Blockchain has gained considerable popularity in the past few years. Large and small businesses in different sectors have adopted this technology in daily business transactions, helping them automate and simplify their tasks.
Another question that arises here is whether the blockchain needs of every business are similar. Well, the answer to this question is no. Every business’s blockchain needs are different. The nature of the industry and its vision determine these needs.
Considering businesses’ diverse blockchain needs, different blockchain development technologies have emerged. These technologies differ in many aspects, such as functioning, security level, functionalities, and usage. The blog will illuminate the trending blockchain technologies businesses use today and which technology would be best suited to fulfil your business blockchain needs.
Best Blockchain Technology Options For Your Business
Are you impressed with the trending blockchain technology and wish to integrate it into your business? But I don’t know which one to choose. Here are a few trending blockchain technology options for your business.
Ethereum
Ethereum is a decentralized form of blockchain that has intelligent contact functionality. They are one of the most popular blockchain technologies used by many businesses. Etherium, with its native currency, will help your business send and receive value globally. Blockchain technology does not require any assistance from any third party. This makes it an easy-to-use and cost-effective blockchain technology for your business. Ethereum is known as the innovative contract platform by the oinDesks Digital Asset Classification Standard (DACS). The best thing about Ethereum is that, with this technology, recorded transactions are immutable, verifiable, and distributed in a safe and secure manner across the network.
Unique Characteristics of Etherium
- Etherium is designed to be a scalable, programmable, secure, and decentralized blockchain technology.
- Etherium is the most flexible platform for designing functional, decentralized applications.
Polygon
This is another popular blockchain technology that can help your business grow. The blockchain allows the networks of a particular blockchain to connect and scale with each other. Using the Polygon platform, you can create a decentralized application that is scalable and flexible, and the sovereignty of the project is also maintained. The platform is very effective in creating a multi-level blockchain ecosystem that is compatible with Ethereum. The greatest strength of a polygon is its ability to process the transactions happening on a network in less time using the consensus mechanism. This makes it best suited for global businesses with a broad customer base.
Unique characteristics of Polygon
- Using Polygon in your business will help increase transaction speed and lower operational costs.
- Polygon helps businesses mark their entry into the virtual world and perform various business activities there.
Solana
Solana is among the widely used blockchain technologies known for its scalability, efficiency, and speed, which it provides to your business’s decentralized applications. The platform is designed to host decentralized and scalable applications. Solana’s transaction processing speed is very high, and the fee charged per transaction is also low. This is why you should choose this platform.
Unique Characteristics of Solana
- Solana is based on open-source code, which makes it easily downloadable by anyone.
- Solana uses layered services, adding several benefits to the network and improving its efficiency.
Cosmos
Blockchain technology proves to be highly beneficial in scaling up your business growth. Using this technology in your business applications can handle millions of users simultaneously with its horizontal and vertical scalability solutions without affecting the transaction speed. It speeds up your transactions and enhances the customer experience. Blockchain technology is a network of independent and interoperable blockchains.
Unique Characteristics Of Cosmos
- It allows blockchains to transfer values with each other using IBC and Peg-Zones, making it a perfect choice for you.
- The use of Cosmos will simplify your business’s blockchain-based application-building process.
Sidechains
If you are looking for a safe and secure blockchain network, Sidechains are a perfect choice. They are a separate blockchain network connected to another blockchain through a two-way system. The blockchain network can facilitate a smoother exchange of digital assets, such as tokens, between blockchains. The major components that make Sidechains work effectively are smart contracts and a two-way peg.
Unique Characteristics of Sidechains
- The sidechains use a consensus algorithm. They can design their alternative consensus products according to your business needs.
- Blockchain technology will be cost-effective and have a lower transaction fee for users.
Fantom
The Phantom is a widely preferred blockchain platform for designing decentralized, Defi, and crypto apps. The platform helps increase the speed and efficiency of transactions undertaken on your DAAPs. The best thing about this platform is that it is open-source, permissionless, and smart contract-based. All the apps developed on Fantom operate on their own independent and unique blockchain.
Unique Characteristics of Fantom
- Phantom’s unique architecture makes it the best-suited to create scalable, fast, and impressive Web3-based applications.
- Due to its independent nature and easy-to-use interface, Fantom will have a bright future.
Starknet
It is a decentralized layer2 network. That enables decentralized applications to achieve
unlimited scale for transactions and computation. It helps enhance the functionality of your application. The platform could increase your current transaction speed and help scale your business growth.
Unique Characteristics of Starknet
- Starknet is a leading blockchain technology best suited to meet the diverse blockchain needs of businesses nowadays.
- It is a general-purpose network that can be used for various purposes, along with smart contracts.
What to Consider While Choosing the Best Blockchain Technology?
After learning about the widely used blockchain technologies, you must consider which would best fulfill your business blockchain requirements. Here are a few essential factors to consider while choosing blockchain technology for your business:
Platform’s security
The most crucial factor you should consider while choosing blockchain technology is whether the platform can keep your confidential business information safe and secure. Check the intelligent contract formation in the blockchain platform, as this helps you check whether the platform is good to choose from a security point of view. If you feel that it provides the required level of security, then select the platform. Also, by checking the cryptographic methods used by the network and the frequency of upgrades done, you can get a better idea of the network’s security.
Platform Speed and scalability
This is another critical factor to consider when choosing a particular blockchain platform. Always go for the one that can process more transactions at a time. This will help your business generate higher revenue. Also, remember to check the platform’s scalability. A scalable platform will be helpful for the company in many ways.
Platform fee
The platform fee charged for a particular transaction on its network should be considered. The platform fee varies from platform to platform and is determined based on various factors such as security level, technology, etc. Choose a platform where the transaction fee is minimal. This will reduce your business’s overall blockchain development cost. Check the transaction fee beforehand and then make your final decision.
Public or Private
Blockchains can be of two types: public and private. You must check whether your blockchain technology or platform is public or private. If we talk about security level, private blockchains are more secure than public blockchains. However, if we look at this from a cost point of view, public blockchains are cheaper in terms of cost per transaction. The nature of the business also impacts the use of public or private blockchains.
Network adoption rate
While choosing the blockchain network, you need to check how many brands are using that particular network. Also, check whether there is a community built around the network. In this case, you can get better support in times of need. Also, the more people on the network, the better the technology upgrade. Make sure you check the types of people associated with the network.
The Bottom line
When you opt for blockchain technology for the network, you must be careful and check everything before reaching any conclusion. The wrong choice could affect your business’s overall cost. The blog showcased various blockchain technologies you can consider for your business. You need to check the characteristics and basic functionalities of blockchain technology. After this, compare them with your business’s blockchain requirements and choose the best one.
