It is said that the Fastest growing buzzword which flooding us every day is blockchain. Blockchain technology is being one of the predominant and swiftly thriving skills in the IT sector today. Despite the word, blockchain has been already the talk of the tech world, now it has taken its stand quite steady towards its lateral.
However, Blockchain evoked its way to transfer bitcoin from peer to peer, but now it is being utilized by a host of massive companies to monitor and move any number of assets around the globe as smoothly as sending a mail.
Now, this forefront technology is being the solution to various industries, enterprises, startups, and SMEs. One more thing that I want to insist here is, don’t take Blockchain as a Sun. Instead, take it as a Solar system that is every planet has its own path like that every cryptocurrency has its own separate Blockchain, and not every blockchain support smart contract. Am I clear?
Every industry has various separate blockchain that explores the capability of building decentralized applications. As a result, the dApp development is directly proportional to the number of a blockchain platform
What is blockchain?
Blockchain is a technology that could be sheared up by a common denominator called crypto. In detail, Blockchain technology is a decentralized ledger that keeps track of every transaction that takes place across a peer-to-peer network.
There are both Public and Private versions of blockchain which also has a consensus mechanism.
Public blockchain as its name suggests, it’s open-source. It allows anyone to participate as users, miners, and developers.
1. It is completely decentralized
2. Has transparent transactions
3. Has token involvement
Private blockchain, also known as permission blockchain. Here participants need permission to join the network.
1. It is completely centralized
2. Transactions won’t be visible here.
3. may or may not have a token involvement.
How blockchain is helpful to business
Immutability in blockchain enables the companies to ensure that the data stored cannot be modified or altered. If any alteration in information will alarm the system.
Transparency in business will let the users keep track of every information in the network. A public blockchain has transparency in its nature.
Both the creator and the consumer can participate without getting any permission from a big centralized authority. Decentralized service gives people complete access to the sector out there.
Utilizes a high-level cryptography algorithm to secure the data and systems on the blockchain network. Every block in the network will have a unique hash, to prevent malicious activities.
List of Blockchain Platforms to use in 2020
When the number of participants and the flow of transaction increases, a blockchain network should have the scalability to adapt to the growth. So to improve the scalability level here came various blockchain platforms.
2. Hyperledger Fabric
6. R3 Corda
10. Open chain
To know more in detail about the Blockchain Platform in 2020.