Beyond the Blocks: Exploring the World of Blockchain Platforms

If you’ve heard about Bitcoin, you’ve probably heard about blockchain. However, it’s more than just another buzzword — blockchain technology acts as a ledger of data, boasts immutability, and is a cornerstone of digital transformation. Thanks to this technology, we have blockchain platforms that make every crypto enthusiast’s life easier.

On top of that, blockchain networks offer various industries safe, decentralized, and transparent solutions for managing transactions and data. Healthcare, banking, and even agriculture sectors have either considered or successfully implemented blockchain-based solutions. And I’m sure it’s just the beginning! 

As businesses turn to blockchain platforms to improve their operations, it’s important to understand what it is and why it’s projected to be a crucial part of our daily lives in the future. More and more people will get into cryptocurrency trading because it’s easily accessible. But let’s not forget the importance of keeping your digital assets safe! 

If you’re looking for ways to protect your coins and tokens, you’ll need a reliable wallet. While there are several options on the market, you can start by researching Ledger, Binance Wallet, or Coinbase Wallet as they’re one of the most popular choices among crypto enthusiasts! 

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What is a Blockchain Platform?

To put it simply, a blockchain platform is a digital infrastructure used to streamline various processes for blockchain-based applications and services – data storage, token issuance, and more. It acts as a pre-existing framework for developing new applications and helping businesses overcome infrastructure or development challenges.

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Due to their intricate scripting, blockchains can handle a wide range of Web3 functions, like smart contracts that are used in transaction verification or NFT-related transactions. Thanks to blockchain, we can enjoy crypto trading and stretch the boundaries of what’s possible with this technology!

Moreover, blockchain platforms are important when developing specific blockchain-based solutions for various business needs. Let’s say you want to build an NFT marketplace. Considering back-end development, front-end magic, and other grunt work you’d need to do, you can simply use a blockchain platform and get pre-existing resources at your disposal.

Best blockchains offer a lot of versatility for developers to use tools and environments when building decentralized applications (also known as dApps). Popular blockchains offer various solutions for scalability and support different programming languages to skyrocket their efforts.

Blockchain Platforms VS Blockchain Technology

It’s important to make a distinction between the technology itself and the various blockchain platforms in this blockchain list.

Essentially, blockchain technology powers the whole process of sending and receiving cryptocurrencies. It’s a decentralized and distributed ledger that records cryptocurrency transactions so that these records won’t be altered. Such a technology ensures immutability, security, and reliability because of its unique data handling.

Blockchain networks are widely used in supply chain tracking, various financial transactions, and simple data storage. The evolution of blockchain is a fascinating development. It was popularized with the launch of Bitcoin and the real-life application continued with Ethereum perfecting the initial build.

Currently, people are experimenting with blockchain technology, trying to make advancements and push for more functions. We’re in the new era of blockchain, and groundbreaking advancements could be right around the corner!

Without blockchain technology, there would be no blockchain platforms. Let’s take the example of Binance. Firstly, Binance is primarily a cryptocurrency exchange. It isn’t a blockchain itself. 

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Secondly, Binance launched Binance Smart Chain (BSC), a blockchain platform that allows the development of decentralized apps (dApps) and smart contracts. It’s a standalone blockchain network with its own consensus mechanism and other features. 

In short, Binance is a crypto exchange using blockchain technology while BSC is a blockchain platform that provides the pre-existing framework for developers to launch their own user-based products like dApps!

Blockchain Platform Application

When the surge of cryptocurrencies began, the world wasn’t quick to jump on the trend. Many big corporations had and still have reservations about blockchain – after all, it’s a new and unpredictable technology. Also, the volatility of the crypto market didn’t help the case, and blockchain platforms remained a topic reserved for enthusiasts.

Nevertheless, those same enthusiasts formed a strong community that put a lot of effort into demystifying the crypto space. After some time, experts started pitching ways to apply the best blockchains to various sectors with hopes of improving efficiency, transparency, and security.

A great example is blockchain solutions for healthcare. The healthcare industry is infamous for its data breaches – over 120 million people were affected by it in 2023.^[1] Unfortunately, it looks like even more people will be affected in 2024.

That’s where blockchain platforms come in! Experts started writing technical reviews about how to apply blockchain and reap the benefits of data storage, immutability, and transparency. Researchers applied the logic of top blockchains to manage electronic medical records, monitor supply chain intricacies, survey medicine distribution, and more.

While most of the research about popular blockchains in healthcare is theoretical, some applications did happen! A few medical centers tried out medical document monitoring systems, mobile health management, and other procedures that use popular blockchains.

Another use case of applying the best blockchains in real life takes us to Sweden. Governmental transactions are difficult to handle due to bureaucratic challenges. So, Sweden took the leap of faith to test blockchain integration to reduce costs and make the process faster.

The country started to apply a blockchain-based solution to the existing Land Administration System. The trial proposed to make the process of real estate management more convenient, faster, and less costly.^[2] It’s a big project and takes time to fully implement but Sweden’s efforts in adopting blockchain platforms push such innovations forward!

Key Features of Blockchain Platforms

Blockchain platforms have various features that set them apart from traditional transactional systems. Ever since its creation, blockchain has led the tech industry towards decentralization, maximum security, and transparency.

Also, popular blockchains have users located everywhere around the world. Thanks to this, Web3 is accessible to everyone with almost no exceptions!

Decentralization

Decentralization stands at the forefront of most blockchain networks and is the main benefit of almost any blockchain-based solution. It ensures that the control of the network is distributed. Consequently, no single authority can control it or alter the transactional data. That’s why blockchain platforms are resistant to fraud or illicit activities.

Contrary to traditional centralized systems like banks, blockchain networks provide a transformative shift of power. Human errors and biases are plentiful in traditional systems, especially banking.

However, it’s hard to encounter them when using popular blockchains – that’s one of crypto’s foundational principles. Everything is based on a programmed code and gives a sense of equality to every transaction.

If your transaction request doesn’t meet some predetermined criteria, it won’t happen! This is useful to avoid any misunderstandings or mistakes like double-spending.

Decentralized networks use consensus mechanisms like Proof-of-Work (PoW) and Proof-of-Stake (PoS). It helps to ensure accuracy and implies the trustworthiness of blockchain because there are no middlemen involved (except for the system itself!).

Security

Blockchain platforms apply numerous security measures and strive to maintain a fraud-proof environment. One of the most widely used safety rules is cryptographic techniques. Blockchain networks utilize two main cryptographic functions.

The first one is hash functions. It turns data on the blockchain into a bunch of fixed-length characters that make up a “hash”. So, blockchain creates an immutable chain using the hashing algorithm. If the hash changes, it means someone is tampering with data, and blockchain networks can act accordingly to ensure their security!

The second cryptographic function is public and private keys. As a crypto trader, you’ll have the private key to verify transactions. The public key is, as the name suggests, public and used to verify your signature. The transaction is complete once verification on both ends is done!

On top of that, the best blockchains continuously update and improve their security measures. Developers and community members help in identifying and fixing vulnerabilities. Also, it promotes constant vigilance to ensure the safety and immutability of blockchain networks.

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Transparency

In most blockchain platforms, the ledger is public, so everyone can audit, verify and authenticate transactions. Due to immutability, transaction history is permanent, and people can access historic records. Such open access promotes trust and accountability of top blockchains.

Real-time auditing adds another layer of fairness and transparency. Since every transaction needs verification by the system and the person before going on the blockchain, the risk of incorrect records is almost non-existent. Also, some of the best blockchains use automated audits like smart contracts to validate transactions.

Moreover, popular blockchains provide traceability of records. For example, end-to-end tracking allows people to see the beginning, middle, and end of every transaction. It’s useful for supply chain management or pharmaceuticals when knowing the history of transactions can prevent life-changing mistakes.

Smart Contracts

Smart contracts are a crucial part of blockchain platforms and the step towards automation. They’re self-executing meaning that if the request complies with the conditions that are written in the code, the contract is confirmed independently from any third parties.

It allows for greater accuracy when handling transactions since the conditions are predetermined. Also, smart contracts reduce administrative costs and increase efficiency because they automate a large portion of transactional operations.

Open access is an important part of maintaining transparency in top blockchains and smart contracts are no exception. Everyone can view the code of smart contracts and its execution. It lowers the risk of dissatisfaction and potential disputes about transaction validation. Of course, there are some exceptions, especially with business-based solutions and sensitive data.

Smart contracts are a powerful tool for handling transactions in a fast and efficient way. Nevertheless, they have their downsides like regulatory compliance, computational costs, and overall complexity. Ongoing advancements in the best blockchains seek to address these issues and unlock the true potential of smart contracts!

Global Accessibility

The most popular blockchains are a testament to the unprecedented accessibility of technology. Over 300 million people are reported to use blockchain with over 82 million Bitcoin wallets worldwide. People can make transactions with no restrictions on geographical location, time of day, or other constraints imposed by traditional centralized systems.

The onboarding of new users is simple and easy to understand. It’s one of the key factors of success, considering millions of people are using blockchain platforms daily! Also, you can find blockchain lists that have the lowest fees and easiest trading flow, so anyone can start their crypto journey in minutes.

The best blockchains are working towards interoperability so that users can cross-functionally use various blockchains and systems. Also, some top blockchains integrate with traditional systems to bridge the gap between networks and make it easier for people to complete transactions.

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Types of Blockchain Platforms

Blockchain platforms have various types with different structures and use cases. You can find unique features, access permissions, and more nuances in each type of blockchain.

It all comes down to your specific needs because the blockchain list is versatile and can offer a solution even to the wildest of demands! I’ll provide descriptions of the most popular types of blockchain platforms, but keep in mind that there are many more different blockchains on the market.

Public VS Private

Public blockchain platforms are the core foundation for the crypto world. They’re open-source, transparent, and decentralized platforms where anyone can participate. They can be used for decentralized finance (DeFi), decentralized applications (dApps), and typical cryptocurrency transactions.

The main features of public blockchains are decentralization, transparency, and security using consensus mechanisms like Proof-of-Work (PoW) or Proof-of-Stake (PoS). Such public blockchains set the tone for the whole crypto community and are highly favored by traders!

On the contrary, private blockchains are centralized, meaning they’re controlled by one entity. It can seem contradictory to what blockchain stands for, but private blockchains are mainly used by enterprises.

They limit access to such blockchain platforms and allow only authorized users to join. Keep in mind that this type of blockchain is designed for internal company use, and it has loads of benefits. For example, limited access allows the company to effectively handle sensitive information like private data and transaction details.

Since it’s an environment with fewer users, private blockchain platforms can be more effective when processing transactions. They can handle a payment faster because they don’t need large computational resources to function!

Consortium Blockchains

Consortium blockchain platforms are a mix of public and private blockchains. They’re semi-decentralized networks because they’re managed by an organization instead of a single entity.

These blockchains strike a balance between shared control and authority among the members of an organization. It’s a more controlled environment than a public blockchain platform but still a lot more decentralized than a private blockchain.

Only the members of the consortium (or an organization) can access this blockchain. Such restrictions ensure privacy and efficiency. Consortium blockchain platforms are built to suit the specific needs of that group. It results in faster transaction processing and increased transparency compared to a private blockchain.

Hybrid Blockchains

Hybrid blockchain platforms are similar to consortium blockchains because they have the features of private and public blockchains. However, there’s a key difference between the two – hybrid blockchains allow for certain data to be public depending on the use case.

Banking and supply chain management benefit the most from hybrid blockchain platforms because they need public and private verification. It’s an excellent choice when considering scalability. The company decides which data remains private but can easily scale its operations and handle large quantities of transactions!

Top Blockchain Platforms in 2024

There are countless blockchain platforms in the market but we’ll focus on the most notable ones that are worth checking out! This blockchain list will present key features or unique aspects, any relevant disclaimers, and general information about these platforms. Let’s dive in!

Ethereum

Table: Main features of Ethereum

We’re starting strong with Ethereum, a decentralized, open-source blockchain platform. It’s one of the oldest and most well-known platforms, thanks to its native cryptocurrency, Ether (ETH). This coin is the second-largest cryptocurrency worldwide.

Ethereum was launched in 2015 by Vitalik Buterin and quickly gained traction for its diverse and open-source environment. Everyone interested in blockchain technology can develop and construct their own dApps and digital assets using Ethereum’s wide selection of tools.

Due to its open-source fundamentals, Ethereum fosters innovation by enabling its community to contribute to blockchain advancements. The most notable upgrade was Ethereum 2.0, which improved the platform’s efficiency and speed.

Ethereum 2.0 introduced another big step for the platform and the whole industry. It shifted from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus model. It brought increased transaction processing speed and scalability to Ethereum. That’s why Ethereum is the leading choice for a lot of crypto enthusiasts with plenty of features and a lively community!

Binance Smart Chain (BSC)

Table: Main features of Binance Smart Chain

Binance is the world’s largest cryptocurrency exchange platform by trading volume. Consequently, Binance developed its own blockchain platform called Binance Smart Chain (BSC) in 2020.

Besides supporting smart contracts, BSC is compatible with the Ethereum Virtual Machine (EVM). Developers can create dApps with Ethereum and migrate them to BSC with no hassle! Also, BSC offers a robust selection of tools for developers to initiate their ideas.

Staying true to its principles, BSC offers low transaction fees that make the platform attractive for people starting on their crypto journey. The high performance of the platform is another highlight! It can handle large amounts of transactions and quickly process them, so you can enjoy a splendid experience on its platform.

EOSIO

Table: Main features of EOSIO

EOSIO is an open-source blockchain platform designed for dApp building. It’s a unique platform that focuses on various development tools that make the process of launching dApps quick and easy. Basically, dApps are like smart contracts – these programs run on the blockchain only when certain conditions are met.

This blockchain platform offers free transactions with its unique resource allocation model. Instead of paying a percentage of your earnings, you can stake your tokens and access network resources like CPU, NET, and RAM.

Additionally, EOSIO hosts other blockchains and various projects like NFTs and games. Currently, the platform hosts over 500 dApps and is one of the most interesting blockchains to look out for!

However, Block.one, the developers of EOSIO, settled a case with the Securities and Exchange Commission over an unregistered securities offering in 2019. It happened when EOS, their initial coin, was listed and Block.one paid a fine of $24 million.

Tron

Table: Main features of Tron

Tron is another interesting blockchain platform that allows people to build dApps and easily share content or media assets. The platform was created to help content creators have a fair compensation system for their work.

Essentially, Tron is an operating system based on blockchain and has its cryptocurrency, TRX. With TRX, users can access various functionalities that help in developing dApps. So, creators get paid with TRX instead of money and can exchange it for further development of their apps!

Ripple

Table: Main features of Ripple

Ripple is a curious case when discussing blockchain platforms. It’s often associated with blockchain technology, but it’s not exactly that. Ripple consists of two main components, RippleNet and the XRP Ledger.

RippleNet is a digital payment protocol and network. It handles international payments at low costs and services banks and other financial institutions.

The XRP Ledger powers Ripple and is a decentralized, open-source ledger that acts as a blockchain. It handles digital assets, including its native crypto, XRP.

However, it’s not considered a blockchain because it uses a unique consensus algorithm called the Ripple Protocol Consensus Algorithm instead of the traditional PoW or PoS. Also, there are concerns about centralization because the company behind Ripple holds the majority of XRP.

Avalanche

Table: Main features of Avalanche

Avalanche is a decentralized, open-source blockchain platform with a strong focus on developing decentralized apps (dApps) and various enterprise solutions. It’s known for its high performance and scalability.

Some of the more interesting features of this blockchain include subnets that allow developers to customize blockchains to suit specific needs. Another feature is the Avalanche Consensus Protocol which is a combination of the classical consensus model and the Nakamoto consensus mechanism.

Also, smart contract functionality and comprehensive tools for developers position Avalanche as one of the leading blockchains. It’s a great choice for those who want to customize their solution and continuously improve it!

Stellar

Table: Main features of Stellar

Stellar is one of the most popular blockchains due to its focus on financial inclusion, fast transactions, and a strong commitment to security. People from around the world use it to make cross-border transactions and Stellar’s multi-currency support adds to the convenience of using this blockchain platform.

If you’re looking for a decentralized exchange to trade your assets, look no further than Stellar. The platform focuses on providing a convenient environment for its users, so it’s a great choice for anyone looking for an all-in-one solution!

Also, Stellar is continuously improving its security measures to provide a safe and reliable service. Know Your Customer (KYC) and Anti-Money Laundering (AML) practices allow Stellar to check out their business partners before signing anything and find out if they’re a legitimate business or not.

Hyperledger Fabric

Table: Main features of Hyperledger Fabric

Hyperledger Fabric is a unique blockchain platform designed for enterprise use. It’s a part of the Hyperledger project that’s hosted by the Linux Foundation. Due to its designed purpose, businesses can customize their solutions on the Hyperledger Fabric blockchain platform.

From various technical aspects to external resource planning programs, Hyperledger Fabric allows enterprises to build their specific blockchain solution and integrate it with existing programs. It makes the experience of using this platform more convenient and highly favored among businesses!

You can set restrictions on accessing certain transactions or information. That’s because businesses handle private data and such information can be sensitive. Nobody would want their private data to be available to everyone on the internet, so Hyperledger focuses on minimizing that exposure.

IBM

Table: Main features of IBM

The IBM blockchain is an interesting case – IBM is one of the founders and premier members of Hyperledger Fabric technology. However, the IBM blockchain platform is a commercial application of Hyperledger and offers extended benefits of the previous technology.

Think of IBM blockchain as a premium version of Hyperledger Fabric. It has advanced and more extensive development tools that help build and maintain a highly customizable enterprise solution.

Its support team is available 24/7 every day so that you can contact them in case of any questions. Plus, IBM is primarily a cloud service provider, so you can integrate any cloud service and enjoy a seamless experience at a monthly price!

Openchain

Table: Main features of Openchain

While not a blockchain by definition, Openchain has some key features similar to traditional blockchain platforms. It’s a digital ledger with smart contracts and is suitable for specific use cases such as financial services, supply chain management, and more.

Openchain isn’t a traditional blockchain – it doesn’t have a decentralized consensus or some sort of unified network. Entities can control their environment in Openchain, restrict access, and customize parameters to suit their needs.

However, Openchain incorporates many features of best blockchains, including an immutable ledger, transactional operations, and security measures. It’s a great solution for enterprises that need even more control and immutability!

Corda

Table: Main features of Corda

Corda is another blockchain-based solution for businesses. It was developed by R3, a provider of digital currencies and assets. However, Corda is mainly used for streamlining operations in financial institutions. Big banks like HSBC and J.P. Morgan built their applications based on the R3 Corda blockchain platform.

This real-life application can be attributed to Corda’s dedication to regulatory compliance and privacy. It has restrictions on access permissions that help companies protect private and sensitive data from unauthorized parties.

Additionally, Corda features a wide variety of development tools that help companies customize their applications. It has comprehensive software development kits (SDKs) and application programming interfaces (APIs) to help developers deploy applications faster!

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ConsenSys Quorum

Table: Main features of ConsenSys Quorum

ConsenSys Quorum is a blockchain platform focused on providing enterprise-level solutions. It’s built on Ethereum, so you can find various Ethereum tools, developer kits, and other compatible components on Quorum.

It’s a highly controlled network and limits access to ensure information security. If you’re using Quorum, you’ll encounter features like private smart contracts and authorization to prevent someone with bad intentions from accessing your sensitive information.

Just like other enterprise-focused platforms in this blockchain list, Quorum allows you to customize your solution. It offers a wide range of tools at your fingertips, so you can create anything that you need!

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Conclusions

It’s important to differentiate between blockchain technology and blockchain platforms – without the technology, there would be no platforms that make every user’s life a lot easier. Various types of blockchain unite these platforms with similar features like decentralization and smart contracts. 

However, different platforms have distinct features and their application in the real world is widely different. While blockchain platforms like Hyperledger Fabric are suitable for enterprise use, other platforms like Binance Smart Chain, powered by the leading exchange Binance, are a great choice for the regular trader.

Keep in mind that each blockchain platform has its advantages and disadvantages, so do your research, click through their website, and find the best choice for yourself! If you’re simply looking for a reputable platform to start trading, check out Binance, Bybit, or Kraken before diving into other platforms.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. W.Y., Ng, et al.: Blockchain applications in health care for COVID-19 and beyond: a systematic review';

2. A., Proskurovska: 'Re-inventing housing finance with blockchain. The case of Sweden.'