The number of blockchain platforms has increased as they continue to accelerate and support the development of blockchain-based applications. Here are some enterprise blockchain platforms that are now commonly used to develop innovative blockchain applications in business.
Ethereum
The platform operates as a basic component in the development of most decentralized applications on the market today, especially in enterprise settings. The reason for such confidence that the Blockchain world is genuinely moving in the direction of Ethereum is the platform’s many benefits – safety and security, stability, zero downtime, and corruption prevention.
The Hyperledger Fabric
The permissioned network makes it easy for companies to register users by offering transaction authority and identity access, which defines a broad scope in which users can then operate and which will require new users to obtain permissions.
The platform is equipped with data partitioning features, allowing businesses to store data that is otherwise considered sensitive due to a number of legal implications.
Quorum
The Ethereum-based permissioned network supports both private and public forms of transactions. It is considered ideal for developing applications that require the fast processing and high speed of private transactions of the blockchain ecosystem. The platform, which is believed to be constantly evolving, has become part of the blockchain journey of several industries that are not limited to offering decentralized finance products.
Corda
Corda is an open-source blockchain platform that allows businesses to conduct direct transactions while ensuring strict privacy through the integration of smart contracts. Businesses use the Corda platform to reduce record-keeping and transaction costs by streamlining a variety of business processes. The flexible platform scales up or down to meet real-time business requirements. Applications built on Corda allow you to create a specialized token that can process enterprise-scale financial transactions.
It helps companies accelerate their time to market (TTM) and maximize their return on investment by offering features such as a Byzantine fault tolerance consensus mechanism. The platform is used by major IT companies such as Microsoft and Intel.
XDC network
The XDC network is a ready-made enterprise-level hybrid blockchain for finance and global trade. It combines the functions of a private and public blockchain with cross-chain smart contracts. The platform offers features such as decentralization and a liquid network that leverages interoperability to enable digitalization and tokenization with instant regulation of trade transactions taking place on the platform. Programs set up on the XDC network are efficient because they minimize reliance on complex FX infrastructure. It utilizes delegated proof of stakeholder participation (XDPoS) by utilizing the ability to vote for stakeholder approval. Some of the well-known wallets that support XDC are Freewallet, XcelPay, BitFi Wallet, etc.
Hyperledger Sawtooth
The Hyperledger Sawtooth platform is a well-known enterprise blockchain platform that offers a modular and flexible enterprise blockchain architecture that separates the core system from the application domain. This helps enterprises create smart contracts that provide business rules for applications without understanding the underlying design of the main system. Hyperledge Sawtooth understands various consensus algorithms such as Practical Byzantine Fault Tolerance (PBFT) and Proof of Elapse Time (PoET).
A few of the well-known features of Hyperledger Sawtooth are parallel transaction execution, compatibility of Ethereum contracts with Seth, pluggable consensus algorithms, and private networks with permission functions.
The fact that Blockchain features are ideal for enterprise installations that help create effective business use cases for blockchain, as well as the growing number of platforms that enable the development of enterprise blockchain solutions, all hint at one thing – enterprises are no longer wondering whether they should use Blockchain technology in their processes, but rather are considering different ways to incorporate it.