What Are the Best Blockchain Development Platforms for 2022?

The blockchain market is still exploding. According to Cision, it’s expected to have a revenue worth $20B by 2024. Along with a growing interest in blockchain technology, the number of blockchain development platforms is growing too. Sometimes, it is really difficult to choose the right framework to meet your business needs. In this article, we will provide a quick overview of the best blockchain development platforms for 2022 and explain what to look for when choosing a blockchain for your business.

Ethereum

Starting with Ethereum would probably be the right decision as this network is one of the fastest-growing and hundreds of developers around the world consider it one of the best development platforms for blockchain. Introduced in 2013, Ethereum has exploded in popularity thanks to the support of smart contracts and decentralized applications (dApps) that unleash the full potential of blockchain technology.

The main features: Ethereum is a public open-source platform working on the principle of Proof of Work. It provides engineers with a wide range of tools to build blockchain-based solutions using the Ethereum Virtual Machine environment. Ethereum has its own programming language called Solidity and its cryptocurrency Ether, which is used within the Ethereum network for executing transactions and running apps. According to the Ethereum Price, the market value of one ETH at the end of May 2021 was $2,236 which makes Ether the second most valuable cryptocurrency on the market after Bitcoin.

Strong and weak points: The strengths of Ethereum are its high level of security due to decentralization, very little downtime, versatility and a huge community. Of course, there are weak points as well. For example, slow processing times and higher transaction costs compared to other platforms, as well as scaling issues. However, it’s worth noting that the Ethereum team is working on troubleshooting. For example, in 2021, the platform partnered with Polygon, which aims to create Ethereum-compatible blockchain networks. Also, Ethereum is currently undergoing an update known as Ethereum 2.0, which will operate on the Proof of Stake (PoS) principle to improve security and scalability and make gas calculations more efficient.

Hyperledger Fabric

Permissionless networks such as Ethereum have many advantages, but some organizations operate under strict confidentiality conditions that open blockchains cannot provide. This is where the need for private networks arises, and this direction has a lot to do with Hyperledger Fabric.

The main features: Hyperledger Fabric is a cross-industry blockchain network enabling developers to create blockchain-based solutions using plug-and-play components. All thanks to the modular architecture. The platform was created for industrial enterprise use and it is permissioned, which means only authorized users have access to data. Hyperledger Fabric also has smart contracts called ‘chaincodes’.

Strong and weak points: Hyperledger Fabric combines the benefits of blockchain technology with enhanced security for sensitive information and privacy. It offers good performance and scalability and allows you to set up a clear identity management system to control who joins the network. This is an example of a blockchain that is suitable for organizations that are not related to crypto projects.

The platform is constantly improving. For example, Hyperledger Fabric 2.0 was released in January 2020. The update allowed for improved data privacy and ensured decentralized management of smart contracts.

However, Hyperledger Fabric is not suitable for those looking for transparency. Since the market is mainly focused on public blockchains, there are relatively few use cases for this platform.

Polkadot

Polkadot is a relatively new but promising blockchain platform created by Gavin Wood, one of the co-founders of Ethereum. Since August 2020, the Polkadot token has risen in price by 1238%, and the platform itself has become a noticeable player in the market.

The main features: Polkadot is a technology designed to create a multi-blockchain network with fully decentralized information exchange. In this environment, developers can create new blockchains, as well as connect existing ones. Polkadot’s unique architecture that includes parachains allows you to take permission data from a private blockchain and use it in a public blockchain. It has every chance of becoming one of the best blockchain development platforms in the coming years as it solves the problems of scalability and interoperability of blockchains.

Strong and weak points: Polkadot provides many benefits to both blockchain developers and users. First, the network enables fast and secure processing and transmission of data between public and private blockchains. The platform is highly scalable and functional. Secondly, it opens up new opportunities for developers of decentralized applications. For example, by providing a single framework for building protocols, Polkadot allows individual blockchains to rely on common security features. Many blockchain experts see Polkadot as a revolutionary solution that makes the concept of a unified blockchain network more realistic than ever.

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