The growing possibilities and need for technological advancements and investments in new technological innovations have increased Blockchain technologies’ interest and scope. The potential and scope of the application of decentralized ledgers have already gained so much momentum. Its implementation has become much more comprehensive than it was a decade before in its initial phase. The popularity of Blockchain and growing investment in the developing Blockchain platforms is due to its simple nature and easy to use features that enable easy modification. You don’t always need to have a Blockchain expert for creating your platform. Anyone familiar with the basics of programming can create his/her Blockchain.
Blockchain technology is presently being broadly used across industries due to its technological value. The significant areas utilizing its efficiency are FinTech, Artificial Intelligence, Cryptocurrencies and Internet of things, Insurance Claim software, Healthcare, Logistics, and several other fields. But the availability of so many Blockchain platforms has aroused an essential question that Blockchain has gained so much momentum and which Blockchain platform will best suit a business. In this article, we are going to find out the answer to this question only.
Blockchain’s potential is not restricted to exchanging cryptocurrencies only as there are numerous other benefits. Blockchain technology leverages businesses worldwide across industries through its distributed and decentralized nature. Let’s discuss what Blockchain offers to companies.
- Greater Transparency: Blockchain’s transaction ledgers are open, and anyone with an authentic public key can access the ledger and view the information secured in the platform. In businesses, this ensures a greater level of accountability and adds transparency in every area of the business process.
- Enhanced Security: Blockchain is more secure than any other record-keeping system in many ways. Every transaction must receive agreement from all the participants before completion. It is faster and does not allow any user to tamper with the information recorded in the network without others permission.
- Improved Traceability: In a Blockchain network, every time a modification in the records is made, it creates an audit trail. This enhances security and prevents fraud, and helps to verify the authenticity of the traded assets.
- Enhanced Efficiency: Blockchain facilitates completely paperless processing of record stores. This way Blockchain platform ensures a time-saving process that does not require third-party mediation. Blockchain streamlines and automates the whole process and ultimately makes it faster and more efficient.
- Reduced Costs: Blockchain eliminates the need for several third-party and intermediaries’ involvements. It offers transparency in the whole process and provides access to data for all the authentic participants. This way, it ensures trust between trading partners and eliminates the need for third-parties; it helps reduce costs of the operation.
More and more businesses depend upon Blockchain technology for developing frameworks and networks to teach efficiency in the operations. But, choosing the right Blockchain platform is still an important question for many companies. Here we will discuss what you need to check before selecting the Blockchain platform for your business:
- Scalability Needs: Blockchain platforms should achieve a high transaction per second rate. If you are looking forward to creating a Blockchain platform for your business, you must check out its transaction capabilities according to your business needs. For example, Bitcoin can handle 7 TPS, and Ethereum can support 20 transactions per second. Others can help much more than these. Thus, you should choose the platform that suits your operation best. Scalability is the major issue with Blockchain technology, and this is a must to be considered while selecting a forum for you. There are three elements of scalability, which include speed, security, and decentralization. You must ensure at least two out of three to achieve efficiency.
- Adoption rate and Functionality: All the Blockchain platforms vary in terms of functionality, and this difference is not minor or small, but the media are drastically different from each other. Different Blockchain platforms offer vastly different functions despite being based on the same Blockchain technology. Also, there is a need to check the adoption rate and community support level of other Blockchain platforms before implementing them in your business operation. It’s a smart decision to choose the platform that has been adopted by a large number of companies across industries because the technology and needs change along with time. The more adopted a Blockchain platform is, the more reliability and adaptability it ensures.
- New Vs. Existing: Blockchain has proved to be the most efficient technology that is also cost-effective and quickest in serving the solution to various business-related problems. This has been concluded by many business leaders, and considering this; a big question arises whether to develop whole new Blockchain technology or to go on with the previously established one. The pros and cons come with both the options and it is hard to decide what way to go. If you select a Blockchain platform for your business, you should consider that the existing options can meet your requirements or need more features in your solution.
- Security: This is a significant concern for many businesses and is essential as well. So, while choosing a Blockchain platform for your business, you must ensure that it has a history of peer-review and established the security measures of the networks.
- Public or Private: A public network provides access to every participant in the network. In contrast, a private Blockchain extends the access only to verified and permissioned users. The company should decide accordingly before selecting the platform to be applied in their business.
Blockchain technology has revolutionized the business world, and it is storming in taking over the control of the technical field in business operations. The ability of Blockchain to solve complex problems makes it an irresistible solution for numerous businesses across industries. Blockchain also offers several other features like cost-effectiveness, efficiency, and time-sensitivity, which are a massive reason behind its enormous adoption and implementation.If you also want to select a Blockchain platform for you, you must consider all the above-listed factors before finalizing one. In choosing the right venue, any Blockchain expert with Blockchain training certification by a reputed institute such as Blockchain Council can help you.