platform is growing rapidly as the businesses have started to understand its capability by building a Blockchain application. Blockchain platforms are emerging platforms that are being used for generalized distributed value exchange, consisting of transactional records that are shared by all participants in a network.
These platforms help to keep computation costs cheaper to encourage more dApps (decentralized applications) to run on them. A Blockchain Platform can be public or private in nature depending upon their accessibility.
Read further to have an idea about the various Blockchain Platforms out there:
MultiChain is one of the most popular Blockchain platforms that enables the creation and deployment of private Blockchains either within or between multiple organizations. It provides a platform for multi-asset financial transactions.
Interesting facts about MultiChain:
- MultiChain operates on a private, permissioned-network.
- It supports native multi-currency.
- It enables multi-way exchanges of assets between participants.
Ethereum is a highly active and popular Blockchain platform. It provides an open platform that enables developers to build decentralized applications. This platform runs smart contracts on a custom built Blockchain.
Interesting facts about Ethereum:
- Ethereum provides a public platform for building applications.
- In the Ethereum network, Ether is used for transaction and computational services. An Ether is basically the native cryptocurrency of Ethereum.
- This platform is based on PoW (Proof of Work).
- It supports languages like Python, Go, Java, C++
- Ethereum has an Ethereum Wallet that facilitates in holding crypto-assets as well as writing, deploying and using smart contracts.
As the name suggests, OpenChain is an open-source Blockchain platform. It is a part of the Blockchain technology platform that is best suited for organizations that aim to issue and manage their digital assets in a secure and adaptable manner. This platform was developed and made known by a company called Coinprism.
Interesting facts about OpenChain:
- OpenChain operates on a private network.
- OpenChain is secured with the help of digital signatures.
- It has customized permissions on different levels.
- Multiple levels of control in OpenChain i.e asset issuer at different levels have full control over the transactions relevant to that asset.
Stellar is a distributed Blockchain-based ledger that facilitates fast and cross-border financial transactions. It mainly deals with exchanges between digital currencies and fiat currencies. The Stellar protocol is governed by a non-profit organization called Stellar Development Foundation.
Interesting facts about Stellar:
- Stellar operates on both public and private networks.
- It establishes a connection between banks, payments systems, and people.
- It helps in the creation of banking tools, mobile wallets, and smart devices.
- Its digital currency or native asset is known as lumen (XLM) that powers the Stellar network and all of its operations.
BigchainDB, as the name suggests, is also an open-source software that has properties of both the Bigdata distribution database and Blockchain.
It enables developers to setup Blockchain applications and platforms with a scalable Blockchain database. It supports a wide range of industries.
Interesting facts about BigchainDB:
- It operates on both public and private networks.
- Its Blockchain features include owner-controlled assets, decentralization, and immutability
- Its database features include low latency, querying of structured data, high transaction rate, and indexing.
- There is no native currency for BigchainDB.
With growing time, Blockchain Technology is evolving at a fast pace. It not only expands the dimensional scope for businesses, but also helps them to create a base on systems which are innovative and revolutionary. As a result, the number of Blockchain platforms is increasing day by day.
So enterprises need to understand the right platforms for building highly scalable applications.