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Blockchain technology emerged with the beginning of Bitcoin in 2009, and currently, it has become one of the most prominent and mainstream technology.
Revolutions in blockchain technology are visible around the world. No matter what industry you are looking at, you will find blockchain applications in every sector. Plenty of businesses are expanding in the supply chain, healthcare, logistics, finance, and other fields using blockchain.
The main aim of blockchain applications is to make business processes more transparent and efficient. Businesses now realize the potential of blockchain technology and how it can boost their businesses.
The demand for new blockchain platforms is consistently increasing because businesses are experimenting with different platforms by developing blockchain applications.
Blockchain technology is famous due to its transparency and decentralization. This is mainly required in the finance sector. Several businesses are considering the development of modern finance applications on blockchain platforms.
There is no need to worry about immutability, security, and decentralization in blockchain-based finance applications. This is what several businesses are focusing upon.
Technology has made it easy to develop new apps on blockchain platforms through smart contracts. Now, let us look at some of the best blockchain platforms to build finance applications.
Ethereum is one of the oldest, most established, and one of the leading blockchain platforms. It has even developed its own cryptocurrency called Ether or ETH. The platform provides a completely decentralized blockchain. Ethereum abides completely with the rules of smart contracts for efficient functioning. Currently, there are thousands of decentralized apps already available on Ethereum.
The main strength of the Ethereum platform is its true decentralization, while its main weakness is slow processing and high transaction fees. Ethereum platform is seeing a massive craze among blockchain application developers for building decentralized applications called dApps.
On top of that, the Ethereum platform also has an active community of more than 250 developers. All the Ethereum protocol developers are aiming to eliminate the presence of third parties in every field. The developers can easily build dApps related to finance, cryptocurrency wallets, games, and much more. With rapid deployment, you can expect your application to be up as soon as you get it out.
Ripple is more focused on the development of financial applications on the platform. It is supporting more towards the digital revolution. Ripple had established its own platform in 2012 to build a blockchain network for businesses by connecting digital asset exchanges, banks, and payment providers.
Businesses can even come up with their own financial solutions by developing modern finance applications or high-performance payments solutions on Ripple. Ripple has its native cryptocurrency named XRP. There are plenty of companies that can leverage the power of XRP on RippleNet by even avoiding pre-funding to expand into global markets.
RippleNet is working on liquidity solutions so that businesses don’t need to go for pre-funding and can even build a decentralized infrastructure where a payment can be made in <3 seconds. You can expect complete transparency on RippleNet.
Cardano is a next-generation blockchain platform build upon smart contracts. The main aim of the Cardano blockchain is to build dApps that are fast and scalable. Cardano has an Ouroboros consensus mechanism that is a secure version of the Proof-of-stake algorithm. Here, every transaction is checked only by network participants, and there is no need to check them at every node.
Cardano has plenty of features like interoperability, scalability, transparency, and legitimacy to make it the right choice for modern finance applications. The Cardano blockchain is looking forward to balancing the wishes of both centralized and decentralized communities.
Currently, there are plenty of dApps on Cardano for enhancing global payments with the help of decentralization.
Stellar is an open network blockchain efficiently working towards the finance sector. Several banks are experimenting with the Stellar blockchain network to make their services seamless, secure, and transparent. Stellar is a robust blockchain platform for building fast as well as secure fintech apps.
As Stellar is an open network, there is no owner, and complete control lies in the public’s hands. Stellar also depends on blockchain for keeping everything synced with the network. Whether you are looking for fast transactions or your company is looking for a decentralized platform to build modern finance apps, you can consider Stellar as a worthy option.
Currently, various dApps are built on the Stellar blockchain network because of its micropayment services, asset exchanges, and global payment apps.
If you are thinking about developing a complex software or application in blockchain by dividing it into small parts, then Hyperledger Fabric is the right option for you. The availability of versatile and modular designs on the platform is useful in various industrial applications.
The most significant feature of Hyperledger Fabric is the network of networks. Every business wants to keep certain data private. This is where Fabric can help you to maintain different relations within the network itself.
For instance, a single seller may be selling the same product to different buyers. There is no need for the transactional relationship of one buyer and seller visible to the other. The use of the “channels” feature in Hyperledger Fabric will do the work of keeping it private.
Fabric is a worthy option for finance apps because everything is not open and permissionless. On the contrary, your business can develop a highly secure and scalable platform that can support private transactions and confidential contracts with ease.
EOS is another secure and scalable blockchain platform for developing dApps. This platform can be called an extended version of Ethereum and Bitcoin blockchains because certain features are supported in EOS, which are actually lacking in both.
EOS blockchain network provides smart contracts capability, hosting for dApps, and decentralized storage of enterprise solutions to solve scalability issues. You can build a finance app on EOS for performing transactions at a lower cost. On top of that, the developers can deploy executable smart contracts as per business requirements.
EOS blockchain allows the developers to expand on their ideas by building different applications on the blockchain network. You can easily develop modern finance applications, games, business solutions, and a lot more.
Corda is an open-source blockchain platform where developers can build permissioned distributed solutions. Businesses can easily transact through Corda by maintaining strict privacy with smart contracts. All the business processes are streamlined, so there is a considerable reduction visible in transaction costs and record-keeping.
You can easily scale the applications on Corda for meeting your business requirements because of the flexibility and agility of the platform. The applications built on Corda are called CorDapps. You can build highly scalable dApps in different sectors like finance, insurance, energy, healthcare, and many more, no matter what your business is about.
Tron is another decentralized blockchain platform that aims to develop a decentralized web. Like Ethereum, Tron also allows the developers to leverage entire protocols through smart contracts on the blockchain. Tron can handle 2000 transactions per second. This is more than enough as compared to various payment processors like PayPal. On top of that, Tron also has zero transaction fees.
Tron provides high-scalability options and its dependence on the Delegated-Proof-of-Stake consensus mechanism for enhanced blockchain security. There are several ways to deploy a dApp on the Tron network. Currently, Tron is the fastest-growing public chain.
Some of the key features that boost the Tron network usage are high throughput, high scalability, and compatibility with EVM (Ethereum Virtual Machine).
If you are thinking about developing modern finance apps for running a business, these are some of the best blockchain platforms that can help you out. Choosing one of them will ultimately depend upon your requirements and specific factors like security, languages supported, features, and smart contract functionality.