Last Updated on September 21, 2022 by Olivia Anderson
Blockchain technology serves as a safe haven for online transactions. Blockchain development services are becoming more and more popular outside of finance. The technology that served as the initial basis for Bitcoins today has a significant impact on the world economy. According to a recent projection from Statista, worldwide blockchain technology revenues will expand significantly over the next five years and surpass USD 39 billion by 2025. Due to its decentralised nature and transparency, blockchain technology is a breakthrough technology that many sectors are keen to adopt.
The application of blockchain technology is widespread. Thus, there is a significant need for guiding protocols. To enable interoperability among cryptocurrency networks securely, dependably, and securely, blockchain protocols are crucial components.
The Linux Foundation founded the Hyperledger project, which combines a number of frameworks and protocols.
In order to improve cross-industry blockchain technology and provide it the tools it needs to manage complex issues, Hyperledger was founded in 2015. The protocol leverages distributed ledger technology to streamline collaboration between businesses, programmers, and other individuals. The protocol is restricted to authorized users due to its fundamental properties.
Although not publicly accessible, it does support plug-in components.
Hyperledger’s key characteristics are:
- Cooperative approach
- Permitted involvement
- Productivity growth
- Management of intellectual property
The multichain protocol was developed to aid in the creation of Blockchain applications by enabling quick and safe transactions. It offers APIs that enable easy deployment and integration updates. The protocol offers an API to build and maintain the chains as well as a command-line interface for multichain, as the name would imply.
The Multichain protocol’s key characteristics are:
- More rapid development
- Restrictions on permissions
- Unlimited use of resources
- Extreme security
Corda is a multichain rival created especially for the banking industries. It uses distributed ledger technology and is accredited by R3 Banking. The protocol’s consensus algorithms guarantee security, transparency, transaction validation, traceability, and traceability. Additionally, there are smart contracts that enable the automation of banking solutions.
R3 Corda’s primary attributes include
- Making smart contracts
- Using notary pools for timestamping
- Layered ledger
- Pluggable agreement
A leading blockchain technology called Quorum. It is developed to support companies in the finance sector. It is open-source on Ethereum and was developed by JP Morgan. The protocol employs a consortium method to more effectively service permission networks.
The main attributes of Quorum are:
- Transaction and contract privacy
- Consensus-based voting
- Management of peer permission
- Community based
Solana (SOL) was established in 2017 with the main objective of boosting transaction throughput at a lesser cost compared to other well-known protocols like Ethereum. The SOL protocol is not only extremely quick, but also censorship-resistant, meaning that transactions never pause and the network stays open for apps to operate without restriction.
This protocol facilitates the Proof of Stake (PoS) protocol structure and introduces a new Proof of History (PoH) time mechanism. The distributed archive known as Cloudbreak ensures that the transaction history uses up the least amount of space possible.
The primary traits of Solana are:
- Extremely scalable
The open-source platform Ethereum, which was created expressly for business applications, is our final choice. The protocol’s foundation is a smart contract, which enables the deployment of decentralised apps and automatic transactions. It enables users to carry out transactions and make agreements without the need for a third party.
Ethereum is frequently used to send and receive values for international transactions. Also, it gives Blockchain developers more freedom to P2E platform development. It guarantees that the protocol’s decentralised applications (dApps) and smart contracts operate without interruption or interference. P2P networks, POW, digital signatures, and Ether, a separate money, are a few of the elements of Ethereum.
The main characteristics of Ethereum
- Network of peers
- Error-free data coordination
- Additional scalability
- Incredibly compatible
Everything needed to scale the blockchain industry and the Internet of Value’s infrastructure is included in the XDC Network. It can be defined as a globally accessible blockchain ecosystem of decentralised applications (dApps), interoperable smart contracts, and tools that enable safe, dependable value storage and quick, frictionless payment to link the global trade and finance via a single, decentralised network. The goal of XDC Network is to accelerate the adoption of blockchain technology across industries, particularly financial, by making it simpler to develop and execute scalable and interoperable smart contracts, projects, and applications.
For the purpose of storing and transmitting money, Stellar is an open blockchain network. The platform enables the creation, transmission, and trading of digital copies of any forms of money, including dollars, bitcoins, and anything else of value. The public owns everything that is on the Stellar blockchain; it has no proprietor. The platform manages millions of transactions every day via an open, decentralised network.
Stellar relies on blockchain to maintain network synchronization, just like Bitcoin and Ethereum do. The lumen, a native digital asset of the Stellar network, is needed in minute quantities for transactions and account creation.
Stellar blockchain platform has the following advantages:
- Scalability and excellence
- Database that is open source and decentralised
- Transacting in many currencies
Blockchain protocols offer distinctive and effective business solutions with a wide range of uses. The popularity of Blockchain development for business is rising. When selecting a protocol, one should take into account a number of elements, including the size and nature of the organization. To make sure you pick the appropriate protocol, implement it securely, and maintain.