The need for more convenient and private blockchain technology is one of the most significant barriers to adoption. Blockchain technology offers many benefits, like cost savings, improved trust, and enhanced security. However, end-users must make a difficult decision: which blockchain platform should they choose?
Various platforms offer different pros and cons, so it must be challenging to discern the right solution for your needs. We have created this blog post to help you find the best solution.
To help you better understand the choices available, here’s a breakdown of each blockchain platform and its strengths and weaknesses. This is only a general guide. Always review the platform’s documentation before deploying to ensure that it meets your requirements. Here are some points to consider when choosing a blockchain platform.
The required level of privacy:
When choosing a blockchain platform, you need to consider how much privacy you require. The privacy level will determine the customization and features your blockchain platform will offer. Some private blockchains, like Monero, offer complete privacy, while others, like Fabric, offer partial privacy with some data visible to the end user.
Processing power is required to run your blockchain platform. The higher the processing power, the faster your blockchain platform can grow and process transactions. Some blockchain platforms, like EOS and Fabric, can scale to millions of transactions per second. Other blockchains, like R3 Corda and Hyperledger Fabric, have a limit of just 10 transactions per second.
If the blockchain platform needs to store large amounts of data or a large amount of data that are read frequently, you’ll need a blockchain platform with high data storage capabilities. Some platforms offer 100x more storage than others.
Private key technology:
Some blockchain platforms, like Ethereum, require users to store their private keys on their devices. Other blockchains, like R3 Corda and Hyperledger Fabric, generate unique encryption keys for your use. When you need assistance using your private key, these blockchains give you access to a support team.
Size of the network:
The network size dictates how many transactions a blockchain platform can process. To reduce fees, some blockchains, like Bitcoin, use a different fee structure that determines the size of each transaction. Other blockchains, like Ethereum and NEO, pay fees based on the size of an individual transaction.
Blockchain platform development:
Some platforms offer more developer support and additional features than others. The more support a platform offers, the easier it is to build your application on top of it.
The market cap of a blockchain platform represents the value of the currency. A high market cap can be beneficial if you want to use your blockchain platform to build your cryptocurrency and need a large user base. In other cases, such as financial services, it can be more useful to have mid-cap or low-cap blockchains that are still easy to access.
Some platforms are easier to integrate with others than others. This allows you to share data between different platforms easily. However, some more private platforms don’t allow data to be shared without user permission.
The need for tokens:
Some blockchain platforms require tokens to power the network. When choosing a platform, remember that you’ll need to generate and distribute your tokens if your blockchain platform requires them.
The need for smart contracts:
Some platforms offer smart contract technology, while others don’t. Smart contracts are computer protocols intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract without relying on trust relationships between parties.
Smart contracts can be used for many applications, including escrow services, cloud storage, and software management. When choosing a platform, the features of smart contracts may become important.
When choosing a blockchain platform, always review the documentation and check its features to ensure that it meets your needs. When you’re ready to deploy your blockchain, review the security features of the platform you choose.
This blog post may have helped you better understand some of the important aspects of choosing a blockchain platform. It’s an easy-to-follow guide that helps you understand the core concepts of blockchain technology and how it can be used today in business processes and products.
Blockchain is not just for techies – business leaders need to understand the fundamentals and implications of this powerful new technology. This technology has the potential to dramatically reduce costs, simplify processes, and increase speed for businesses across all industry verticals.