90% of Blockchain projects that began with a good proof of concept have now failed.
For anyone who has worked with Blockchain or tried to figure it out, it’s not a surprise that getting a decentralised Blockchain project off the ground takes more than a great idea. It also needs a dedicated team, the right expertise, and the right resources.
In this article, we’ll look at a few different parts of choosing a Blockchain platform, with the goal of making sure you don’t end up in the list of people who failed.
Blockchain Platforms and Their Potential Benefits
For many aspiring businesses, building the best Blockchain framework and network from scratch is a utopia—an expensive utopia that is almost impossible to reach when the reality wave of complexity hits.
Because of this problem, Blockchain consulting firm offer Blockchain platforms and services. They let businesses use the Blockchain software, infrastructure, and services that are already in place. To prove that they need them, promising Blockchain-based technologies offer a number of advantages, such as:
Getting all the important information in one place:
Blockchain is a database that is shared and run by different people. It makes it easier and safer to keep track of all the transactions. It does this with the help of Blockchain platforms.
A Blockchain technology platform is made to work well from the start. Blockchain platforms are different from other gateway solutions because they allow the stakeholders to talk directly with the consumers. As a result, this checks the price and gets rid of the need for middlemen.
Fraud is stopped because Blockchain, which is at the heart of the solution, stops information from being changed. That is, they can’t use the information wrongly if they can’t change it to fit their needs.
Because the platforms are open, they make Blockchain technology services more accountable. Everyone who uses the Blockchain system knows who is responsible for what and can hold them accountable when things go wrong.
Different kinds of Blockchain Platforms and their Frameworks
There are three main kinds of development frameworks for Blockchain: public networks, networks that require permission to join, and private networks.
They are decentralised networks in which anyone can join at any level and do things like run full nodes, trade tokens, mine cryptocurrency, and so on. On the other hand, they usually cost more and take longer to use. Because of this, they are not usually thought of as a Blockchain platform that startups must have.
Anyone can see these networks, but only certain people can join them. Compared to public networks, they are usually very fast and have low latency. They also have a lot of storage space.
Private networks are only shared with people you know and trust. They are not open to the public. And they move very quickly and have no lag. Most private networks don’t use cryptocurrency or have the same security and immutability benefits as decentralised networks.
Here are the different ways that Public, Permissioned, and Private networks can be used, which will help you compare Blockchain frameworks at their core.
List of the Best Frameworks for making Blockchains
The platform is the one that brought smart contracts to the world. Since it started in 2015, the platform has used its position as the first mover to become the most popular platform for building decentralised applications.
The core development team and the huge community have kept making improvements to the platform. One sign of this is their work on creating and promoting Ethereum 2.0. The work is being done to make it the best Blockchain platform for new businesses.
It is an open-source Blockchain with permissions that aims to make a high-performing DLT that lets people from different industries work together. One of the most popular Blockchain platforms is made up of six frameworks and seven tools that help businesses adopt Blockchain at the enterprise level.
It is a Blockchain technology platform that lets smart contracts work and is used to build and run several decentralised apps. It is a platform for the public network that anyone can use to make EOS accounts and send transactions to the network.
EOS is the best Blockchain framework because it uses delegation to decide who will make each block. The token holders vote on a long list of approved candidates to choose who will make each block.
4. R3 Corda
It is a group of more than 300 companies that worked together to make Corda, which is an open source Blockchain platform. It hosts enterprise distributed apps in fields like healthcare, insurance, digital assets, and finance. Corda is written in the Kotlin programming language and has a high level of integration with many existing business infrastructures. This makes it possible for high-level Blockchain app development services to start up.
The platform is a private business version of Ethereum that is aimed at the financial industry. Smart contracts written in the Solidity language can be used by brands that use Quorum. These contracts can be either private or public.
How to Pick the Best Blockchain Development Platform for Your Business
What kind of privacy does your app need?
As was already said, Blockchain is mostly split into two parts: centralised and decentralised. Centralised, a single authority controls the network and the information that users can access. In decentralised, the data is shared across the whole network.
If the app allows users to share personal information like names, documents, addresses, etc., you should use a private network that is not decentralised. On the other hand, you should put the data on a public Blockchain development framework if the app encourages business trustlessness and openness.
What are your needs for growth?
As the number of transactions and people using the platform grows, the Blockchain technology platform must also grow and change to keep up. Scalability is a big problem for Blockchain projects. Ethereum and Bitcoin still don’t process transactions as quickly as PayPal, Ripple, etc. If your decentralised app doesn’t have a lot of transactions and would work well with a simple escrow agreement, you should only consider quality, cost, and ease of use when choosing a network and a vendor.
But if your dapp needs a lot of transactions, you should look into the liability and security implications of side-chains and figure out how much network transaction fees will be.
A Blockchain development company also takes into account some other factors when choosing the best Blockchain framework, in addition to these two main ones, such as:
- Having skills on hand
- Help for the community
- The need for security, etc.
What does Blockchain hold for the Future of Businesses?
Blockchain is a new kind of “global business operating system” that puts trust and openness at the center. It makes peer-to-peer (P2P) transactions possible by using smart contracts and technology that prevents fraud.
Before you install a blockchain, you should think about the strategy that it will help you carry out. Some of the most important things that determine your blockchain strategy are the size of your network, how fast you want to grow, and how much privacy you need.