Blockchain has been the year’s buzzword for nearly a decade, and it doesn’t look like it’s going away anytime soon. While bitcoin helped popularize the technology, mainstream adoption has been slow. Its blockchain nature, on the other hand, may drive its mainstream adoption. This article will examine open-source blockchain implementation examples to explore.
Hyperledger Fabric is one of the most well-known and widely used projects. Notably, developers can take advantage of a novel consensus approach that improves performance at scale. Simultaneously, the platforms are highly interoperable within a network-of-networks environment while maintaining privacy.
For its innovativeness, Hyperledger Fabric is one of the best open-source blockchain frameworks. Developers and businesses can create trustworthy applications that adhere to accountability and transparency by leveraging open governance and open source.
2. Enterprise Ethereum
Ethereum is essential to businesses in addition to being the platform that popularized smart contracts. This platform, aptly named Enterprise Ethereum, enables developers to create blockchain solutions for enterprise users. Unlike the public Ethereum network, Enterprise Ethereum is permission for the same reasons that HydraChain, Corda, and Hyperledger are.
Enterprise Ethereum’s main selling points are:
- Highly customizable: Enterprise Ethereum allows the developer to change the network size for the best scale. Developers can also adjust the block size and gas limit to ensure the network runs smoothly.
- Reduced cost of trust
Enterprise Ethereum, as previously stated, is an implementation of the Ethereum codebase. This means that organizations can communicate directly and securely without intermediaries.
- Better efficiency
Legacy business operations are paper-based, making them inefficient and time-consuming. On the other hand, a blockchain network eliminates the need for paper in peer-to-peer transactions, increasing efficiency.
Corda, an open-source blockchain implementation example, has distinguished itself as a platform where transactions are not made public. Traditional blockchain platforms such as Bitcoin and Ethereum make all transaction information public to improve verifiability. However, this was a major stumbling block for enterprise blockchain, as most businesses prefer to keep their transaction data private for strategic reasons. No company wants to expose its soft underbelly to competitors!
Because Corda is permission, all nodes automatically trust one another because no one can transact without first undergoing stringent KYC procedures before gaining access to the network.
J.P. Morgan invented Quorum. The platform is an Ethereum fork that aims to bring the full benefits of blockchain to the financial sector. Notably, JP Morgan’s inclusion in the blockchain ecosystem is a significant step toward the technology’s widespread adoption. The network’s primary goal is to provide a permission blockchain network based on the Ethereum codebase that allows for private transactions.
Key features of Quorum
Quorum takes this further by providing a platform where digital trust is built into the system. That is, information can be proven and validated without the assistance of third-party organizations.
Because Quorum is open source, a thriving community of organizations is eager to test the platform. As a result, various points of view encourage peer collaboration.
Quorum uses the Ethereum codebase. As a result, the platform will monitor the progress of Ethereum, one of the pioneering blockchain platforms. As a result, as Ethereum matures, Quorum will grow alongside it, which will greatly benefit users.
To begin, OpenChain is more centrally managed than traditional blockchain networks. This is because a single authority performs transaction validation.
Second, each node in the OpenChain ecosystem has its ledger over which it has complete control. This is in contrast to the traditional blockchain network architecture, in which all nodes share a single ledger.
So, you should be aware of these various open-source blockchain implementation projects. You can also try them if you want to pursue a career in blockchain. If you believe you have what it takes to compete in the blockchain race, contact SmartOSC to take the first step toward beginning your blockchain journey!
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