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What to Consider When Choosing A Blockchain Platform for Project Development

Anyone who has been involved with the development of new technology for business applications has most certainly come across blockchain at one point or another. This rapidly evolving technology has become a main fixture in modern technological development. Ten of the world’s largest companies are exploring blockchain-based solutions to a variety of problems. In 2018 the Initial Coin Offering (ICO) market came in at $6.3 billion, a 5% increase over 2018.

The fact that blockchain is being so widely used is a testament to its technological value. It has been implemented in FinTech, AI, Cryptocurrency, the Internet of Things (IoT), Insurance Claim software, Healthcare, and many other fields, and for good reason.



1 What is blockchain?

Blockchain is a decentralized virtual ledger that is incorruptible and distributed across many machines. Anything that is recorded on the ledger will be verified by numerous computers all connected to the particular network. No one individual machine can change, rewrite, or delete items from the ledger. For this reason, it is highly secure and offers a novel solution to many data systems issues that have plagued business and technology applications for many years. Blockchain has become a catch-all phrase for these types of technologies, although it originally referred to the architecture originally developed for the Bitcoin digital currency.

2 Choosing a blockchain platform

For most businesses, developing a blockchain framework and network in-house is simply too costly and time-consuming. While some large corporations may choose this route, many decide upon using existing, well-established, blockchain technologies as the basis of their system. Many options exist and picking the right one depends largely on what type of application one desires and several other factors. The following will consist of a basic outline of major considerations in regards to choosing a blockchain platform.

Scalability needs

Blockchain scalability refers to a blockchain platform that can achieve a high TPS (transactions per second) rate. For example, Bitcoin can handle around 7 transactions per second, Ethereum (which businesses are most interested in given its smart contract support), can handle 20, Stellar, a payment technology, can handle up to 1,000 TPS.

Those looking to build blockchain platforms off of existing technology must look at the transaction capabilities and determine if their requirements will be met. “For example, a business that is developing payment software based off of Blockchain Technology will most certainly require a higher TPS than 7. Those developing an application that is not transaction-intensive, perhaps an in-house data management system may not need a high TPS rate.” writes Henry Swenson, a tech blogger at PhD Kingdom and Britstudent. Scalability is one of the largest issues in Blockchain technology and should not be taken lightly.

Adoption rate and functionality

While all blockchain platforms are based on the same overarching philosophy they can vary drastically in functionality. For example, Ethereum and Ripple are both blockchain technologies but offer vastly different functions. Ethereum is a smart contract-based platform meaning it is intended to enforce agreements between two parties.

Security

This can be an item of great importance for many people, especially if the company or organization is dealing with sensitive information. In order to ensure that there are no security breaches, it is important to choose a platform with a history of peer review and a solid track record of maintaining security. Some of the most popular platforms, such as Bitcoin, Ethereum, EOS, NEO, BUMO, and Ripple, are all quality choices with an excellent security record.

Blockchain technology has taken the business world by storm. Its ability to solve complex problems in an efficient, cost-effective, and time-sensitive way is a big reason behind its large-scale adoption and implementation. For those businesses looking at Blockchain platforms to solve specific problems, it is very important to consider the above-listed items when choosing which platform they want to use.

We hope you have found this article informative and interesting. For more information or queries contact us to know more about this technology.

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