People are now aware of blockchain technology, but they still think that blockchain is only for cryptocurrencies and other crypto assets like Bitcoin, Litecoin, Ethereum, etc. This is not true. Blockchain is a vast field and not restricted to cryptocurrencies only. Blockchain is a distributed, unalterable public ledger that is transparent and fully secure. Perhaps you can start buying and selling Bitcoin by clicking on the official trading site of Bitbot App.
If we talk about people’s interest in blockchain technology, it is only increasing with time. People worldwide are using this innovative technology to make supply chains more efficient, enhance traceability, streamline trade, and improve financial transactions. All of this started with the launch of Bitcoin and other digital currencies. Though the blockchain of Bitcoin had several issues and consumed lots of energy, the concept still created waves all around the globe.
Explaining Blockchain Technology
Blockchain technology makes use of blocks with cryptography which is a complex mathematical puzzle to make sure the system is safe, reliable, and secure.
Blockchain technology is now being used in various sectors like government, Healthcare, Industrial, and financial sectors. In addition to all this, blockchain is a decentralized system which means no central authority is present, and all transaction data is encrypted to keep the records safe.
Top Blockchain Projects
Below are some of the best blockchain projects.
Ethereum was launched in the year 2013. It is known to be one of the oldest and most stable blockchain platforms. This project offers a completely decentralized blockchain that can be compared to the leading blockchain platform, Bitcoin.
Ethereum project has a major strength: it allows authentic decentralization with support for smart contracts. Other than its role as a blockchain project, it also has its cryptocurrency known as Ether which is easily available on trading or exchange platforms like Gemini, PancakeSwap, or Bitcoin Trading Software.
The Ethereum Project is adeptly widely by technologists and other professionals who are developing decentralized applications or dApps on the Ethereum network. Moreover, Ethereum has a huge active developer community coordinated by the Enterprise Ethereum Alliance, having over 250 members that include Intel, JPMorgan, and Microsoft, respectively.
Initially, the Ethereum community used the Proof of Work (PoW) consensus mechanism but then it migrated to Proof of Stake (PoS) so that less energy would be consumed throughout the process. This migration helped the Ethereum platform save energy by 99.95% as compared to the previous mechanism.
This platform is a private and decentralized blockchain network that has been one of the finest with enterprise customers. These types of clients are less disinclined.
The IBM platform’s developer tool was developed to be adjustable, workable, practical, and tailored. This platform has also invested in manufacturing an easy-to-use interface to provide ease and simplify complex tasks, including positioning, trialing, and instantly locating smart contracts.
This firm has observed significant growth in the financial services, banking sector, and supply chain. One of the well-known examples of this project is IBM Food Trust which has successfully reached up to 18 million transactions to date. This represents 17,000 products and a blockchain community in Thailand that supports and encourages services like payment obligations and enterprise auctions for 22 Thai banks.
Hyperledger Fabrics is a set of tools that assist in developing blockchain applications. Supported by Linux Foundation, this platform was created from the ground up with enterprise distributed ledger uses kept in mind.
This blockchain project has a huge ecosystem of components that can be easily worked into a modular structure. In addition to this, it works perfectly in closed blockchain deployments that can enhance safety, security, and speed. Furthermore, this platform also supports an open smart contract model that can support multiple data models, for example, account and unspent transaction output (UTXO) models.
This platform is also known to mend data privacy by separating transactions in different channels or allowing the sharing of personal data on a need-to-know basis in private data collections.
About R3 Corda, a debate is currently going on to know whether it is technically a blockchain or a substitute for the distributed ledger. This project uses an innovative consensus mechanism in which transactions are cryptographically connected but does not periodically batch several transactions into a single block. Moreover, the authentic Corda website says it is both a blockchain and not a blockchain.
One of the main perks of this platform is that all the transactions are processed in actual time, which is used to improve performance as compared to all other types of blockchain.