Blockchain technology is transforming businesses with decentralization, speed, simplicity, and flexibility. It is the reason why businesses of varied industry domains are adopting Blockchain resources compatibly to their processes.
Organizations are using distributed and decentralized cloud computing systems for strengthened, connected, and more independent digital infrastructure.
Blockchain saves time and money invested in managing data and resources offline. Users can utilize a secure business architecture where every transaction record is registered in a distributed ledger.
Blockchain has made traditional business processes more secure, simple, and robust.
Blockchain platforms act as a state transition machine in immutable cryptographic transactions on a Blockchain network.
Every business organization can use a different Blockchain platform to function in a unique operation.
So, how do you find out the best-suited Blockchain platform for your project?
Let us know it from a quick read.
Definitive Factors in Choosing The Best Blockchain Platform For Your Business
You may need to focus on several factors to consider your dedicated project requirements. Not every Blockchain platform can always meet your requirements.
The below-mentioned list will help you break through the parameters that you must consider while choosing a Blockchain platform.
Blockchain network demonstrates the technical infrastructure backing all fundamental operations relating to the ledger and Smart Contracts. It is a crucial component that can drive one’s decision to choose a Blockchain platform.
The popularity of a Blockchain platform would help your Blockchain application to gain the credibility of the development platform. You can get premier access to the platform community where you can get resolutions on issues faced.
Another crucial component is analyzing the storage capabilities of all aspiring Blockchain platforms. It is important as it helps you in saving data on a decentralized network and escape many crucial issues that existed in centralized infrastructure.
Every Blockchain platform supports particular programming languages. You can consider a Blockchain platform based on your familiarity with the languages it supports and your project requirements.
5. Cost of development
Cost is a crucial component in any project and so in Blockchain development. The cost of implementing a Blockchain again depends upon several factors such as project complexity, personalization requirements, type of Blockchain being implemented, and other important elements of the technology stack.
6. Robust smart contracts
Smart Contracts drive the execution of predetermined terms and conditions within a Blockchain network. Thus, it is significantly important to consider a Blockchain platform that supports and facilitates a smooth and extensive creation and implementation of Smart Contracts.
7. Transaction speed
The rate at which a Blockchain platform transmits data from one account to another is termed transaction speed. It is a crucial component determining the overall efficiency of a Blockchain platform.
The security approach also depends upon the type of Blockchain being used. If it is a public Blockchain network, every internet-connected participant can participate, validate, and accomplish transactions.
9. Know your client facility
KYC ensures transparency and accountability in financial institutions. While searching for an ideal Blockchain platform, you should check which Blockchain platforms are offering KYC facilities to what extent.
How to Know Which Blockchain Is The Best?
Among several Blockchain platforms, you need to find the best suited for your project. To make a quick and precise call, you should educate yourself on the fundamental requirements. Consulting a Blockchain development company is an effective way to pave your roadmap to realizing your Blockchain idea into a decentralized digital product.
Bitcoin bids itself for a large market capitalization and user base whereas Ethereum is considered for its establishment in a large number of futuristic projects, i.e., Web 3.0, Metaverse, NFTs, etc.
Ethereum is also acclaimed for regular product updates and effective utilization of Smart Contracts.
Hyperledger is identified for its opensource package of B2B-focused tools meeting the cross-industry goals in a Blockchain development project.
Quorum is another Blockchain platform developed and managed by the multinational investment bank, JPMorgan. It has gained popularity for its enterprise-oriented, efficient, and high-speed processing of transactions.
Monero is the most popular Blockchain platform when it comes to privacy as it provides anonymity to cryptocurrency users. This characteristic of this private-oriented Blockchain platform is also criticized as it prompts cybercriminals and gamblers to exploit it for malicious activities.
In a way, it is less about finding the best Blockchain platform but more about choosing the best-suited one for your needs.
One way to choose an ideal Blockchain is by considering what top industry contenders are using. Another way is to educate yourself through market research platforms where you review crucial insights on every Blockchain platform that you may consider for your project.
Alongside this blog, you can also connect with enterprise blockchain dekvelopment experts who can comprehend your requirement and guide you through the best platform and other important recommendations.
Brian Comel is a Sr Blockchain developer working with a Blockchain development company for more than 5 years now. He passionately pens about the technology trends through blogs and journals.