The Top 8 Blockchain Platforms

Ethereum is a well-known blockchain platform renowned for its functionality in creating smart contracts and building decentralized applications (dapps). Its foundation lies in its smart contracts, which are automated, code-based programs stored within the platform, functioning only when specific conditions are satisfied.

The design of Ethereum incorporates a universally agreed single computer termed the Ethereum Virtual Machine (EVM). All participants on the Ethereum network maintain a copy of this computer’s state. They can request computations that are then validated, verified, and executed by other network participants. This process results in a state change in the EVM which is then updated across the network. The computation requests are known as transaction requests. These transactions and the EVM’s current state are stored on the blockchain, which is then accepted and stored by all network nodes.

Smart contracts form the core of the network’s capabilities. They are reusable code snippets loaded into the EVM by software developers. These programs perform actions or computations when certain conditions are met. This flexibility allows for the creation of complex user-facing services and applications such as games, marketplaces, and financial instruments.

Hedera is recognized for its open-source SDK, Stablecoin Studio, that simplifies the creation of stablecoin applications on the Hedera network. Stablecoin Studio aids web3 platforms and enterprises in deploying applications and managing operations with a well-equipped toolkit designed for efficient digital asset operations. The toolkit’s proof-of-reserve functionality integrates into existing systems to reinforce transparency. Simultaneously, the issuer-friendly facility ensures compliance and security management with advanced and native KYC/AML account flags.

SDK’s user-friendly development kit is one of its most notable features. With a TypeScript SDK and management CLI, Stablecoin Studio speeds up smart contract interactions and streamlines operations. An accompanying React-based demo application provides a worm’s eye view of the Studio’s capabilities. The Studio’s administrative functionalities allow issuers to burn, mint, freeze, as well as a host of other actions with ease. Compliance configuration is made simple when linking the Studio to custody providers and KYC/AML services.

The Studio is also reliable in treasury management with built-in proof-of-reserve functionality. Issuers can utilise pre-existing systems or rotate towards on-chain oracles for treasury management and token issuance programmability. Stablecoin issuers can benefit from the SDK’s ERC20 compliant tokens that offer high throughput, real-time settlement, and custom programing relating to issuance schedules. Hedera’s Stablecoin Studio is a robust, compliant, and simple to use platform for developing stablecoin applications.

Hyperledger Fabric is a modular and versatile tool for businesses seeking to develop applications or solutions that require a secure, permissioned architecture. Owing to its design that enables a network of networks, Fabric facilitates private transactions and confidential contracts, whilst supporting seamless relationships within varied networks. This innovative system maintains transactional privacy through features like ‘channels’ for total transaction isolation, and ‘private data’ that allows sensitive data to remain undisclosed. The platform does, however, share hashes as transaction evidence on the ledger.

Unlike other distributed ledger technologies originally designed for open-use and permission-less systems, Hyperledger Fabric boasts built-in permission and privacy functions. Its most compelling features include an open smart contract model, quick finality of confirmation, and flexible approach to data privacy. It also supports multiple languages for smart contract such as Go, Java, and Javascript, EVM, and Solidity. The platform is designed for continuous operations that include rolling upgrades and asymmetric version support.

Fueled by contributions from world-class technology providers, individual contributors, and inputs from industry and academia, it has evolved rapidly.

IBM Blockchain is a Distributed Ledger Technology (DLT) that enhances business functionality by facilitating trusted data exchange and automating workflow beyond company boundaries. As businesses tackle the constant need for operational agility and optimization, IBM Blockchain steps in to streamline multiparty workflows, enabling swift data performance and value chain acceleration.

The technology reduces costs and minimizes risks by simplifying shared processes. It heightens accountability and automates reconciliation tasks for reduction of disputes. By supporting product authenticity through smart contracts, the technology enhances customer trust and potentially leads to sales increase. It also fosters new marketplaces through asset tokenization.

In addition to the commercial sector, IBM Blockchain finds its application in government bodies, where it mends traditional friction between systems by automating redundant processes. It ensures data sharing among network members and unlocks trapped value within organizational structures. IBM Blockchain simplifies operations by enabling real-time tracking and management of bank guarantees and letters of credit.

The system ensures faster and more accurate reporting with its automated compliance process that relies on permanent data records. It facilitates near real-time transfer of funds among financial institutions, paving the way for frictionless and accelerated settlement.

Kaleido is a well-established Blockchain Business Cloud company, primarily focused on enabling easy Web3 usage for enterprises. The company offers an extensive suite of products equipped with enterprise-grade security and scalability attributes. These products aim to simplify blockchain applications, thereby significantly reducing development timelines.

The company boasts of a range of features that guarantee faster production and lead to time savings. With over 500 pre-built services and APIs, Kaleido facilitating the quick standing up of Web3 projects, saving developers more time for customization and user experience enhancement. This platform supports protocols like Ethereum, Polygon, Hyperledger Fabric, and Corda, which users can launch and deploy within minutes.

Kaleido strives to simplify communication on and off-chain through an array of features including Event streams, App2App Messaging, and advanced key management. The platform also facilitates easy generation of Open APIs from any Smart Contract, marking the platform as an efficient tool for developers.

Amongst its users, Kaleido lists numerous global leaders that employ its technology for various purposes, such as facilitating trade, democratizing finance, and streamlining systems. The company is chosen for its always-up resiliency, elastic performance, compliance with ISO 27000, SOC 2 Type 2, and 24×7 support options. At its core, Kaleido serves as a trusted Blockchain-as-a-Service Provider, aiming to aid development of blockchain-based business applications.

Oracle Blockchain is a valuable tool for businesses needing to couple secure collaboration with real-time data sharing functionality. It affords businesses the flexibility to adopt blockchain technology through various channels. These include a cloud service, an on-premises edition, and through a SaaS application specifically for supply chain operations. Oracle makes it easy to create a permissioned, multiparty blockchain network that enables secure collaboration within minutes. This network easily integrates with back-office applications for a seamless operation.

Oracle’s enterprise adapters and API gateway offer a range of connectivity options for both on-premises and cloud back-office systems. Events subscription with callbacks, support for REST API, and custom user enrollments are all included. For flexibility, Oracle provides multiple deployment options. This includes operating on a cloud, on-site or using a hybrid of both, along with interoperability with other Hyperledger Fabric nodes. Businesses can also use DAML or Solidity smart contracts in addition to native Fabric chain codes.

Oracle Blockchain Platform’s Enterprise Edition is underpinned by open-source Hyperledger Fabric, a leading blockchain platform for business. This affords an excellent degree of elasticity and data privacy options, permitting the deployment of blockchain technology in either customer’s data centers or on third-party clouds. For complying with privacy and data regulations, Oracle Blockchain Platform Enterprise Edition allows organizations to operate a blockchain on premises, thereby providing complete control & arrangement of data. In addition, the Oracle Blockchain Platform Console simplifies the management, configuration, and monitoring of each instance.

Oracle Blockchain is equipped with a platform manager, components for a Hyperledger Fabric blockchain, Oracle Blockchain Platform console & DevOps API Oracle, Identity management via OpenLDAP, MS Active Directory, and Oracle Directory, as well as a REST API for transactions, queries, and events. This delivers a comprehensive platform for businesses in need of a secure, scalable, and highly-available blockchain solution.

Ripple is an established financial services company whose enterprise blockchain solutions are designed to facilitate faster and more transparent transactions at reduced costs. Ripple’s services are used to obtain crypto assets, instant payments, treasury empowerment, and to tap into new revenue streams.

Ripple’s key offering is its cross-border payments facility. This allows institutions to make global payments without the need to pre-fund destination markets. This service is designed to speed up delivery, expand reach to new markets, track payments in real time, and facilitate payments on demand.

In addition, Ripple offers a platform known as Ripple Liquidity Hub, which provides businesses with a streamlined way to buy, sell, and hold digital assets. This platform allows businesses to access aggregated liquidity pools, get optimized pricing, and manage digital assets through a single API.

Further enhancing its catalog, Ripple provides a platform for Central Bank Digital Currencies (CBDCs). The platform is capable of minting, managing, transacting, and destroying CBDCs and stablecoins. This solution, based on a private ledger that uses XRP Ledger technology, harnesses over a decade of proven blockchain transactions and is trusted by financial institutions globally.

Solana is a highly functional blockchain platform, set up to cater for a wide range of users from dedicated power users to those new to blockchain. The platform offers high-speed processing capabilities with block times averaging 400 milliseconds – a speed that is built to scale with advancements in hardware technology. Solana operates through a decentralized network, validated by thousands of autonomous nodes which ensure the security and resistance to censorship of all stored data.

Solana is designed with scalability at its core. This allows for seamless handling of thousands of transactions per second. In terms of cost-effectiveness, both developers and users can benefit from low fees that typically remain below $0.0025. Also, Solana showcases its responsibility towards environmental concerns, employing a proof-of-stake network that minimizes its environmental footprint.

Along with speed and security, Solana prides itself on enterprise-level scalability. The platform delivers a comprehensive suite of features within the Solana ecosystem that empower businesses to create all-encompassing user experiences. Moreover, upcoming upgrades such as token22 and private networks, indicate Solana’s commitment to fulfilling the blockchain needs of large businesses.

Trusted by renowned enterprises like Google Cloud and ASICS, Solana offers high throughput, low fees, and a reduced environmental impact, tailored to suit a variety of business needs.