Top 9 Blockchain Platforms to Consider in 2024

Blockchain platforms have grown in popularity over the last few years. Today, they are designed to provide practical value for business applications and use. If you're looking for the best blockchain platform, here are some options to consider:
 
1. Ethereum

Ethereum was first introduced in 2013, and it is one of the most established and oldest blockchain platforms. It provides a decentralized blockchain system that is similar to the Bitcoin blockchain system. Through the approval of smart contracts, Ethereum enables true decentralization. Its disadvantages include high transaction costs and long processing times.

2. Hyperledger Fabric

Hyperledger Fabric is a collection of tools that facilitates the creation of blockchain applications. It was made with distributed ledger applications in mind and features a rich ecosystem of features that can be displayed in a modular architecture. It operates efficiently in closed blockchain deployments that can enhance speed and security. 

3. IBM Blockchain

IBM Blockchain is a decentralized and private blockchain system that has been highly successful with risk-averse enterprise clients. Its developer tool is made to be functional, flexible, and customizable. Furthermore, it has a user-friendly interface to rapidly ease key tasks like configuring, testing, and deploying smart contracts. 

4. R3 Corda

RD3 Corda uses a new consensus technology where transactions are cryptographically connected. However, it does not cluster different transactions in a block. According to the official Corda website, R3 Corda is half a blockchain and half not a blockchain. 

5. Hyperledger Sawtooth

Hyperledger Sawtooth uses a new consensus technique known as proof of elapsed time. The technique can merge with hardware-oriented security systems to activate reliable execution habitats of program code to operate in secure territories.

6. Stellar

Stellar is a modern-day blockchain platform developed for different types of decentralized finance (DeFi applications). It leverages the Stellar Consensus mechanism, which can accelerate the time needed to process and complete transactions via a public network. It also features security systems for eliminating unreliable players in financial transactions. 

7. Tezos

Tezos is an age-old platform that aids new financial instruments like NFTs, smart contracts, and decentralized applications. These components can be considered a disparity in trading cards linked to digital assets. The platform supports modular software clients and protocols, enabling it to accustom to new uses. 

8. ConsenSys Quorum

Quorum leverages the core function of the Etherium platform and reconfigures it into a seasoned environment ideal for banks. It’s optimized to support rapid transactions between companies like insurance companies and banks on a private network. ConsenSys purchased Quorum’s intellectual property in late 2021 and incorporated it into its operations to form the ConsenSys Quorum open-source protocol layer. 

9. EOSIO

Initially, the EOSIO blockchain platform was introduced as an open-source project. It facilitates the development of smart contracts and decentralized applications. It uses a sophisticated consensus technique based on PoS that offers excellent performance compared to older techniques. The core strengths of EOSIO include advanced account approval features for application deployment and fast transactions. Some of the applications developed on the EOSIO platform include gaming, SCM, and identity management. 

Sweet Tips from Ally:

The blockchain platform you choose depends on your requirements. Use this article as a guide to help you make an informed choice.