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Firstly, blockchain technology disrupted the banking sector. Now it is expanding to other sections as well, including software development.
As more businesses begin to experiment with blockchain technologies, surveys show that the Global Blockchain Market will grow at an 84.5% CAGR between 2022 and 2028. It was worth $1.78 billion in 2021. So without further ado, let’s jump into the top 4 blockchain platforms to build apps in 2023.
Best Blockchain Platforms
Blockchain platforms are entities with scripting languages that are intricate and robust enough to create and manage a variety of Web3 functions, including transaction initiation and execution and smart contract creation. Every platform has distinct characteristics that can help you decide which is best for your needs.
Here are some of the top networks of blockchain technology
Ethereum served as the founding foundation for the cryptocurrency sector. In addition to NFTs, decentralized finance and social networks, and cryptocurrency staking, it is a blockchain platform for everything.
It can be technically distinguished from the "smart contracts" layer by the "transactions" layer. It makes it possible for ICOs and DApps to run on the platform. Free and open-source software makes up the framework.
You can consistently place tokens thanks to it. The underlying network for other cryptocurrency initiatives like Basic Attention Token and USD Coin is Ethereum, which also has a long list of additional token specifications.
Ethereum has proven to be a fantastic platform for non-monetary solutions. The Ethereum split maintains the privacy of both transactions and contracts in banking and related sectors.
A set of tools called Hyperledger Fabric makes it easier to develop blockchain applications. It was created with enterprise distributed ledger purposes in mind from the ground up and supported by the Linux Foundation.
It makes modular architecture possible, which makes it perfect for various applications. It also has a rich ecosystem of components integrated into a modular design. It enables the capacity to build a "network of networks," making security an option in transactions involving several parties.
Furthermore, it supports software where privacy - via channels - is a critical operational requirement.
Corda, a blockchain platform developed by R3, is a specialized platform for regulated industries such as banking, capital markets, and international trade. One of the main advantages of this strategy is that all transactions happen in real-time, as opposed to other blockchain technologies.
Documentation and synchronization among regulated financial institutions are also responsibilities. The platform distinguishes between data that has been documented and is publicly accessible and data that undocumented.
Since Corda offers an appealing method for financial transactions and smart contracts with high security, the R3 consortium has a sizable following in the financial sector.
Tezos is a public blockchain network that supports smart contracts, new financial instruments such as NFTs, and decentralized applications.
The platform has a dynamically upgradeable protocol and flexible modular clients to adapt to new applications. Recent enhancements to the underlying design have improved performance and expanded the size limit for smart contracts on the Tezos network. It has also developed tools to help automate integrating NFTs into corporate supply chains.
As blockchain technology grows in popularity, new blockchain platforms emerge. Blockchain frameworks are critical in application development scenarios because they determine the scope and capabilities of the customer.
To build an incredible blockchain application, you should select a platform that can meet your current and future business needs.
Taimoor is a Content Writer working at Clustox, the leading Mobile App Development Company. He is HubSpot Content Marketing certified. He is enthusiastic about learning and educating people about technology. He loves hiking. His hobbies include books and novels reading.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.