Blockchain was invented by Satoshi Nakamoto in 2008 to “serve as the public transaction ledger of the Cryptocurrency Bitcoin.” While the Blockchain technology was initially utilized for financial transactions, it is now gaining application across different industries such as finance, insurance and many more.
Blockchain technology was initially utilized for financial transactions, but can be applied to a variety of industries such as e-commerce, healthcare, and supply chain management. It is important to learn the benefits of this emerging technology by partnering with a Blockchain development company. A digital ledger, Blockchain is a decentralized currency and payment system in which transactions made in Bitcoin or another Cryptocurrency are recorded chronologically and publicly. Blockchain development solutions are gaining popularity for making secure transactions.
If there is a platform that makes enterprise blockchain work, it has to be MultiChain. Helping organizations build and deploy blockchain applications that perform at high speed, MultiChain helps create a new blockchain as well as connect to an existing one. Perfect for data sharing, timestamping, and encrypted archiving, this platform allows developers to build blockchain applications with minimum hassles.
- Deploy unlimited blockchains according to the server for cross-chain applications.
- Issue millions of assets on a blockchain. This involves tracking and verifying at the network level.
- Perform safe multi-asset and multi-party atomic exchange transactions.
- Create multiple key-value, time series as well as identity databases on a blockchain.
- Optionally control factors such as who can connect, send, and receive transactions.
- Create assets, streams, and blocks. Each blockchain is as open or as closed based on your requirements.
- Easy to customize providing full control over every aspect of the blockchain, proof-of-work is optional.
- Provides robust support for multi signatures, external private keys, cold nodes, and admin by consensus.
A decentralized public network that leads the way for the future of public ledgers, Hedera comes across as a perfect option for startup or enterprise. Hedera transcends beyond the boundaries developers to create secure applications. With fast transaction speed and low bandwidth consumption, Hedera proof-of-stake public network, powered by hashgraph consensus, provides the highest-grade of security possible (ABFT).
- Combined high-throughput, low fees, and finality
- Cryptocurrency payments allow you to transact using hbars, eliminating the need for intermediaries to reduce costs and make complex payments simple with code.
- Write transactions at native speed for a scalable, cost-effective solution to manage exchange orders, audit logs, supply chain tracking, and unlimited possibilities.
- Create and manage files with guaranteed visibility.
- Use the Solidity language to build various assets, perform atomic swaps, or interact with outside oracles.
Specifically built by the financial industry at the initial stage, Corda has expanded its reach with application across various like healthcare, trade finance, supply chain, and government authorities. Several big names such as Intel, HSBC, Intel, Bank of America Merill Lynch, Microsoft and more are using Corda as a blockchain platform. Backed by a dynamic community of developers, Corda platform is continuously working on enhancements, incorporating new features, functionality, and more.
- Developers build applications, known as CorDapps, on Corda, the only open-source blockchain platform made for business.
- Empower businesses to transact directly and in strict privacy using smart contracts, reducing transaction, and record-keeping costs.
- Enable private transactions with immediate finality.
- Corda ledger’s Transaction history is totally encrypted and shares transaction data with the necessary parties involved.
- To allow businesses to transact directly, seamlessly and securely, various versions of Corda—free and commercial—can interoperate with each other in a seamless manner.
- Get started quickly on Corda and easily migrate to Corda Enterprise, as business requirements evolve.
- Allows scalability to meet business needs due to its flexibility and agility.
Blockchain platform implementation and one of the Hyperledger projects hosted by The Linux Foundation. Written in C++ incorporating unique chain-based Byzantine Fault Tolerant consensus algorithm, called Yet Another Consensus and the BFT ordering service.
- Provide an environment for C++ developers to contribute to Hyperledger.
- Provide infrastructure for mobile and Web app support.
- Introduce APIs and a unique consensus algorithm that can be incorporated into other frameworks in the future.
Based on Ethereum, Quorum is an open-source blockchain platform that leverages the innovation of the public Ethereum community with enhancements to support enterprise needs. With a purpose to boost blockchain adoption and make it a seamless process, Quorum provides full-service support.
- Tailored to meet business needs with enhanced privacy, permissions and high performance to Ethereum’s robust core
- Network and peer permissions management
- Enhanced transaction and contract privacy
- Voting-based consensus mechanisms
- Get End-to-end solutions using Quorum and professional, enterprise-grade services.
- Scalable platform to solve business needs
- Quorum provides consensus algorithm choices, privacy options, and deployment configurations in one versatile, scalable platform to solve your business needs exactly as you see fit.
Open-source, decentralized payment protocol, Stellar enables fast, cross-border transactions between different types of currencies. Like other cryptocurrencies, it operates using blockchain technology.
- Native asset, a digital currency called lumen (XLM).
- XLM powers the Stellar network and its operations, similarly to how ether (ETH) powers the Ethereum network.
Credits is an open, lightning-fast infrastructure blockchain protocol built on fundamental principles of full decentralization. The protocol does not have any centralized authority, and information is stored in blocks and cryptographically secured. With the use of autonomous smart contracts for creating and storing data about transactions and operations throughout the network, Credits allows its users to apply blockchain in business and IT solutions.
- Ability to issue financial assets like stablecoins, digital assets, tokens, loyalty points, and more to build services based on Credits technological solutions.
- Quick peer-to-peer transactions on the blockchain
- Smart contracts
- Global payments with Credits
- Financial assets and tokens issuance
Initially founded by Vitalik Buterin with a goal of building decentralized applications, Ethereum is a decentralized platform that runs smart contracts applications. It is an open platform that effectively utilizes Blockchain technology to facilitate smart contracts and Cryptocurrency trading securely without a third party. The increase in Ethereum blockchain has given rise to the crowdfunding phenomenon like ICO (Initial Coin Offering).
Advantages of Ethereum
Ethereum platform gains benefits from all the properties of the Blockchain technology that it functions on. It is protected to any third-party interventions, which means all the decentralized apps and DAOs deployed within the network cannot be controlled by anyone else.
- Decentralized platform: This effectively means there is no possibility of single point of failure and as a result, apps stay online without switching off.
- Decentralized nature and cryptographic security: Ethereum network provides protection against possible hacking attacks and fraudulent activities.
Here are some quick features:
- Open for public use
- Multiple language applications such as Python, C++
- Proof-of-work based
- Large digital support community available
Defined as “an open source collaborative effort created to advance cross-industry blockchain technologies”, the Hyperledger model is provides the option to organizations to build and run industry-specific Blockchain apps, platforms, and hardware systems to support their own business transactions.
One of the Hyperledger projects hosted by The Linux Foundation is Hyperledger Fabric which is intended to function as a foundation for developing applications or solutions with a modular architecture. Initially contributed by Digital Asset and IBM, as a result of the first hackathon, Hyperledger Fabric effectively leverages container technology to host smart contracts called “chaincode” that comprise the application logic of the system.
This innovative blockchain framework aims to resolve business problems associated with data privacy, security, and information sharing among others.
- Stability and Predictability
Several companies like IBM, Intel and Cisco are backing Hyperledger, making this platform of choice of large enterprise companies. Considering the heavy influence of large companies in the development, this platform provides much needed stability and predictability in the future of Blockchain.
- Smart Contracts
Like Ethereum, Fabric allows for smart contracts, called “chaincode.”
- Private Channels
Fabric’s distributed ledger and smart contract platform allows for private channels where in a blockchain network you can share data with certain parties and create a private channel with just those participants.
- Modular Architecture
Considering its modular architecture, this Blockchain framework provides enterprise solutions, allowing plug-and-play components around consensus and membership services. It announced the release of Hyperledger Fabric 1.0 which claims to be production-ready for enterprises.
Openchain is an open source distributed ledger technology highly suitable for organizations seeking to manage digital assets in a robust, secure and scalable way. With customized permissions on various levels, the system is rising in popularity level.
The possible use case scenario includes securities, commodities, as well as currencies like the Dollar or even Bitcoin; Titles of ownership or software licensing; gift cards and loyalty points.
- Smart contract modules
- Unified API
- Multiple levels of control.
- Hierarchical account system allowing setting permissions at any level.
- Multiple Openchain instances replicating from each other.
The blockchain technology is becoming a key element of Enterprise IT & Technology Services offering additional new features, and new releases, while dynamic and growing enterprises are eager to stay ahead of the curve with its disruptive potential.
Are you looking to leverage Blockchain development solutions? Get in touch with our experts.