How to Choose a Blockchain Platform for Your Business
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How to Choose a Blockchain Platform for Your Business

How to Choose a Blockchain Platform for Your Business

The continuously growing popularity of crypto investments has been able to successfully arouse a rather keen interest in the field of blockchain technology and its innumerable possibilities. Today, the blockchain has become a rather generic term, and most people tend to associate it with Bitcoins, which has been the cryptocurrency that was created for the very first time using a distributed ledger technology.

However, it is to be understood that the potential and the scope of this blockchain platform in the application of numerous decentralized ledgers has already been so much broader. These blockchains might as well be used independently from any form of cryptocurrency and could easily be modified. Any person knowing the fundamental basics of programming would be capable of creating their very own blockchain.

Table of Contents

  • When does one need the Blockchain?  
  • What are the various promising Blockchain Platforms? 
  • What are the criteria for the selection of a blockchain platform? 
  • Should you intend your platform to be put on a private chain?
  • Does the platform you use have fees? 
  • Would you expect your given platform to get interoperable with other chains?
  • Closing Thoughts

When does one need the Blockchain? 

The answer to this particular question would reveal the essence of the numerous distributed ledger technologies. Firstly, all of the actions are essentially automated. Secondly, the recorded data would never be deleted or get modified, however, a chain of transactions might be tracked anonymously. Thirdly, there would be absolutely no intermediaries between the participants. The data would be exchanged in seconds. This particular guarantee of a transaction and the storage of large amounts of information about this are the essential basic mechanisms that are laid down in the given essence of any decentralized ledger. This blockchain technology could be in turn applied in the particular field of social insurance, essential education, required medicines, logistics, copyrights, various product quality assurance, etc.

What are the various promising Blockchain Platforms? 

Let us all have a look at a few of the most promising platforms and then describe their application fields:

  • The Bitnation platform 

This was created in the year of 2014 and was based on Ethereum technology. This has been providing several administrative services typical of any state that include notarial services, credit history, identification, insurance, etc. While people learn blockchain, they understand how Bitnation-based virtual communities already got a count of over 15,000 people. 

  • Borderless 

This is the mobile version for the particular Bezant blockchain platform. This helps in actively developing any project and also allows anyone to create any form of storage for the electronic payments and lets them receive any transfers which could be in any type of currency from anywhere around the entire world. 

  • Chronicled

This has been an Ethereum-based open ledger used for the Internet of Things. Multiple creators of these brands and any other intellectual property tend to register multiple unique codes dealing with built-in chips like NFC and BLE, which help them in entering into any sort of public blockchain ledger, which in turn allows them to safeguard their products from any form of forgery. 

What are the criteria for the selection of a blockchain platform? 

While you learn blockchain as a developer, you must take into consideration the following criteria:

  • The Scalability and the throughput of the platform.
  • The Structure of the given information: the quality of any documentation, its structure, and the availability of any external tutorials or guides.
  • Adoption rate that would evaluate the given strength of any community.
  • Availability of any bug bounties or the incentivization of programs.
  • Availability of any supporting developer tools in order to increase the rate of the developer experience. 

Should you intend your platform to be put on a private chain?

Most of the private chains, with those including the ones that are built on any private forks of the public ecosystems or any private ecosystems like the hyper ledger, are rarely required to use tokens or any form of cryptocurrency. If your particular business has been pursuing this strategy, you must seriously take into consideration whether the tokens or the coins would even be necessary.

Does the platform you use have fees?

If you use any one of the public chains, like the EOSIO or the Ethereum, you would notice that every transaction would cost cryptocurrency or maybe something that would be similar. The various pricing models on the systems like Ethereum have been mostly static, while the ones like EOSIO would be far more dynamic and rather dependent on the state of the deemed community.

Would you expect your given platform to get interoperable with other chains?

As the considered time, the necessary monetary, and the multiple computational costs of transferring tokens and the various coins in between the ecosystems tends to decrease, we would likely be able to see a rather rapid devaluation of any context-specific utility tokens. 

You should as well factor in the particular degree up to which you would believe that the conversion costs would get reduced to their necessary expectations in and around their economics.

Closing Thoughts

It is certain that shortly, this blockchain technology will start to get used as routinely as any other global Internet network services, which until recent times had been considered to be something fantastic. Check out BLOCKCHAIN COUNCIL to learn blockchain in-depth. We also provide various courses on the subject and certification program.

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