Our Global Presence :

Factors to Choose the Best Blockchain Platform for Business Growth

by

Daljit Singh

linkedin profile

20 MIN TO READ

January 12, 2024

Factors to Choose the Best Blockchain Platform for Business Growth

by

Daljit Singh

linkedin profile

20 MIN TO READ

January 12, 2024

Table of Contents

It should come as no surprise to anyone who has worked with or tried to understand blockchain technology that, given the complexity and rapid evolution of the field, launching a successful decentralized Blockchain platform requires more than just a brilliant idea. It also requires a committed team, subject-matter knowledge, and the appropriate funding. 

Sadly, even blockchain platforms frequently fall short. Having worked on several dApps and Blockchain platforms, we at DebutInfoTech know that selecting the incorrect Blockchain development platform is a fundamental factor in this failure. 

In order to prevent you from adding your name to the list of failed projects, we will examine several issues related to the selection of Blockchain platforms in this article. 

Should You Incorporate Blockchain Into Your Business? 

Blockchain is one concept that would come up year after year if we had to compile a list of popular tech topics from back in 2010. Businesses have taken note of its potential to revolutionize economies through attributes such as transparency and interoperability. 

In the middle of all the advantages, there’s also a sad picture. The picture of Blockchain Proof of Concepts failing. In an attempt to stay current, businesses often integrate Blockchain analytics platforms into their processes without considering if doing so will ultimately help them achieve their goals. 

Helping you determine whether Blockchain integration is essential for your project is a moral obligation of ours, as selecting the appropriate Blockchain development platform will be decided much later. 

For many aspiring enterprises, creating the most outstanding blockchain network and structure from scratch is an aspiration that will be nearly impossible to realize when the wave of complexity hits reality. It is also an expensive aspiration. 

Due to this challenge, blockchain platform providers were developed, and blockchain services agencies like Debut Infotech that help interested businesses scale to blockchain technology rose in popularity. They enable companies to utilize the Blockchain-related software, infrastructure, and services that are already available. Promising blockchain-based systems have several advantages that support their need:

  1. Having everything you need in one location: Blockchain is a distributed, human-managed database. It facilitates the organized and safe tracking of every transaction. It makes use of the Blockchain platforms to accomplish this.
  2. Increased efficiency: A Blockchain technology platform is designed from the ground up to be efficient. Blockchain systems, as opposed to conventional gateway solutions, allow stakeholders to communicate directly with customers. As a result, this eliminates the inclusion of intermediaries and checks prices.
  3. Fraud prevention: Blockchain technology is at the core of the solution; Blockchain systems stop information from being altered. In other words, by changing the data to suit their purposes, it becomes challenging to misuse it.
  4. Encourages Auditability: The platforms’ transparency adds accountability to the Blockchain technology services. Everyone involved in the Blockchain system is aware of their responsibilities, enabling them to hold each other accountable when things go wrong. 

Blockchain Platforms Types and Their Use Cases 

Use Cases of Blockchain Platforms

Blockchain development platforms come in three primary varieties: private, permissioned, and public networks. 

Public Networks are decentralized networks in which anybody can participate in any capacity, exchanging tokens, mining cryptocurrencies, operating entire nodes, etc. Cons include the fact that they are typically slower to use and more expensive. They aren’t usually regarded as a crucial Blockchain platform for entrepreneurs because of this.

Permissioned Networks are open to the public but restrict access to specific users. In comparison to public networks, they typically offer high storage capacities, minimal latency, and speed. 

Private networks are those that are only accessible to a select group of reliable parties. They have no latency and are pretty quick. The majority of private blockchain networks lack the immutability and security benefits of decentralized networks, as well as Bitcoin use.

In the table below, we will list the various use cases for Public, Permissioned, and Private networks to assist you in analyzing the key differences between the Blockchain systems. 

private blockchain

List of Top Blockchain Platforms

The Debut Infotech team has compiled a list of the top 10 blockchain platforms. 

  1. Ethereum 

It’s the platform that made smart contracts widely known. Since its founding in 2015, the platform has dominated the Blockchain market as the go-to option for developers creating decentralized applications by taking advantage of its first mover advantage. 

The construction and popularization of Ethereum 2.0 are evidence of the ongoing platform advancements made by the core development team and the large community. Making it the best blockchain development platform for startups is the goal of the efforts.

  1. Hyperledger 

It is an open-source permissioned blockchain with a focus on building highly effective DLT that facilitates cooperation across industries. One of the most well-known blockchain platforms consists of seven tools and six frameworks that assist enterprises in implementing blockchain technology. It is notably one of the best blockchain platforms for the supply chain industry. 

  1. WAX

This is one of the best blockchain gaming platforms. Designed with gaming and NFTs in mind, WAX attracts projects such as Alien Worlds and CryptoSlam with its near-instantaneous transactions and $0 fees. It can potentially bridge the gap between mainstream gaming and blockchain technology because of its user-friendly interface and fun-focused approach.

  1. EOS

This blockchain application platform, which supports smart contracts, is used to install and operate several decentralized applications. The key that separates EOS from Ethereum is that it is a public network platform that everyone may use to register for an EOS account and submit transactions to the network. 

EOS is the most excellent blockchain architecture because it uses delegation to obtain consensus on who will create each block. This is done by having token holders vote for their preferred candidate from a long list. 

  1. R3 Corda

More than 300 businesses have joined this enterprise Blockchain consortium to create Corda, an open-source Blockchain platform. Enterprise-distributed apps in industries including finance, digital assets, insurance, and healthcare are hosted on it. Written in Kotlin, Corda supports the beginning of high-level Blockchain app development services with a high degree of integration with multiple current business infrastructures.

  1. Quorum

The platform is an Ethereum fork designed by a private company with a focus on the finance industry. Companies that use Quorum can implement private or public smart contracts that are implemented in the Solidity programming language. It is regarded as the preferred solution for many financial organizations and is a critical component of the Enterprise Blockchain movement because it is a permissioned version of Ethereum. 

  1. AdEx

AdEx is a blockchain advertising platform designed to lower ad fraud and increase transparency. It ensures that advertisers receive what they pay for by facilitating the purchasing and selling of advertising space through the use of smart contracts. AdEx’s market capitalization is $50 million as of March 2023. 

  1. Chainalysis 

Chainalysis is a leading blockchain analytics platform offering software called Reactor that helps visualize complex transactions between wallet addresses. It maps addresses to real-world identities, enabling law enforcement to detect illicit activities like darknet marketplaces and ransomware. Chainalysis also assigns risk scores to transactions in real time, helping financial institutions identify potentially risky ones. The company has a team of analysts ready to trace transactions on demand. 

  1. Tron

Tron is an operating system built on the blockchain that lets users create decentralized applications and trade media assets. On the Tron platform, specific software functionalities are accessed through the TRX currency. By guaranteeing transparent forum information and enabling content creators to get digital assets like the TRX currency in return for their labour, Tron seeks to increase content producers’ pay, which many blockchain video platforms can use as a means of payment.

  1. Neo

An open-source, decentralized Blockchain platform called Neo (previously Antshares) aims to build a “smart economy” by utilizing smart contracts and Blockchain technology to handle digital assets effectively. It distinguishes itself in the market with its sophisticated features and interoperability. Neo moved to N3, the most robust and feature-rich version of the Neo Blockchain, in 2021, placing it among the best open-source blockchain platforms. 

Choosing the Best Blockchain Development Platforms 

Best Blockchain Development Platforms 

For businesses to choose the right blockchain development platforms, a few points need to be considered. 

How much privacy your app needs

As previously mentioned, blockchain is primarily separated into two categories: decentralized, where data is shared throughout the whole network, and centralized, where a single authority controls the network and the information that is available to users. 

You should choose a private network that is not decentralized if the program deals with personal data that needs to be shared amongst users, including names, documents, addresses, etc. On the other hand, you ought to post the data on a public Blockchain development framework if the app encourages commercial trustlessness and transparency. You can choose from our curated list of top blockchain platforms should you need to. 

How much scalability do you need?

As the volume of transactions and participants rises, the blockchain platform needs to expand and adjust accordingly. One of the main challenges facing blockchain projects is scaling. Should your decentralized application be transaction-light and benefit from a straightforward escrow arrangement, you need to limit the network and vendor choices to factors like cost, usability, and quality. 

However, you should consider side-chain implications for responsibility and security and evaluate network transaction fees if your Dapp needs to do a large number of transactions. 

When selecting the finest blockchain platform, a Blockchain development business takes into account additional aspects in addition to these two fundamental ones:

  • Skills accessibility 
  • Community Assistance 
  • Multiple purposes 
  • Security requirements 

Conclusion

Decentralized projects are powered by several blockchain development platforms that developers are utilizing. Choosing the proper blockchain platform is similar to a crucial task, as using the wrong technology might be dangerous. Debut Infotech, your knowledgeable blockchain team, can help with that. We assist you in identifying the ideal blockchain fuel for your enterprise, tailoring options ranging from public chains to private ledgers.

What you receive when you use Debut’s enterprise blockchain development services are:

  • Skilled platform selection: We translate the technical terms and provide the best starting point for your expansion.
  • Smart contracts and custom apps are the things we design to help your business grow.
  • Smooth integration and upkeep: We guarantee a safe and easy blockchain experience for you.

Are you prepared to take off? Reach out to Debut right now, and let’s use blockchain technology to propel your company’s expansion.

FAQs

Q. What is a blockchain platform?

A blockchain platform is a digital infrastructure that allows multiple parties to record, store, and verify transactions in a decentralized and secure manner. It consists of a network of computers (nodes) that work together to maintain a tamper-proof ledger.

Q. How does a blockchain platform work?

Blockchain platforms use a distributed ledger technology where transactions are grouped into blocks and linked together in a chronological chain. These blocks are verified by network participants through consensus mechanisms, such as proof-of-work or proof-of-stake, ensuring the integrity and security of the data.

Q. What are the key components of a blockchain platform?

The key components include:
Nodes: Computers or devices participating in the network.
Consensus Mechanism: Rules for validating and adding new transactions to the blockchain.
Cryptography: Encryption techniques for securing data.
Smart Contracts: Self-executing code that automates and enforces contract terms.
Decentralization: The absence of a central authority or intermediary.

Q. What are the differences between public and private blockchain platforms?

Public blockchains are open to anyone and are typically permissionless, while private blockchains are restricted to a select group of participants and are permissioned. Public blockchains prioritize decentralization and transparency, whereas private blockchains focus on blockchain data privacy and control.

Q. How can businesses benefit from using blockchain platforms?

Businesses can benefit from blockchain platforms by:
Enhancing transparency and traceability of transactions.
Reducing fraud and improving security.
Streamlining supply chain management.
Lowering transaction costs and improving efficiency.
Enabling new business models through decentralized applications and smart contracts.

blog-image

July 9, 2024

Leave a Comment


USA

Debut Infotech Global Services LLC

2102 Linden LN, Palatine, IL 60067

+1-703-537-5009

[email protected]

UK

Debut Infotech Pvt Ltd

7 Pound Close, Yarnton, Oxfordshire, OX51QG

+44-770-304-0079

[email protected]

Canada

Debut Infotech Pvt Ltd

326 Parkvale Drive, Kitchener, ON N2R1Y7

+1-703-537-5009

[email protected]

INDIA

Debut Infotech Pvt Ltd

C-204, Ground floor, Industrial Area Phase 8B, Mohali, PB 160055

9888402396

[email protected]