Blockchain has completely changed how we interact with and use the internet. Blockchain is being adopted by many businesses in order to improve transparency and immutability, lower transaction costs, and do away with the need for a middleman.
Blockchains are in the news not just for cryptocurrency, but also for securely and dependably transferring data in a variety of industries, including finance, healthcare, government, and many more.
This article examines some well-known blockchain frameworks as well as the factors you should take into account when selecting a blockchain framework.
About blockchain framework
The name “blockchain” alludes to this data structure’s distinctive construction. A new block is created each time a user of a blockchain contributes some data, such as a record or a transaction. The chain is made by storing the blocks in order. A block cannot be removed or altered because of cryptographic digital signatures.
This characteristic makes blockchains appealing for operations where provenance and immutability are essential, such as exchanging large sums of money, securely preserving doctor notes on a patient’s visit, or selling the rights to a work of art using a non-fungible token (NFT).
A single blog post cannot possibly cover all blockchain development frameworks. Instead, we will concentrate on five of the most well-liked and commonly utilized frameworks in the blockchain development industry:
The most well-known and commonly utilized blockchain development platform worldwide is Ethereum. In actuality, it was the first platform for building blockchain applications. It was constructed in 2015 and featured a ground-breaking innovation called the smart contract.
The reason Ethereum has been so successful is that it was the first platform to integrate fully-fledged smart contracts and the first platform that made it relatively simple and quick to organize an initial coin offering (ICO).
As ICOs become less popular as a result of pressure from government regulators, Ethereum’s popularity is now decreasing. However, you should be aware that scammers frequently used this framework to start their fraudulent projects. Therefore, fewer scammers mean less interest in Ethereum, which has no impact on the usefulness of the Ethereum framework among sincere developers.
Bitcoin is the world’s first and most well-known cryptocurrency architecture. Under the alias Satoshi Nakamoto, it was developed in 2009 by an individual or group of individuals. Several of the top twenty cryptocurrencies, including Ethereum, Litecoin, Dash, Bitcoin Cash, Bitcoin SV, and others, have their roots in the Bitcoin blockchain.
Since it is outdated and slow compared to the other blockchains, the Bitcoin framework is now losing ground. However, you shouldn’t dismiss it since Bitcoin has the highest market cap and user base. It also evolves as a decentralized system, with the community deciding how to wait, what updates to offer, and in which direction the network will go.
Corda was initially developed for use by financial institutions. The goal was to reduce transaction costs and record-keeping expenses by coordinating, managing, and controlling financial responsibilities between various companies. Since then, the framework has been expanded to include digital assets, insurance, and healthcare.
Corda is an open-source project that utilizes the Java Virtual Machine and Kotlin (JVM). The JVM is accessible on almost all computing platforms.
Quorum is an Ethereum-based open-source blockchain platform. Businesses that want to use the blockchain platform for their operations can get support from Quorum. Although it has a permission ledger type, it also permits changes based on client requirements. Quorum also enables smart contracts in both public and private networks.
Quorum has gained the trust of many businesses, including Microsft, JP Morgan, Covantis, SiaChain, Komgo, the South African Reserve Bank, and others.
Launched in 2018 by Block. one, EOSIO is a very fast open-source blockchain technology. Building blockchain applications can be done quickly, reliably, and securely with EOSIO. You can use EOSIO’s current networks to deploy smart contracts. Additionally, you are able to develop your own EOSIO networks and implement smart contracts on them.
Before selecting a blockchain framework, your team must assess the needs of your firm for the now and the foreseeable future, as with any technology decision. To find out more, Contact us today.
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