Blockchain has a breakneck development speed and is gradually becoming a standard of technology development worldwide. Many companies, corporations, banks, and governments are developing or applying blockchain technology to solve current complex problems.
Thanks to their superiority, blockchains have been integrated into many aspects of life, such as FinTech, AI, Crypto, Internet of Things (IoT), insurance software, healthcare, etc. This article below will show five questions when considering blockchain development partners.
The scalability of the blockchain is the transaction execution speed that the blockchain platform can handle and has the unit TPS (transactions/second).
For example, bitcoin can handle about seven transactions/second, and Ethereum (the network is gaining the most attention right now with support for smart contracts), can hold 20 transactions/second.
Stellar, a payment platform, processes up to 1,000 TPS. And there are many new faces with impressive scalabilities, such as blockchain Solana (65,000TPS), and Avalanche (4,500 TPS),…
Fact: Visa is processing an average of 1,500 transactions per second.
When evaluating a blockchain platform, we must see if the transaction processing capabilities can meet the project’s needs.
While blockchain platforms share the same principles, their functionality can vary greatly.
For example, Ethereum and Ripple are both blockchain technologies, but they are used for entirely different purposes. Ethereum is an innovative contract platform to be used as an agreement between two parties. Ripple is a currency transaction technology aiming to make cross-border transactions easy and affordable.
It is also imperative to assess these blockchains’ adaptability and community support. Adaptability is the rate of practical application that blockchain technology brings.
This is an essential factor for many people, especially when the company or organization has to work with a lot of information that requires high security.
To ensure no information leakage, you should choose a platform with clear transaction history and trusted by the community for security.
Popular platforms with many users, like Bitcoin, Ethereum, EOS, and NEO, are all excellent choices with clear transaction histories.
A community network will allow anyone to access and participate within the network. Bitcoin is the most famous name for an open blockchain network. Everyone can make and verify transactions on the web.
A private blockchain will need permission from the network’s creator to access it. You should carefully research the subjects joining the web and make your assessment.
Many organizations conclude that blockchain is the most suitable and economical solution to many of today’s problems. So the next question is whether to develop an entirely new blockchain or use the existing one.
All have their advantages and disadvantages. Using the existing blockchain means that you will have strong support, especially when you choose famously, verified blockchains by the community.
Developing an entirely new platform will be expensive, time-consuming, and require a deep knowledge base. However, if successful, you will have an option that best suits your needs.
Blockchain technology has made the community waver. With the ability to effectively solve complex problems, reduce costs and save time, it is almost certain that blockchain will be more and more widely applied to all aspects of life in the future.
SmartOSC will always stand by your side and be your best blockchain development partner
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