What are the new Open Source Blockchain Platforms that are making news?

We have already heard about the various benefits that blockchain brings to an organization and the entire industry overall. As more and more organizations plan to inculcate Blockchain in their day-day business activities, a lot of open-source blockchain platforms are coming up to support them in the same.

Undoubtedly, there has never been an open source project that has generated an attention similar to Bitcoin on the international stage. With the growing popularity of Blockchain, several open source platforms are coming up that can help organizations the speed up their development, reduce cost, innovate, be efficient and rapidly build the prototype of their big idea. We shall discuss a few of them in this article today.

Ethereum

Ethereum is an open blockchain platform that helps you build decentralized applications that run on the blockchain technology. It runs smart contracts that run exactly as they are programmed without any downtime or third-party interference. It also helps you design and issues your own cryptocurrency.

Hyperledger

This is a collaborative effect that includes industry leaders from different sectors like finance, IoT, supply chain and banking. The idea behind the big collaboration was to advance cross-industry performance with the help of blockchain networks. It supports Python and provides both public and private networks. Hyperledger Burrow, Hyperledger Fabric, Hyperledger Iroha and Hyperledger Sawtooth are some platforms that come under the same umbrella.

Multichain

Multichain helps in creation and deployment of private blockchain networks within or in between two or more organizations. The platform elusive features include — rapid deployment, native asset support, bitcoin compatibility, extendable and customizable.

HydraChain

Hydrachain is the joint effort of Ethereum project and Braibot technologies. This is an extension of Ethereum platform. It helps in the development of scalable blockchain applications that go in accordance with the organization’s regulatory requirements as well. The high customizability feature provided by this platforms is one of the reasons for its high popularity.

OpenChain

OpenChain was developed by Coinprism and is best suited for organizations that issue and manage digital assets. It has a slightly different approach to implementing blockchain than the standard Bitcoin as it works on partitioned consensus system where every OpenChain instance has just one authority to validate transactions, depending upon the assets that are being exchanged. This results in a client-server network — thereby, a centralized architecture, that is more effective and reliable than the peer-peer architecture.

IBM Bluemix Blockchain

IBM is also not behind when it comes to providing blockchain services. It is available as a part of its bluemix service catalogue. It is built on top of the hyper ledger project that offers additional security and advanced features for enterprises.

IOTA

IOTA is the new member of the family which is believed to be the next generation blockchain. The idea behind this is to help companies explore new business models by making every technological resource owned by the organization, a potential service that can be shared and traded across an open source network in real time. It also promises to be a key enabler for machine economy that supports nano payments as well, without any fees.

As the technology grows, more and more similar platforms will come up that can help you set up your own blockchain network and reap benefits of this awesome technology.

To stay updated with the latest technologies, keep reading our Blog.