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Top Enterprise Blockchain Platforms

Blockchain technology is becoming important day by day and receiving worldwide acceptance as a mainstream technology. With this, enterprises and start-ups are more interested in exploring blockchain as a solution to their real business problems.

Catering to the market demand for enterprise-grade blockchain solutions, numerous Blockchain platforms are emerging at a frenetic pace.

These platforms also referred to as blockchain protocols, facilitate the development and deployment of dApps, decentralized storage systems, smart contracts, and other blockchain applications.

Each blockchain platform or protocol is designed to create specialized, more efficient, and transparent business processes. Thus they feature specific strengths, consensus mechanisms, and degree of decentralization. Industries like healthcare, logistics, supply chain, and many other technology fields are at the frontline to adapt enterprise-grade blockchain solutions.

This blog lists five blockchain protocols that support and accelerate the development of blockchain-based applications and solutions.

These platforms have been shortlisted based on factors like the development status of the platform, its reputation on open-source software development communities like Github, its consensus protocol, the scope of scalability, and whether or not the platform supports Smart contract functionality.

XinFin

eXchange inFinite (XinFin) is a Singapore-based non-profit Blockchain company. It is a platform that primarily focuses on international trade and finance and aims to bridge the gap between off-chain legacy systems and the Blockchain.

XinFin protocol is built upon a paradigm of consortium Blockchains, and it supports both private and public networks. In its offerings, XinFin seeks to consolidate the public chain’s power of decentralization with the private Blockchain’s security and the high transaction speed.

It also has its cryptocurrency XDC. But instead of using Proof-of-Work, XDC uses XinFin Delegated Proof-of-Stake (XDPoS) consensus mechanism. This mechanism relies on 108 trusted distributed master nodes that are secure and run the network by meeting the staking requirements. Another notable point with XinFin is its low transaction fees and 2 second transaction confirmation time.

XinFin supports atomic cross-chain token transfers and all EVM compatible Smart contracts. It has incorporated new scaling techniques such as sharding, EVM parallelization, private chain generation, and new hardware integration into XinFin Network’s Masterernode architecture.

The unique products of XinFin include:

  • XinFinMaster: It enables the application of the Masternode candidate position and also displays Masternode performance stats.
  • XinFinScan: It represents all blocks, transactions, smart contracts, dApps and token information.
  • xdcwallet: It allows tracking rewards and securely storing, sending, and receiving tokens on the XinFin network.

2. R3 Corda

R3, a consortium of financial institutions, has built an open-source Blockchain platform named Corda in 2015. To enable businesses to perform transactions directly and strictly, Corda supports DLT applications.

It doesn’t have any built-in token or cryptocurrency. It provides fine-grained access control to digital records and increases privacy by operating in permission mode. Its consensus mechanism is Asynchronous Byzantine Fault Tolerance consensus, and it supports smart contract functionality.

Originally, Corda was designed to serve the financial sector but now is being used in various other industries like healthcare, supply chain, trade, and government authorities.

Many big names like Intel and Microsoft are using Corda as a Blockchain platform. R3 Corda uses CDL (CorDapp Design Language), capacity 2in sprints, and deployment support to provide solution architecture services.

3. Hyperledger Fabric

Hyperledger is a popular open-source community that develops a suite of stable frameworks, libraries and tools for enterprise-grade Blockchain deployments.

It is a neutral or host platform for various distributed ledger frameworks such as Hyperledger Fabric, Sawtooth. Hyperledger Fabric supports the development of solutions and applications with a modular architecture. Its main features include:

  • High performance and scalability
  • The modular architecture supporting plug-in components
  • Permissioned membership
  • Query-able data
  • Lower latency of finality

Hedera Hashgraph

Hedera hashgraph is a public network, and it doesn’t involve the computation of a heavy Proof-of-Work algorithm. It is highly scalable and facilitates the design and development of innovative and scalable decentralized applications. It relies on an asynchronous Byzantine Fault Tolerance (aBFT) consensus mechanism. What distinguishes Hedera from other Blockchain platforms is its fair, fast, secure and unique mechanism that offers considerably reliable algorithms for higher transparency.

The key features of Hedera Hashgraph include:

  • Comparatively faster than other Blockchain platforms
  • Secure and stable
  • Low transaction fees
  • Multi-signature transactions and accounts

Quorum

The brainchild of JP Morgan, Quorum is an enterprise-focused platform that leverages the Ethereum blockchain and aims to cater to the financial sector. It is an open-source Blockchain protocol designed for use in private blockchain networks. Quorum operates on a permissioned network, and thus, it allows the organizations to customize the platform to their own needs. The main features of Quorum include:

  • Open-source
  • Community driven
  • Mature
  • Trustworthy and enterprise-ready
  • Enhanced contracts and transactions privacy
  • Better performance
  • Voting-based consensus mechanism
  • Proper peer and network management

Conclusion

Nowadays, data management, along with fast transactions, is critical to any organization. The prime challenges around data management are security, lack of transparency, and a higher degree of complexity. The currently active and in-process blockchain-based projects glorify the Blockchain’s Capacity of handling organizational level demands around data management.

If you are looking for your next blockchain solution and willing to explore the capacities of different enterprise blockchain platforms, then you can connect with LeewayHertz. The company has years of experience in blockchain consultancy and development for multiple blockchain platforms/protocols, including the ones mentioned in the article.

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LeewayHertz

LeewayHertz

Full-stack software development company for startups and enterprises using blockchain, AI, IoT, AR and cloud computing. https://www.leewayhertz.com