Top 8 Blockchain Platforms to Watch in 2023

Undoubtedly, Blockchain Technology turns into a transformative force that is driving various sectors. These includes cryptocurrencies, supply chain management, healthcare, gaming, digital arts, and more.

The power of blockchain technology has gone far beyond its original use in cryptocurrency. It is reshaping industries and economies drastically and has made blockchain a topic of much significance.

As industries globally are undergoing digital transformation, blockchain offers solutions to many old and traditional problems. Therefore, it keeps itself at the top of innovation. The nature of this technology ensures security and transparency, making it an attractive factor for many applications.

Whether you are a blockchain development company, a business looking to invest in custom blockchain software development, or keen to know the latest technological advancements, you’re at the right place. It has become a crucial step to keep yourself updated about the rising blockchain technology and platforms in 2023.

In the next few minutes, we’ll take you on an informative ride through the top 8 blockchain platforms to watch this year. Let’s begin!

What is a Blockchain Platform?

A blockchain platform is like a digital infrastructure that allows organizations to build and run applications on blockchain technology. It is a platform that exists to support a particular variety of blockchains.

Simply put, a blockchain platform is like a super-secure digital space where people can do things like buying, selling, or playing games. The platform keeps everything secure and fair. Multiple people agree its rules, which make it hard for anyone to cheat.

Top 8 Blockchain Platforms to Consider in 2023

1. Ethereum 2.0

Ethereum 2.0 is popular as one of the oldest and best blockchain platforms. This is an extended version of the Ethereum blockchain technology that was released in 2013. Its aim is to improve the network’s scalability, speed, transaction capacity, and reduced energy consumption while not compromising security.

Ethereum 2.0 opens new opportunities for blockchain app development companies to build decentralized applications (dApps) that are more efficient and environmentally friendly. On the Ethereum platform, a blockchain developer can create an app for which the participants of that app are the decision-making authority.

2. Hyperledger Fabric

It is a set of tools that are used to create blockchain applications. This blockchain platform is hosted by The Linux Foundation. It helps to build new-generation transaction apps that bring trust, transparency, and accountability to the users.

Hyperledger Fabric is a private blockchain platform that requires permission to access. The notable members who can access this blockchain are Walmart, FedEx, Huawei, Visa, and others. However, numerous projects exist within Hyperledger that are open source, that can be downloaded and used for free.

This platform is also supported by providing high confidentiality, flexibility, and scalability to apps. They have advanced privacy controls that enable you to share whichever data you want to share among the permissioned network users.

3. Binance Smart Chain (BSC)

The BSC blockchain platform has evolved as strong competition that offers custom blockchain software development solutions to companies. It is a blockchain system from the crypto-trading platform Binance. Its low transaction fees, programmability, and compatibility with Ethereum Virtual Machine (EVM) tools make it a relevant choice for blockchain development. This allows blockchain developer to shift their project from ETH to BSC.

Decentralized finance (DeFi) and the non-fungible token (NFT) ecosystem are the things that make it more attractive. BSC’s high-performance and user-friendly interface allows users to interact with the network efficiently. The BSC blockchain uses a delegated proof-of-stake (DPoS) census mechanism that allows its users to vote and elect delegates to validate the next block.

4. Avalanche

It is the platform for customizable blockchains that bridges the gap between traditional finance and blockchain. It offers blockchain development services that cater to the needs of the financial industry. This makes it a preferred choice for various blockchain development companies that are looking to break finance.

In short, Avalanche is a blockchain platform that owns the native currency AVAX. It is a competitor to ETH that focuses on scalability and processes speedy transactions. The AVAX secures this blockchain and also helps to pay transaction fees across the network.

This blockchain platform uses Avalanche consensus which differentiates itself from other blockchain platforms by offering high security and scalability. Avalanche’s DeFi ecosystem contains some protocols from ETH, like the decentralized exchange protocol SushiSwap and lending protocol Aave.

5. Terra

It is an open source blockchain payment platform that supports the DeFi ecosystem, allowing users to manage, save, exchange, and trade terra stablecoins. These Terra stablecoins helps to maintain price stability through a mechanism that depends on a decentralized network of validators.

Terra is doubtlessly a blockchain platform that you can consider to build decentralized apps. For the consensus mechanism, Terra uses a proof-of-stake codesign and has a functional ecosystem of DApps like Anchor, Pylon, and Mirror that utilizes Terra’s stablecoin structure.

Also, Terra is expanding its financial product range beyond the stablecoins ecosystem as it is continuously shaping the future of decentralized finance.

6. Cardano

Cardano is a public, open-source, and decentralized blockchain platform. It was founded by Charles Hoskinson in 2015 who is one of the founding members of Ethereum blockchain. It uses proof-of-stake (PoS) to achieve consensus.

Just like Ethereum’s blockchain currency ETH, Cardano’s blockchain currency is ADA. ADA facilitate peer-to-peer transactions. This platform also uses distributed computing. A few benefits of using this blockchain development platform are flexibility, sustainability, and scalability.

Subsequently, these benefits allow blockchain development of DeFi Apps, games, new crypto tokens, and more. ADA helps to store value, send and receive payments, and pay and stake transaction fees on the Cardano network.

7. Tezos

Tezos is a self-upgradable and open source blockchain platform that helps to create DApps and assets since 2014. Unlike other blockchains, it allows users to vote on changing rules, and the software will automatically update them across the entire chain.

The native currency for the Tazos blockchain is tez (XTZ), which uses a proof-of-stake (PoS) consensus mechanism to validate blockchain transactions. The ability of this blockchain for quick and cheap transactions and to adapt to changing needs made it a centre of attraction.

Many developers and blockchain development companies are interested in adopting this platform to automate the process of connecting NFTs into enterprise supply chains. This platform was created to solve some challenges and limitations faced by other blockchain platforms, particularly in terms of scalability, governance, and security.

8. ConsenSys Quorum

The financial service company JPMorgan has designed the ConsenSys Quorum platform. It is a modified version of Ethereum, and it is known for its security, decentralization, and privacy. Also, Quorum offers private transaction and confidential contract features. This makes it a relevant and well-suited platform for apps where confidentiality is the key priority.

ConsenSys Quorum is a private and permissioned network generally used by banks and insurance firms unlike public blockchains like Ethereum. The users must have been granted authorization or permission to join the network, which enables organizations to control their participation in their blockchain applications.

The platform offers flexibility in choosing a consensus mechanism and is designed to handle high transaction volumes. ConsenSys bought the Quorum platform from JPMorgan in 2021 and then created ConsenSys Quorum, an open-source platform later.

The Potential Use Cases of These Blockchain Platforms

1. Decentralized Finance (DeFi)

Ethereum 2.0, Binance Smart Chain, Terra, and Avalanche are a powerhouse for DeFi apps. They enhance scalability and reduce transaction fees.

2. Non-Fungible Tokens (NFT)

Tezos, Ethereum 2.0, and Binance Smart Coins are the hub for the Non-Fungible Token’s ecosystem. Users can trade and mint digital collectibles and their artworks.

3. Cross-Chain Integration

Binance Smart Coin’s cross-chain integration allows it to connect with other blockchains and enhance its role in asset transfer. It enables cross-chain DeFi apps to bring assets from various blockchains.

4. Identity Management

Cardano blockchain platform can be used for secure identity management, which is vital in various industries like healthcare and finance.

5. Stablecoins and Payments

Terra’s focus on stablecoins can be used for cross-border payments and stable value savings. This platform enables efficient and low-cost financial transactions.

6. Supply Chain Management

Ethereum 2.0 and BSC blockchain platforms can increase transparency and traceability in supply chains. These blockchain platforms can be used to track the origin and journey of products.

7. Governance and Voting

The blockchain platform Cardano can extend to governance and voting systems. This can also be used for a secure and fair voting process, especially in corporate elections.

Conclusion

In the current scenario, staying updated and informed is essential. Blockchain technology is revolutionizing various industries. Hence, it has become crucial to recognize that these blockchain platforms hold significant potential, as they help in solving challenges such as scalability, security threats, and other concerns.

These 8 blockchain platforms are ready to create an impeccable impact on the industry’s future. If you need blockchain development services for your business venture, feel free to contact us.

We at Codiant, deliver secure, decentralized, and robust blockchain development solutions to cater to all your needs.