Whenever it comes to trending technologies, blockchain tops the list. Blockchain development has become the foremost choice for all-scale businesses because of its transparency and complete security. In addition, implementing blockchain development platforms into systems can help businesses lower their expenses regarding financial or data transfers.
But the growing number of platforms has raised confusion for businesses. As a result, they keep searching – ‘How to choose the right platform for blockchain development?’
So, if you are also sailing the same boat, this blog is for you. It will offer you useful tips for selecting the platform for blockchain technologies. So, without delaying further, let’s dig into the details one by one.
Table of Contents
What is Blockchain?
A blockchain is a distributed database that maintains a continuously growing list of ordered records called blocks. Each block contains a timestamp and a link to the previous block, forming a chain. This design allows blockchain to be inherently resistant to data modification, making them an attractive solution for applications where data integrity is crucial.
What Are Blockchain Development Platforms?
Blockchain development platforms are frameworks that allow developers to build decentralized applications (dApps) on top of a blockchain network. These platforms typically provide tools and libraries that make it easier for developers to create and deploy dApps along with a runtime environment. Some popular blockchain development platforms include Ethereum, EOS, and TRON.
List of 5 Popular Blockchain Development Platforms
Before we choose the popular blockchain development platform, let’s glance at the top 5 blockchain platforms as suggested by professionals.
Ethereum is one of the biggest and most popular cryptocurrencies right after Bitcoin. An individual or an organization doesn’t control this blockchain platform. It is an open-source platform for everyone who has recently stepped into the world of cryptocurrencies and dApps concurrently.
The rising popularity of Ethereum has also raised the demand for Ethereum development company. This platform was established in 2015 and is now considered one of the best platforms for start-ups in no time.
Invented in 2015 by the R3, Corda stands as one of the top blockchain operating open-source codes where developers can construct permissions defined dispersed decisions. The platform was first developed for businesses that provide financial services, but it was expanded to include additional industries over time.
Now, businesses can make transactions effortlessly with one another utilizing Corda and strict privacy, thanks to smart contracts. Therefore, the demand for smart contract development has also raised significantly. All business processes are optimized using well-built smart contracts, which considerably lowers transaction costs and document management.
Back in 2018, Block.one production launched the open-source EOS or EOSIO blockchain as a project. Here are some reasons why EOS is regarded as the greatest blockchain platform for developers.
First and foremost, it is a top-performing, downscaling blockchain platform for developing decentralized applications and smart contracts. In addition, it uses a complex proof-of-stake consensus process to achieve greater efficiency than prior systems like Ethereum or Bitcoin.
As a result, businesses in the banking and finance industry planning to develop a banking app can create applications using EOS to conduct transactions more cheaply.
Coming to another one of the best blockchain development platforms launched in 2014. Cardano’s blockchain cryptocurrency entitled made it into the top three in market capitalization while trailing the market leaders like Bitcoin and Ethereum. The main objective of this blockchain platform, which is a customized multigenerational platform powered by smart contracts, is to quickly build dApps.
Cardano employs a secure variant of the Proof-of-stake technique. Furthermore, inspecting every node is unnecessary since only network participants can validate a transaction. Therefore, businesses looking for decentralized applications can opt for Cardano blockchain development.
Initiated by the Linux Foundation, Hyperledger was founded in 2015 as an open-source blockchain development platform. The platform enables organizations to access the platform and allows company collaboration with other industries. Well-known organizations, including IBM, Amazon, and CBM, are among the best businesses utilizing Hyperledger blockchain platforms.
This is it! So, these are the most popular blockchain app development platforms most businesses use. But, as the choices are several, business owners often get confused about choosing the right blockchain development platform.
To resolve this, we have mentioned useful tips highlighting the best ways to choose a perfect blockchain development platform.
Useful Tips to Choose The Best Blockchain Development Platform
Choosing the best-suitable blockchain platform isn’t a cakewalk and hence requires effort & the right approach. Now, you might be wondering how to do it. First, try the following tips suggested by cryptocurrency development company professionals.
Blockchain platform popularity helps blockchain applications gain the strong credibility of the development platform. Also, businesses can get premier access to the platform community, where they can get the best resolutions on the issues faced.
So, go for the platforms with immense fame and popularity so that you can remain assured of your blockchain app success and profit.
2. Compatibility with Existing Systems
The platform should be able to integrate seamlessly with your existing systems and technologies without requiring significant changes or disruptions. It will be useless if the blockchain development platform you have chosen isn’t compatible with the existing systems.
So, choose something with strong compatibility, or else take the assistance of the best blockchain app development company professionals.
3. Ease of Use & Accessibility
The platform should be easy to use and accessible to many users, including developers with varying levels of experience and expertise. On the other hand, a platform with complex functioning and complicated infrastructure will be difficult to tackle.
So, suppose you are new to the business or possess no understanding of blockchain technologies. In that case, choosing a blockchain development platform that is very easy to use and access is advisable.
4. Development Cost
Cost is another vital factor when it comes to blockchain development. But, again, the number of variables, like the project complexity, customization needs, the type of Blockchain, and other significant components, are the major factors determining blockchain app development cost.
So, whatever platform you choose for your blockchain platform, make sure it is under your budget.
5. Facilitates Smart Contract
Within a Blockchain network, Smart Contracts control the execution of present terms and conditions. Therefore, it is crucial to consider a Blockchain development platform that encourages and supports the widespread creation and use of Smart Contracts.
If you find difficulty, get in touch with a leading firm offering Solana blockchain development, stellar development, and other services.
The platform should provide robust security features to protect against hacks and other security threats. With the ever-rising cyber threats and attacks, the demand for high-security blockchain development platforms has increased significantly to protect businesses and their applications.
So, when looking for the best blockchain development platform, ensure it follows the latest security standards.
7. Transaction Speed
The speed at which a Blockchain platform transmits data from one account to another is known as transaction speed. So, this is the last yet crucial component determining a Blockchain platform’s overall efficiency.
So, besides considering all the factors mentioned in the list above, consider the speed of the development platform for trending technologies like Blockchain.
Overall, the best blockchain development platform for your needs will depend on your specific requirements and goals. Therefore, it’s important to carefully evaluate the available options and choose the platform that best meets your project needs and demands.
If it’s not your cup of tea, it is advisable to hire blockchain developers who are experienced enough to help you with this. They will choose a perfect development platform for your business and create a unique blockchain-based application.
The Scope of Blockchain Technology
As we all know that blockchain technology basically implemented from cryptographic algorithms to provide more security to the database storage. So, blockchain technology generally uses for make transactions secure and also develop for digital currency like Bitcoin, Ethereum, Ripple, Litecoin, Monero, etc.
There’s no limited scope of blockchain technology in finance that’s why finance is the biggest application area of blockchain technology. In digital currency, it is implemented widely.
Mobile App & Web Development Services
Mobile app & web development companies provide a great of offers for blockchain development. It is the next future in the web & mobile app development industry.
This type of contract has stored in blockchain technology. The smart contract in the form of a crypto contract has the complete command of digital assets and currencies between two parties. It plays an important third-party role in certain conditions.
As we all know that blockchain technology is the most secure technology amongst all the new technologies. So, in digital voting also the blockchain technology is used to make secure voting.
Blockchain technology also can have the scope in other business areas like medical and health, education, etc.
Benefits of Using Blockchain Development
1. Better Transparency
Transparency is an important factor in any industry. So to cater to this need, a mobile app development company may use blockchain technology. Blockchain allows companies to have a decentralized form of data management. This way, there are fewer chances of data breaches and more transparency.
A blockchain consists of peers who are responsible for carrying out the transactions. Although every peer may not take part in this and the validation process, they can still choose to do so. To provide validation, a consensus is used in the decentralized system.
2. Enhanced Security
Unlike other platforms, blockchain technology uses advanced security features. A mobile application development company can use it to create secure apps for many industries. This is because blockchain records all the transactions and each of them is encrypted and linked to an older transaction.
Additionally, each node holds a copy of all the transactions performed on the system. This way, no one can make a change to the data because the other nodes will reject the changes. Also, blockchain does not allow users to rewrite data that is already entered. This adds more security to the network.
3. Fewer Costs
All systems and networks require regular maintenance. This can often be expensive for a company. With blockchain technology, however, mobile and web application development companies can reduce the cost of hiring third-party services to maintain their systems. Blockchain has no centralized player and so, doesn’t require third-party vendors. Also, it requires very little interaction while validating a transaction. This further reduces the cost to do basic maintenance.
Blockchain technology allows an IT development company to create a supply chain with their vendors and suppliers. In a traditional network, it would be hard to trace items when needed. This can lead to problems like theft, loss of goods and data, and so on. But with blockchain, this is not a problem.
The supply chain is very transparent in blockchain technology. All goods, transactions, and data can be traced and tracked. This makes it very hard for fraudsters to steal information, alter it, or misuse it. If the development is done by in-house teams, companies can track everything in it.
5. Higher Speed and Efficiency
For a mobile or web development company, efficiency is an important factor. If they use blockchain, this is easy to achieve because it solves the problem of time consumption. Since it automates the whole transaction process, the efficiency is maximum. Also, it does not have any chance for human errors then.
The digital ledger in blockchain technology provides a single place of storage for all data. This makes it easy to retrieve it when needed. Also, since this is a streamlined process, the efficiency of blockchain is off the charts. This way, all processes can be fast and efficient.
Companies can now hire dedicated developers to automate their networks through blockchain. This technology lets a company use smart contracts that increase the efficiency of the system. Smart contracts also reduce the need for human intervention and reduce the chances of making mistakes. It also reduces the need for a company to rely on third-party agents to dispense a service related to data storage and management. This way, all documents, and claims can be automatically fulfilled by the system itself.
Major Mistakes to Avoid While Choosing Blockchain Development Platform
With so many options to choose from, no doubt, businesses make the mistake of choosing an unsuitable blockchain development platform. So, if you are also in the same phase, avoid the following mistakes.
1. Avoid Platform Usage & Accessibility
The platform should be easy to use and accessible to many users, including developers with varying levels of experience and expertise.
2. Neglecting compatibility of Platform with Existing Technologies
Choosing a platform that can integrate seamlessly with your existing systems and technologies is important to avoid disruptions and additional costs.
3. Not Considering Support & Documentation
The platform should offer comprehensive support and documentation to help developers get started and overcome any challenges they may face. So, you should focus on selecting a platform that offers better support and documentation.
4. Ignoring the Cost Factor
The platform should be cost-effective, with affordable pricing plans for your business or organization. But, only a few business owners understand this and ignore the blockchain development cost while choosing a platform.
5. Lack of Expertise
This is one of the major mistakes that can cost businesses greatly. A lack of business expertise is not a mistake, but the major mistake is making a decision when you don’t know what to do. So, if you are new, it is better to hire dedicated developers or consult a leading blockchain app development company.
Overall, it’s important to carefully evaluate the available options and choose the platform that best meets your needs, to avoid making costly mistakes.
By 2026, the market for blockchain technology will be worth $67.4 billion. The figure indicates the demand for a blockchain development platform for today’s businesses. And given how quickly blockchain technology is developing, the market will undoubtedly come up with several options.
But with so many platforms available, businesses must take time to weigh their alternatives to choose the best platform. Given the variety of functions and features that blockchain platforms offer, deciding the best blockchain development platform becomes a little confusing.
But, we hope that by referring to this blog, you have an idea of choosing a suitable blockchain technology platform for your business. Dev Technosys experts are there to assist if you still face any difficulty. Feel free to get in touch any hour of the day.
Frequently Asked Questions
How to Pick the Right Blockchain Development Platform?
While choosing a blockchain platform, consider the following factors –
- Regulatory Compliance
- Transaction Speed
What Are the Top Blockchain Development Platforms 2023?
Although the list of the top blockchain development platforms is vast, the following are the best platforms that’ll gain popularity in 2023 and beyond.
What Is the Difference Between Private And Public Blockchain Frameworks?
Private and public blockchain frameworks are two different types of blockchain networks. A private blockchain is a permissioned network where only certain users can access and participate. On the other hand, a public blockchain does not require permission on a network, and anyone can access and participate in that network.