Selecting the best blockchain protocol for an enterprise can be overwhelming for someone new to the blockchain space. Given the nature of protocols, it’s critical to understand your objectives thoroughly before getting avoided problems later in your blockchain development project. This article will walk you through a list of the top blockchain protocols you need to know.
Hyperledger is an open-source project developed by the Linux Foundation to create a suite of tools for enterprises to quickly and effectively deploy Blockchain technologies. The blockchain protocol is widely used in Blockchain software solutions because it includes development aid libraries. The Linux Foundation strongly supports Hyperledger and has contributed significant expertise to the protocol’s development. Hyperledger is also highly compatible with Linux, so it can use on the same servers that are widely used in today’s business world.
Over 260 organizations are currently working to develop an industry-grade enterprise solution. JP Morgan, Samsung, Fujitsu, IBM, SAP, and American Express are among the major companies that support Hyperledger.
Multichain Protocol, like Hyperledger, is an open-source platform that contributes a variety of APIs for quick deployments, though it primarily aims to create private applications for private industries.
The MultiChain protocol is widely used with its API for accelerating deployment and streaming integration. The most significant competitive advantage gained by using the Multichannel protocol is its compatibility with physical stores of value and fiat currencies. It enables the creation of ID databases for data sharing and time-stamping.
Ethereum, introduced in 2013, is one of the oldest and most mature blockchain protocol platforms available today. It offers a genuinely decentralized blockchain network similar to the Bitcoin blockchain network. Ethereum excels at sending and receiving assets globally and developing safe and secure apps used in gaming and financial services.
It has its cryptocurrency, ether, and its role as a blockchain platform that underpins enterprise applications. Aside from using Ether (ETH) as a cryptocurrency to pay for computational and transaction fees, the Ethereum protocol allows businesses to build large-scale apps and proprietary variants that use the most recent Ethereum code.
The Corda open-source project excels at blockchain protocol interoperability and provides excellent privacy for businesses building blockchain networks. Users can build blockchain networks to synchronize management and transactional records and agreements. The agreements reached and transactions carried out are highly transparent, without jeopardizing privacy.
Corda assists businesses in streamlining operations by providing time-stamping services to reduce record-keeping costs and eliminate future issues and complexities. The protocol makes it easier to carry out transparent agreements and transactions. Smart contract logic strictly authenticates transactions based on the contract note.
The Quorum blockchain protocol is an open-source blockchain designed specifically for financial enterprises. It is expected to become a significant enterprise blockchain protocol based on the Ethereum framework, allowing for the development of third-party apps and in-house tools.
The developers used a consortium approach so only allowed members could access it, ensuring transaction privacy. A permissioned network composed of the Enclave module, Transaction Manager Module, and Quorum Node maintains the protocol.
Conclusion
Before embarking on a blockchain development project, it is critical to select the protocol because it will define the functionality of your platform. The best blockchain protocol for your business must ultimately be determined by the size and nature of your operations.
SmartOSC provides dependable and affordable blockchain development services thanks to its extensive experience and expert developers. The professionals are well-versed in how protocols are created, what the leading protocols are, and how to develop a secure and efficient blockchain platform.
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