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Top 11 Blockchain Platforms to Explore in 2022
Blockchain technology seems to be picking up speed nowadays. The technology that emerged in 2009 as Bitcoin has now become a mainstream technology. Blockchain has applications in various industries, including healthcare, supply chain, logistics, legal and more. Blockchain applications are designed and developed to make business processes more efficient and transparent.
As organizations have started to experiment with blockchain’s potential by developing blockchain apps, the demand for blockchain platforms is off the charts. One of the surveys reveals that the global blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion in 2025, at a CAGR of 67.3% during 2020-2025. Therefore, the need for blockchain platforms is evergrowing to build the blockchain-enabled ecosystem securely and quickly.
So, we have created a list of some of the best blockchain platforms that you can explore in 2022:
1. XDC Network
A ready enterprise-grade hybrid blockchain for finance and global trading, XDC Network combines the features of public and private blockchains via cross-chain smart contracts. XDC is a decentralized and liquid network leveraging interoperability. It powers digitization and tokenization with instant regulation of trade transactions, increasing efficiency and minimizing dependency on complicated FX infrastructures.
XDC promises to function using the world’s fastest and most energy-efficient consensus protocol. XDC uses the Delegated Proof of Stake (XDPoS), leveraging the facility of Stakeholder approval voting. Stakeholder Approval Voting helps resolve the consensus problem in an unbiased way. XDC has high interoperability with the legacy ecosystems and other blockchain networks.
The XDC is a unique digital asset for staking XDC tokens, powering XDC Blockchain Network. Various wallets support XDC like Guarda Wallet, Freewallet, XcelPay, Lumi Wallet, D’CENT wallet, BitFI Wallet, Ellipal Wallet, and Trezor Wallet.
Tezos is an open-source and decentralized blockchain network that can perform peer-to-peer transactions and deploy smart contracts. It has a modular architecture and formal upgrade mechanism that allows its network to facilitate formal verification.
Tezos is a smart contract and dApp platform, just like Ethereum, Waves, Neo, but its self-amending cryptographic mechanism makes it different from other platforms.
3. Hyperledger Fabric
Hyperledger Fabric is proposed as a foundation for building apps or solutions with a modular architecture. It allows components, including membership services and consensus, to be plug-and-play. It has a wide range of modular and versatile design that meets various industrial use cases.
One of the significant features of Hyperledger Fabric is the enablement of a network of networks. Members of the Fabric network work together, but because businesses want to keep some of their data to remain private, they usually maintain separate relationships within their networks.
Instead of an open and permissionless system, Fabric provides a secure and scalable platform that supports confidential contracts and private transactions.
4. Hyperledger Sawtooth
Hyperledger Sawtooth provides a modular and flexible architecture that separates the core system from the application domain. Therefore, smart contracts can imply the business rules for applications without understanding the underlying design of the core system. It supports different consensus algorithms, including Proof of Elapsed Time (PoET) and Practical Byzantine Fault Tolerance (PBFT).
It is an enterprise blockchain platform used for developing distributed ledger networks and applications. It aims at keeping ledgers distributed and smart contracts secure, specifically for enterprises. It streamlines blockchain app development as developers can specify business rules for their apps using their chosen language.
Stellar is an open blockchain network that allows the storing and moving of money. It facilitates you to create, trade, and send digital representations of all forms of money, for example, dollars, bitcoin, pesos, and a lot more.
It is an open-source network for payments and currencies. It has no owner; if it has anything, it is owned by the public. It can handle millions of transactions every day. Like Ethereum and Bitcoin, Stellar depends on the blockchain to keep the network synced.
A stellar blockchain platform can be used to issue your own assets, trade peer-to-peer tokens, and transform currency while sending.
EOS is a blockchain platform designed to develop scalable and secure dApps. It provides dApps’ hosting, smart contracts capability, and decentralized storage of enterprise solutions to solve the scalability issues faced by Ethereum and Bitcoin.
The EOS platform eliminates all users’ fees and accomplishes consensus by leveraging multithreading and delegated proof-of-stake algorithms. They have a dedicated community named “EOS forum,” where developers and investors can discuss the platform.
Corda is an open-source blockchain platform that allows businesses to transact directly and in strict privacy with smart contracts. It reduces record-keeping and transaction costs by streamlining business processes.
It is a flexible and agile platform that can scale to meet business requirements. Applications built on Corda, CorDapps are designed and developed to transform businesses across a wide array of sectors, including healthcare, energy, insurance, finance, and more.
Klaytn is a worldwide public blockchain platform created by Ground X, the South Korean social media company Kakao’s blockchain subsidiary. Klaytn, a blockchain developed by Kakao, was built with modular network architecture, making it an interesting business blockchain option. Its modular network architecture makes it easy for enterprises to create and run service-oriented blockchains based on the Klaytn architecture. Service Chains are autonomously run sub-networks that form the backbone of Klaytn’s enterprise-friendly environment. Because of the flexibility and customizability of these Service Chains, any online service may be built on Klaytn. However, initiatives based on gambling or financial speculation are not permitted.
Tron is a decentralized blockchain platform that aims to develop a decentralized web. Like Ethereum, Tron allows dApp developers to create and leverage complete protocols via smart contracts on the blockchain.
The Tron platform can handle 2000 transactions per second, which put it on par as compared to major payment processors like Paypal. It has zero transaction fees.
Tron depends on the Delegated-Proof-of-Stake consensus mechanism to secure the blockchain. A DPoS is similar to a proof-of-stake consensus mechanism that allows users to earn passive income whenever they stake their holdings in a network wallet.
10. Hedera Hashpraph
Hedera Hashgraph Platform is a lightning secure, fair, and fast platform that does not require computing a heavy proof of work algorithm. It allows developers to develop new innovative and scalable decentralized applications.
Smart contracts in the Hedera Hashgraph platform can be built dynamic just like any other software component. As the platform provides an optional mechanism that enables “binding arbitration”, the smart contracts deployed with a list of public keys of arbitrators can be edited to fix errors or add new features.
Ethereum is one of the leading blockchain platforms that have a native cryptocurrency called ETH or Ether. Developers use Ethereum to build new applications related to financial apps, decentralized markets, games, cryptocurrency wallets, and more.
They have the largest community with core protocol developers, cypherpunks, crypto-economic researchers, and mining organizations. It aims to eliminate internet third parties who save data and track financial instruments.