How do I select a Blockchain Platform?
Okay, so you have decided to do a Blockchain project in your organization but have no clue how to start. This article can certainly help.
But before you start the key questions is how to select the correct project? The use case selection is the key to a successful project. This article will give a framework to select the correct project and then select a correct platform for selecting the Blockchain platform.
Project selection
Selecting a correct project is the first step for a Blockchain Proof-of-concept. There is a series of questions that we should ask ourselves before we start a PoC. Check the decision tree below:
Blockchain Platform Selection:
Once you have selected your use case, the next big decision is to select the platform. For selecting the platform, please use the following factors:
Permissioned vs Permission-less
If you need to have all your participants authorised before participating in the network, then you will need to use the permissioned network. But please remember the permissioned network need to identity verification/authorisations services sometimes known as notaries. These services can be either centralised or decentralised, so check what is suitable for your use case.
Tokens/Crypto or not
If you are looking to create crypto-currency or want to tokenise an assess on the Blockchain, then please remember not all the frameworks provide this functionality. For example, Hyperledger fabric or Corda DO NOT provide any facility to create token or crypto. If you need an enterprise-ready Blockchain platform with Tokenization, your choices are extremely limited.
Developer availability
There are not many developers available in the market on most of these technologies. The problem is even more complicated with the fact that many of these frameworks have their languages created, which makes it even harder to train your existing developer pool.
Speed of transactions
If you are looking for thousands of transactions per second, then your choices are limited to mostly permissioned Blockchain. Few permission-less Blockchains claim that kind of scalability but are not proven yet.
Granular security
Not all platforms provide the granularity of the security needed in an enterprise IT system. Do look at each of the platforms and review the security granularity.
I hope these factors will provide you with a good view of the factors that you will need to consider before your Blockchain project.
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