The spotlight has been shining brightly on the potential for blockchain technology to revolutionize supply chain operations, streamline trade processes, increase traceability, and transform financial transactions. This renewed interest in blockchain can be traced back to the breakthrough achieved by Bitcoin, the first cryptocurrency built on a blockchain platform. However, despite its early success, Bitcoin’s blockchain continues to face challenges in terms of energy efficiency and processing power.
Over the past few years, blockchain platforms like TRON, with its TRC-20 standard, have been developed to address the challenges faced by earlier systems and provide practical solutions for businesses. One example of this is USDT TRC-20, you might ask what is USDT TRC-20, it is a stablecoin version of USDT (Tether) built on the TRON blockchain network using the TRC-20 standard.
These new platforms are designed to enhance energy efficiency and processing power while still maintaining the security and transparency that are core features of blockchain technology.
Suseel Menon, a senior analyst at Everest Group, observes a growing trend of enterprises adopting blockchain technology.
Suseel Menon, has noticed the highest level of interest in applications that involve multiple parties collaborating or exchanging information. Blockchain technology has advanced beyond the pilot phase in areas such as supply chain monitoring, trade finance, digital assets, and identity management. A notable level of interest has also been observed in using blockchain platforms to develop aspects of Enterprise Resource Planning (ERP) systems, such as vendor management and supply chain management.
It is likely that blockchain platforms will shake up traditional supply chain businesses and processes, according to Alex-Paul Manders, a partner and expert in blockchain technology at IT advisory firm Information Services Group. Pharmaceutical companies, for example, are required to keep track of their products and materials more efficiently and transparently, which can be achieved with blockchain technology.
Nine Of The Best Blockchain Platforms To Consider
First launched in 2013, Ethereum is known for its decentralized and robust network which is a lot like Bitcoin’s. One of the main strengths of Ethereum is that it utilizes smart contacts to promote true decentralization. However, it also has some drawbacks which mainly includes high transaction costs and slow processing speed.
Ethereum has also been extremely popular between developers creating dApps or decentralized apps on its network. For instance, there are many platforms and marketplaces for unique digital assets known as Non-Fungible Tokens (NFTs). Ethereum also has a comprehensive set of tools for creating contracts using Solidity, which operates on the Ethereum Virtual Machine.
Developed by the Linux Foundation, Hyperledger Fabric is a toolkit for building blockchain applications. Fabric’s flexible architecture works well in private blockchain networks because its components can be easily integrated. Additionally, it offers an open-source smart contract model that can handle account and UTXO data.
By using channels to separate transactions or by allowing selective sharing of confidential data through private collections, Hyperledger Fabric enhances data privacy. According to its supporters, it also reduces latency by providing quick finalization and confirmation of transactions.
Blockchain expert Arnaud Le Hors says the latest developments makes joining a blockchain network easier for companies. There is also no need to copy all the information from the ledger, which makes it faster and less storage-intensive. In order to make Hyperledger Fabric even better, the diverse and active community at Hyperledger is working on adding new features.
Manders observes that the IBM Blockchain platform has proven to be particularly appealing to businesses that prioritize security and privacy. This private, decentralized network has proven to be a hit among these clients due to its seamless integration with their existing enterprise cloud and legacy systems, a unique selling point not found in other decentralized solutions.
Specifically designed to be functional, customizable and flexible, the IBM Blockchain has invested in developing user-friendly interfaces in order to simplify critical tasks which includes deploying, testing and setting up smart contracts.
Rakesh Mohan, who works at IBM on blockchain solutions, stated that the company has made great progress in the financial, supply chain and banking industries. IBM Food Trust is one example of a successful blockchain application that has processed over 18 million transactions for over 17,000 different products. Another example is the Blockchain Community Initiative in Thailand, which helps 22 Thai banks with services such as payment requirements and business auctions.
Another open source blockchain initiative hosted by Hyperledger and the Linux Foundation, Hyperledger Sawtooth uses a novel consensus mechanism called proof of elapsed time that can be integrated with hardware-based security technologies to enable “trusted execution environments” of program code to run in secure enclaves, which are protected areas of computer memory.
According to Shawn Amundson, who is the head consultant at Bitwise IO, the most frequent uses of their technology are for building supply chain systems and adapting Sawtooth to suit specific needs, such as novel consensus algorithms.
A project has started to create a library for Sawtooth that will allow developers to choose the parts of Sawtooth they want to use in their custom ledger. At the same time, Sawtooth is adding Splinter for networking, Hyperledger Transact for transaction processing, and Augrim for consensus to improve its capabilities. This will make it easier for developers to create their own ledger.
In contrast to typical blockchains, Corda links transactions with cryptography but does not group multiple transactions into blocks. According to the Corda website, it’s “both a blockchain and not a blockchain.” The main advantage of this approach is that transactions are processed instantly.
R3 consortium, backed by major financial companies, is popular for Corda’s secure way of handling financial transactions and contracts. Corda has tools for efficient cross-company processes and recently introduced Corda Payments for simpler payment integration into apps.
According to Manders, Corda has good chances of becoming the standard network for insurance transactions. However, it faces competition from other blockchain networks that can handle transactions faster and more affordably.
This decentralized platform was created in 2014 and supports decentralized applications, smart contracts, and innovative financial tools like NFTs (digital assets similar to trading cards). A dynamically upgradeable protocol and modular software clients allow it to adapt to new uses.
Several recent updates have improved the performance of the Tezos platform and extended its smart contract limit. In addition, the platform has developed tools for integrating NFTs efficiently into enterprise supply chains.
EOSIO is a blockchain platform that became available for use in 2018. It is designed for making decentralized apps and smart contracts. EOSIO uses a new way of reaching agreement, called PoS, which is faster than the methods used by older platforms like Ethereum. This platform also lets its users vote on changes through a governance feature.
With rapid transactions and innovative permission features, EOSIO is the ideal platform for deploying applications. Over 400 applications have been created on the platform, from identity management to supply chain management to gaming. Furthermore, EOSIO offers a variety of tools to tailor blockchain solutions for various decentralized use cases, such as supply chain management, healthcare, and finance.
Stellar is a blockchain platform made for DeFi apps. It uses the Stellar Consensus Protocol, which helps to make transactions on the network faster. Stellar also has security features to protect against bad actors in financial transactions. Companies use Stellar for international trade and to transfer money across borders. Examples of apps built on Stellar include MoneyGram for sending money, Circle for payments and managing funds, and Flutterwave for adding payment processing to business apps.
Quorum is a special version of Ethereum made by JPMorgan. It uses the Ethereum blockchain, but has extra security for banks. Quorum is good for fast transactions between institutions, like banks and insurance companies, on a private network. It also has privacy features that help it comply with rules such as GDPR in Europe and CCPA in California.
ConsenSys bought Quorum from JPMorgan in 2021 and combined it with its own work to make the ConsenSys Quorum open source protocol. The goal is to help companies create enterprise apps faster, and ConsenSys offers services to help companies use the platform. Customers include JPMorgan and the South African Reserve Bank. In 2022, ConsenSys launched the Quorum Blockchain Service on Microsoft Azure to make it easier for companies to use.