Blockchain, a word that has become synonymous with technological development and growth, is now paving the way for a new set of developments. Most of the companies are now eyeing at Blockchain platforms to integrate their business operations. Blockchain is at the same stage as the internet was a few years back. It is witnessing the same growth and apprehensions as the internet received years back when it was first introduced.
Blockchain is a distributed ledger technology that involves two interested parties. It works on a peer-to-peer network where every individual’s identity is anonymous. The growing reason for the popularity of Blockchain is because of the multitude of features that it offers.
Key features of Blockchain:
Before implementing the Blockchain platform in your business operations, it becomes paramount that you must know about the key features of Blockchain technology:
1. Decentralization- One of the key features that distinguish Blockchain from other platforms is decentralization. There is no central governing authority which is present in other conventional digital platforms that we are using.
2. Peer-to-peer interaction- Blockchain promotes direct interaction between two interested parties. The two parties directly interact with each other nullifying the need to have a third-party or intermediary.
3. Cost-effective platform- Since Blockchain doesn’t depend on third-party, and there is no such regulation, the entire process gets simplified and cost-effective. In the conventional platform, we have to pay the amount in the form of processing fees or transactions fees, but with Blockchain, this amount is either minimal, or there is no fee at all. Blockchain platforms like NOR don’t demand any transaction fee at all.
4. Data security- One of the key reasons why companies are eyeing Blockchain platform as their ultimate destination is data security. Since all the data is encrypted cryptographically on the DLT. This makes the data infallible and free from any breaching attack.
There are other features which Blockchain offers like the ease of tracking, provenance and others, which makes it a lucrative technology for the companies. However, the most popular form of Blockchain that we know about is the public blockchain which is accessible to all. However, apprehensions are surrounding Blockchain, but other Blockchain platforms are private and permissioned which are far more secure and offer an enterprise-level solution.
Types of Blockchain:
There are different types of Blockchain:
All these blockchains have different features which make it useful for the companies planning to leverage Blockchain technology for their business. While public Blockchain is accessible to all, private Blockchain is permissioned, and Hybrid ones offer the best of both private and public Blockchain.
What should you consider before adopting Blockchain platform for your business?
Now that you have decided that you will be leveraging Blockchain technology for your business, your next move should be to decide which is the right type of Blockchain, i.e. public, private or hybrid. Based on your business type and requirement, you can choose the right type of Blockchain platform.
When it comes to choosing the right Blockchain platform for your business, then you must consider the following aspects:
- Use cases
Use case- Before venturing into Blockchain or leveraging a Blockchain platform for your business, you must know what are you aiming at. There are ephemeral projects in the market, which has created a lot of distrust. This is especially true in the case of ICO. Hence, your project must be solution-oriented and answer all the questions of the end-user.
Scalability: The next important factor that you need to consider is the scalability of the blockchain platform. The Blockchain platform that you are eyeing should be able to match your requirement. The speed of Ethereum transactions and Bitcoin transactions are not as fast as PayPal or Visa. If your project doesn’t require heavy transaction flow, then you won’t need to worry about the scalability factor must. Still, if there is going to be heavy transaction flow, then you need the side-chain bootstrapping for scalability.
Community Support: You cannot undermine the importance of constant support. It is important for Blockchain development.
Security: The next thing that you must take into consideration is security. Make sure that the platform’s code peer-review has been tested multiple times.
For most of the decentralized applications, the first choice is the Ethereum. However, other platforms are slowly picking pace, and we will be highlighting the same ahead.
Popular Blockchain platforms:
This Blockchain platform provides the security of Bitcoin and computing support of Ethereum. It can process millions of transactions per second. It provides complete application support. Companies like Oracle are using EOS.
This is also a powerful Blockchain platform that offers enterprise-level solutions. The objective is to provide a secured platform for transactions. This is a permissioned Blockchain platform that offers security.
There are other examples as well, like Hyperledger Sawtooth, Ripple, OpneChain, Open Ledger, Corda, Ripple and others. The objective of these platforms is to aid business in developing decentralized applications along with secured transactions environment.
To make this happen, we need trained and skilled Blockchain professionals. Online platforms like Blockchain Council provide the best online certification program in Blockchain and allied field. With this certification, you can surely pave the way for new developments.
Blockchain is the future, and Blockchain Council is here to help you excel in this technology by learning about its concept and practical use cases.
In the times to come, we are going to witness widespread use of Blockchain. Hence, it becomes paramount that you must start investing in upskilling yourself and learning about this new technology that will make your business grow and career excel.
Blockchain platforms will continue to evolve as it’s a new technology which is highly dynamic, and it is the Blockchain developers and professionals who will aid in this process.