Top 10 Blockchain Platforms of 2020 and Their Applications

Blockchain is a revolutionary technology that surfaced as a way to disrupt the financial industry. In the quest for a more secure and private way to manage finances over the web, blockchain has provided the perfect answer. Nowadays, blockchain is being used in many different industries other than just finance. As experimentation continues with blockchain technology, more opportunities are now making themselves known.

Increasingly, we’re seeing the emergence of blockchain platforms supporting the development of blockchain-based applications. Just like any development platform, the right blockchain system allows businesses to experiment in data management to transaction processing. If you’re looking to get in on the blockchain action, we’ve compiled a list of the top 10 platforms that we had working experienced for your consideration today.

1. Ethereum

As a known fact, Ethereum blockchain platform has conceived several reverberate in the market and it is one of the best blockchain platforms to use in 2020. An open-source blockchain platform fabulous to run smart contracts on the custom-built blockchain network.

As well, the best platform for the developers for creating decentralized applications and democratic autonomous organizations (DAOs). Ethereum furnishes secure smart contracts and cryptocurrency trading and much more contrast than bitcoin protocol.​

At last, Ethereum, the consideration of many which assuredly become the industry-leading blockchain platform for the enterprises to build enterprise-grade apps.

Network Type: Smart Contract and Public

Payment Method: Ether for Transactional and Computational Services

Written Languages: Python, Go, C++

Consensus Type: PoW (Proof of Work)

2. Hyperledger Fabric

Hyperledger Fabric is the only blockchain platform which let to build blockchain applications on a modular architecture. On the other hand, this platform furnishes various technological advances that are decisive for the smart application development for industries such as finance, supply chain, manufacturing, and so on.

The only platform which offers both decentralized hosting and decentralized applications storage with the capability of smart contract. Bedsides, Hyperledger Fabric blockchain platform is chiefly designed for permissioned networks, which enables participants in the network to take part in the blockchain. Amazing, right? Henceforth, this is the reason behind why enterprises and companies invested in the Hyperledger Fabric to build enterprise-grade applications with the blockchain platforms.   

Network Type: Permissioned

Payment Method: Open Source

Written Language: Python

Consensus Type: Pluggable Framework

3. EOS

EOS is an open-source network that is based on the decentralized technology concept which offers the capability for the end-user to perform various tasks on the EOS platform. Without any payment, the user can avail of all the benefits of a dApp based on EOS.

EOS blockchain platform carries out a consensus with the utilization of proof-of-stake algorithm and also have their own community forum as EOS forum enabling developers to discuss their queries related to the blockchain technology.

Network Type: Permissioned

Payment Method: Open source

Written Language: C++

Consensus Type: Delegated Proof-of-Stake

4. Ripple

Ripple blockchain platform specifically fit for cross-border payment solutions and best-known among the community of payment providers, banks, and corporates. It permits banks for direct transact across national borders.

Ripple, the best blockchain platform for the utilization of both large-size business institutions and individual users. It has been adoptive by significant financial institutions for its ease of certain cross-border payments that also make it one of the most sought-after blockchain platforms in 2020. Ripple permits for the global payments through “XRP or Ripple” which is a fabulous form of digital asset for cryptocurrencies like Bitcoin and Ether.

Network Type: Permissioned

Payment Method: Open Source and Free

Written Language: Python

Consensus Type: Probabilistic Voting

5. Stellar

Stellar, a distributed ledger network under blockchain technology furnishes a fast, and cost-effective cross-border payment solution to business enterprises and individuals. Through the utilization of the stellar blockchain platform, building mobile wallets and smart banking tools like the Paypal online payment sphere is possible for developers.

It is possible for the stellar blockchain to set consensus without utilizing the closed system for recording financial transactions. Companies like ICICI Bank and RippleFox undergo the Ripple blockchain platform to boost the cross border money transfers and payments process.

Network Type: Public/Private

Payment Method: Open Source

Written Language: JavaScript, Java

Consensus Type: Stellar Consensus Protocol

6. R3 Corda

R3 Corda, an open-source distributed ledger blockchain platform which let businesses to directly transact with smart contracts. To point out, R3 Corda operates on the permissioned network that permits only authorized participants for accessing certain data, not the absolute network. It embellishes the privacy level with its digital records access control.

R3 Corda blockchain platform does not accept cryptocurrency or token-based payments and lets only authorized participants for the payment data accession. As a matter of fact, it is the best blockchain platform for the financial industry but now it is applicable for various industries like supply chain, healthcare, and government organizations.

Network Type: Permissioned

Payment Method: Open Source

Written Languages: C++ and JavaScript

Consensus Type: Pluggable Framework

7. NEO

The Neo blockchain platform uses blockchain smart contracts to manage digital assets which also facilitates the P2P exchange of digital assets and currencies without the demand to add third-party exchanges.

To mention that, the Neo blockchain platform has its own native currency called “Neo”. This lets you pay transaction fees on the Neo network to run your app. The Neo infrastructure influence several forms of digital assets and you can also utilize digital certificates to create your application on Neo network securely.

Network Type: Permissioned

Payment Method: Open Source

Written Languages: C#, Java, Python

Consensus Type: Delegated Byzantine Fault Tolerance

8. OpenChain

OpenChain, a secured open-source distributed ledger technology platform by Coinprism is well fit for the organizations that desire to preserve and deserve their digital assets.

With the peer-to-peer network and single-point control to validate payment transactions and online asset exchange, it worth considering this as one of the best blockchain platforms. To point out, OpenChain works on the partitioned consensus that’s why all the transactions are free of costs and each transaction on the ledger is validated by an asset owner or by a digital signature.

Network Type: Private Network

Payment Method: Open Source and Free Pricing

Written Languages: JavaScript

Consensus Type: Partionned Consensus

9. Multichain

Multichain, the blockchain platform is the best choice for the instant building an deployment of distributed ledger applications. While in comparison with other technologies platforms, this lets for better performance and app scaling. The prime advantage of this MultiChain blockchain platform is, there is no need to learn a new programming language for developing smart contract software solutions and applications.

On the other hand, Multichain blockchain platform is consistent with Bitcoin and its main strength is its open-source platform. In the developers phase, this platform is utilized to develop multiple key-values, time series or identity databases on blockchain technology. As well, it is also good for the programs encrypted archiving with sophisticated data sharing levels and timestamping.

Network Type: Permissioned

Payment Method: Free and Open Source

Written Languages: C#,C++, Python, JavaScript

Consensus Type: Probabilistic Voting (Passive)

10. Quorum

J.P. Morgan’s Quorum blockchain platform is the most preferable blockchain platform for businesses and financial markets. This is the reason behind why many financial companies indulging this in their operations. It makes your transactions private by cryptography with its distributed transaction ledger system. Quorum has gained strong support from the developers’ community based on privacy and decentralization principles.

This open-source blockchain platform is chiefly designed to handle applications that require a high level of private transactions. To spot out the specialty of a quorum, it resolves the privacy records issues on the digital platforms that other blockchain platforms failed to handle.

Network Type: Permissioned

Payment Method: Open Source

Written Language: Python

Consensus Type: Majority Voting

Wrapping up

We hope you have acquired basic information of the top 10 most well-known blockchain development platforms. If you are still unsure about what platform you should use for your project, contact us now for free consultation session!