Have you been thinking about kickstarting your blockchain project?
With Ethereum’s success, tons of entrepreneurs and developers are itching to jump into the market. And guess what? Research says that by 2026, the blockchain market could hit $67.4 billion. So, the time is ripe to invest in blockchain platforms and tools.
Whether you’re an experienced developer or new to blockchain, choosing from thousands of platforms can be overwhelming. To help, we’ve compiled a list of the top 10 blockchain platforms revolutionizing the industry.
Let’s start!
What is a Blockchain Platform?
Think of a blockchain platform as a digital playground where things like NFTs, transactions, and smart contracts come to life. Unlike the typical databases we’re used to, this platform is decentralized and uses advanced scripting languages to keep everything running smoothly.
A blockchain platform records data in tamper-resistant blocks locked in place and linked together, like a high-tech chain. This setup means everything stays secure and transparent across multiple computers. It’s perfect for applications where trust and data integrity really matter, letting people exchange information safely without needing a central authority to oversee things.
Take Ethereum, for instance—it’s one of the trailblazers that took blockchain technology beyond just cryptocurrency, opening up the world of smart contracts.
Types of Blockchains
As of 2024, there are four main types of blockchain networks you should know about public, private, consortium, and hybrid blockchains. These types are basically categorized by how accessible they are and how they’re controlled.
Public blockchain
A permissionless ledger open to anyone for reading, writing, or auditing data. Anyone can join and verify transactions (e.g., Bitcoin, Ethereum).
Private blockchain
Restricted and permissioned blockchain network controlled by select entities or organizations. It operates in a private context, often requiring an invitation validated by a network admin, as seen in Hyperledger Fabric.
Consortium blockchain
A consortium blockchain, or federated blockchain, is a private blockchain governed by a group instead of a single entity. It allows collaboration among organizations, maintaining a balance between privacy and decentralization, with shared control among predetermined groups (e.g., R3 Corda).
Hybrid blockchain
It’s like getting the best of both worlds from private and public blockchains. One entity oversees the network, deciding who can access certain information and what gets shared with the public.
It is important to understand the different types of blockchains in order to determine which platform best fits your project’s needs. Consider the terms of security, speed, and governance before making a decision.
Advantages of Using Blockchain Platforms
Let’s take a quick look at some of the benefits that come with using blockchain platforms for your project.
- Improved Security: Blockchain apps are designed to be secure and efficient solutions, as data is stored in multiple locations and tamper-proof blocks.
- Decentralization: With no central authority, blockchain platforms are free from censorship and manipulation.
- Transparency: The immutable nature of blockchain means all transactions and data are recorded on the platform, providing transparency and accountability.
- Efficiency: Smart contracts, automated agreements that execute when certain conditions are met, help streamline processes and reduce the need for intermediaries.
- Community Support: Different blockchain platforms have dedicated communities of developers and enthusiasts who provide support, share knowledge, and collaborate on projects.
Top 10 Blockchain Platforms
Now, let’s dive in and check out the top blockchain platforms that are transforming industries and pushing the boundaries of what’s possible.
Ethereum
The Ethereum blockchain is undoubtedly the most popular and widely used blockchain platform.
It was created by Vitalik Buterin in 2013 with a vision to create a platform that would enable developers to easily build decentralized applications. And today, Ethereum’s market cap stands at over $300 billion.
Ethereum is widely regarded as the leading blockchain platform for enterprises, making it an ideal choice for building enterprise-grade apps.
Features:
- Censor-resistant, immutable, secure, transparent, and decentralized
- Supports smart contracts, enabling diverse applications on a decentralized network
- Ethereum Virtual Machine (EVM) is the foundation for many other blockchains seeking smart contract support
IBM Blockchain
Second on this list of top blockchain platforms is IBM.
IBM blockchain offers a Blockchain-as-a-Service where users can set up a secure and efficient blockchain network for needs like food supply chains, trade finance, and more. Using Hyperledger Fabric, a popular blockchain framework, this platform is designed for enterprises moving to a decentralized environment.
This fully managed and supported service makes it a top choice for developing, deploying, and managing blockchain solutions. Plus, IBM blockchain can boost brand trust and sales with smart contracts that ensure product authenticity and open up new marketplaces through asset tokenization.
Features:
- Code smart contracts in Node.js, Golang, Java, or JavaScript with IBM Blockchain using Developer Tools
- Deploy networks easily with Ansible Playbooks or Red Hat Marketplace
- Manage organizations, nodes, and deployments via the IBM Blockchain Platform console
Hyperledger Fabric
Hyperledger Fabric (HLF) is an open-source blockchain platform that’s part of the Hyperledger consortium and is managed by the Linux Foundation. It’s considered one of the top blockchains because it offers a robust ecosystem to mix and match into a modular design.
Thanks to its smart contract framework, it’s perfect for building enterprise-focused decentralized apps. With advanced privacy controls, you can ensure only the necessary data is shared among participants. Its unique approach to consensus boosts performance while keeping security and privacy intact.
Features:
- Open-source modular architecture for customizable blockchain networks
- Advanced privacy and security through permissioned access
- Flexible and scalable consensus mechanism tailored to specific use cases
Corda
R3 Corda, introduced in 2015, is an open-source blockchain platform made for business transactions using smart contracts. As a permissioned distributed ledger technology (DLT) platform, it attracts financial institutions and enterprises. Guaranteeing privacy, it only allows authorized participants who can access specific data.
It supports smart contracts, aligning with Clack, Bakshi, and Braine’s legal standards to ensure enforceable financial agreements. Although initially tailored for the financial industry, Corda is now applicable across various sectors like supply chain, healthcare, and government.
Features:
- Allows groups to coexist and securely interact on the same network, ensuring privacy with permissioned access and identity management.
- Supports digital asset transactions with a consensus mechanism focused on validity and uniqueness, complying with regulations like ISO 20022 and ISDA CDM.
- Offers flexibility for developers by supporting Java and Kotlin for smart contract development and simplifying ledger updates with the Flow Framework.
Stellar
The Stellar Development Foundation launched Stellar in April 2015, though McCaleb and Kim had conceived it in 2014. Stellar offers a “universe of opportunities” for developers creating financial access.
Stellar is a blockchain-based distributed ledger network that provides fast, cost-effective cross-border payment solutions. It supports the development of mobile wallets and smart banking tools. Stellar uses an open, transparent ledger with Stellar Lumens (XLM) as its main token.
Notably, companies like ICICI Bank and RippleFox leverage blockchain technology for swift cross-border transactions. Its open network provides speed, affordability, and utility, extending to over 185 countries.
Features:
- Enables fast, low-cost cross-border transactions (under 5 seconds, fees under 0.00002 XLM)
- Connects banks and institutions for efficient value transfers and integrates with real banking systems.
- Users can issue and trade digital assets like currencies and commodities with developer support through open protocols and SDKs
Ripple
Ripple, created by Ryan Fugger, David Schwartz, and Arthur Britto, is a payment system and network launched in 2012 to enable “secure, immediate, and almost free global financial transactions.”
Unlike Bitcoin, which uses blockchain ledgers, Ripple transactions are confirmed by network consensus, not mining. Ripple aims to reduce reliance on centralized exchanges, consume less power, and process transactions faster than Bitcoin.
Among blockchain development platforms, Ripple is popular among payment providers, banks, and corporations, especially for cross-border payments. It suits large businesses more than SMEs or individuals, with major financial institutions adopting it for reliable international payments.
Features:
- Uses Ripple Transaction Protocol (RTXP) for fast, low-cost, secure payments
- Ripple enables global payments with XRP
- XRP architecture supports fast, low-cost transactions, processing 1,500 per second for less than a cent each
OpenChain
OpenChain is a popular blockchain platform known for its security and open-source design, which is powered by Coinprism. It’s perfect for organizations managing digital assets.
Unlike traditional blockchains, OpenChain is a “transaction chain” that links transactions directly, bypassing blocks. It uses partitioned consensus for free transactions validated by asset owners or digital signatures. This makes it effective for secure digital asset management.
While mainly for supply chain management, it’s also ideal for organizations needing efficient, real-time confirmations.
Features:
- No mining fees, offering a cost-effective solution for managing digital assets.
- High scalability, ideal for latency-sensitive applications like trading.
- Introduces a hierarchical account system for customizable permissions and readable aliases instead of base-58 addresses.
ConsenSys Quorum
Quorum, built on privacy and decentralization, has really captured the attention of the developer community. This blockchain platform was started by J.P. Morgan and has become a top choice for businesses and financial markets.
Essentially, Quorum is a private or permissioned blockchain, developed from the Ethereum blockchain fork. J.P. Morgan created it to meet the unique demands of the financial industry, like privacy, scalability, and performance. That’s why it is hailed as one of the best blockchain platforms for financial companies to use.
With its distributed transaction ledger, it keeps your transactions private using cryptography. It’s an open-source platform designed specifically for apps needing high levels of private transactions. Quorum tackles the privacy challenges that other blockchain platforms haven’t quite managed to sort out.
Features:
- Provides advanced privacy features for private transactions and smart contracts that only authorized parties can see.
- Built for high scalability, it handles large transaction volumes while maintaining performance and security.
- Supports smart contracts to automate complex agreements between parties.
EOS
EOS is one of the best blockchain platforms today, offering secure and easy ways to exchange, buy, and trade data on smart contracts. Launched by Block.one in June 2018, EOS is an open-source network based on decentralized technology, allowing users to perform tasks without incurring fees.
The EOS blockchain uses a proof-of-stake algorithm for consensus and has a forum for developers to discuss blockchain queries. As a blockchain cryptocurrency and platform, EOS addresses scalability for decentralized apps with Delegated Proof-of-Stake (DPoS).
EOS dApps are safer, faster, and more cost-effective than traditional blockchain apps. Leading in gaming, gambling, and a variety of other apps like music sharing, fitness tracking, and digital payments, EOS is part of the Web3 project to bring computing and internet functions onto blockchain networks.
Features:
- Aims to boost transaction speed and dApp performance through parallel execution.
- Enables seamless integration and interoperability between blockchains for data and asset exchange.
- Supports smart contracts written in Solidity and C++.
Tron
TRON, founded by Justin Sun in 2017, is a decentralized blockchain platform with over 206 million users and more than seven billion transactions. Its mission is to decentralize the Internet through blockchain systems and decentralized applications.
The idea behind TRON is to be a more efficient layer-one blockchain. It focuses on high throughput, scalability, and availability. To keep things running smoothly and reduce wait times, it uses delegated proof-of-stake (DPoS) consensus mechanism.
Aiming to become a major player in Web3, TRON seeks to decentralize how content is developed and distributed online. TRON’s native cryptocurrency is TRX. In 2021, TRON transitioned to TRON DAO, a decentralized autonomous organization.
Features:
- The Tron Virtual Machine (TVM) supports Solidity-based smart contracts for easy compatibility with diverse dApps and popular tokens like BTT, USDT, and USDC.
- Achieves up to 2,000 TPS with transaction finality in under three seconds, surpassing Ethereum in speed and usability.
- Super representatives, elected via a democratic process with a 9999 TRX fee, manage block production and run TRON nodes, earning rewards.
Need a Hand with Your Blockchain Projects?
Creating blockchain applications is challenging—but it’s not impossible. With some guidance and help from blockchain providers, you can create an efficient, secure app that your users will love.
At Startechup, we specialize in blockchain development, delivering custom solutions with top blockchain platforms and technologies. We are a Philippines-based software development company dedicated to unleashing the full potential of blockchain technology for businesses worldwide.
Contact us today for a FREE consultation!
