Many experts are saying that the world is on the verge of the Fourth Industrial Revolution. Industrial revolutions are characterized by a major shift in the economy. For instance, the First Industrial Revolution marked the transition of the global economy from handcrafted and agrarian goods to machine-made or manufactured products.
And now, the world is again transitioning from the Digital Revolution brought about by the Internet to the Fourth Industrial Revolution. This points to the age of emerging technologies like blockchain, artificial intelligence (AI), Internet Protocol version 6 (IPv6), Web 3.0, the metaverse and robotics.
What was previously only seen in sci-fi movies like “The Minority Report” and “Ready Player One” will become a reality in the coming years. However, in order for these emerging technologies to be developed properly and ultimately launched for mass consumption, the basic requirements need to be fulfilled.
And these include a faster and more efficient Internet, as well as a massive database that can handle the amount of data that these technologies will necessitate and generate. Blockchain is being viewed by experts as the technology that has the capacity for this—as long as it can scale to meet global data demands.
Together with IPv6, which allows for each user and gadget connected to the Internet to have their own unique IP address, blockchain can facilitate true peer-to-peer communication that enables a seamless interaction between people and machines. Platforms and applications that will not only make these new technologies work, but also improve the digital systems of businesses within different industries, can be built on blockchain.
This is why the number of global enterprises that are eyeing blockchain to build their platforms on continue to increase. Soon, blockchain will become the plumbing that will power all types of applications and technologies.
But not all blockchains are equipped to handle enterprise-grade applications and solutions. Furthermore, there are different types of blockchains that suit different kinds of businesses. It all depends on what the company needs and what its market demands. And this is why it is crucial for enterprises to evaluate a blockchain before proceeding to work with it. To help with this evaluation, here are seven of the top enterprise-grade platforms this year.
Aptos Blockchain
Although the Aptos Blockchain is fairly new to the sector, it has garnered quite a following as it was developed by former Meta engineers. It also specializes in smart contracts and NFTs, and runs on the Proof-of-Stake consensus mechanism that is said to be more environment friendly than Proof-of-Work.
Aptos promises to scale in order to accommodate a higher throughput, as measured in transactions per second (TPS). It has a goal of achieving 160,000 TPS, but is currently only processing over 2,000 TPS at its peak. Transactions are easy to monitor through the Aptos Explorer, and once it reaches 160,000 TPS, fees are also going to stabilize. Aptos is definitely a blockchain to watch out for in the coming years.
BSV
The BSV Blockchain is one of the best—if not the best—blockchains there are at present. It is the largest public blockchain can scale unboundedly. This makes it ideal for both big and small businesses as it can increase its data block sizes and throughput while reducing fees to tiny fractions of a cent. It is ready for the future of companies as it prioritized not only scalability, but stability, at the onset.
The BSV Blockchain has restored the original Bitcoin design and locked its protocol in order to ensure that the blockchain is stable and can provide enterprise-grade utility. Last May, it set a world record by completing over 86 million transactions in a single day at a throughput of 50,000 to 100,000 TPS, a transaction time of less than two seconds, and an average fee of $0.000003.
ConsenSys Quorum
ConsenSys Quorum is the second most popular blockchain for business applications. Created by JP Morgan, it is an open-source base layer that leverages Ethereum. What this actually means is that it makes Ethereum practical and efficient for enterprise use by lowering down fees, increasing throughput and making transaction processing faster.
ConsenSys Quorum uses Solidity, which is the same programming language as Ethereum that many developers are familiar with. This makes it easier for businesses to build decentralized applications (dApps) and execute smart contracts. Although it is a permissioned blockchain ConsenSys Quorum also allows businesses to build on the Ethereum Mainnet, which is a public network.
Ethereum
Overall, Ethereum (ETH) is the most popular blockchain there is right now, which in large part is due to the many celebrities owning its token and minting NFTs on its platform. These include Snoop Dogg, Paris Hilton, Reese Witherspoon, Jay-Z and Elon Musk. Although ETH is a well-known crypto, its blockchain leaves some capabilities to be desired.
Its base layer is not scalable and it has to rely on second-tier solutions in order to make up for it. Even if scaling has been an issue for a long time, it is still a brand that many trust. In fact, two blockchains on this list leverage ETH to enable it for enterprise use. At present, the average fee per transaction is at $5.36; but soon, it promises to stabilize and lower fees to make it practical for the bulk transactions that businesses need.
Hyperledger
Hyperledger, hailed as the top enterprise-grade blockchain platform, it is an open-source global collaboration that aims to promote blockchain adoption through interoperability and standardization. It is currently being used by some of the biggest names in business, such as IBM, Amazon, Intel, HP, Nestle and Walmart.
Hyperledger is a permissioned blockchain that completes private transactions and deploys custom smart contracts. It offers a host of tools that makes developing a blockchain-based platform easier. And because it is scalable, it can efficiently handle higher throughput at a maximum of 20,000 TPS.
Polygon
Polygon is an enterprise-grade public blockchain that is made to be compatible with ETH. It is actually meant to compensate for the fact that the ETH Blockchain could not scale. Transactions are processed on Polygon. But after they have been processed, the transactions are returned to the ETH Blockchain.
This way, transactions are processed faster and fees are lowered to about a cent. It is recommended for firms that want to build on ETH to use Polygon if they need to save on costs and want faster transaction processing.
Ripple Ledger
The Ripple Ledger (XRPL) uses its own native coin XRP, which is ranked sixth in the world when it comes to cryptocurrencies and has a market capitalization of almost $20 billion. XRPL has focused on providing solutions for firms within the finance industry, leveraging XRP’s popularity and stability. It professes to provide “reliable crypto liquidity to power your business operations.”
It is currently offering three main blockchain-based solutions: acting as the foundation of decentralized digital asset exchanges, using auto-bridging to process cross-border payments and money transfers, and enabling on-chain tokens.
It cannot be denied that there is real utility in blockchain. Not only can it be used as a foundation for other emerging technologies that can usher in the next technological revolution, but it can also enhance digital systems and processes to become more efficient and practical in the long run.
When deliberating which blockchain to build apps and platforms on, it is important to keep in mind that there are different types of blockchains, and each serves its own purpose. Being clear about the goals of a business in developing an app is crucial in being able to find the most suitable blockchain for it.
Research is the next critical step. Shortlist blockchain providers, then find out everything about them. Check out reviews, and if possible, talk to companies who are already using them. Look at data block sizes, throughput and transaction fees.
Confirm scalability, security, stability and interoperability. Make sure the blockchain is prepared to handle future growth. After all, it is not worth it to spend time, effort and money on an app and just have it run for a few short years.
