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In the last few years, many different blockchain platforms have been providing a wide range of services for those involved in cryptocurrency market. The blockchain is a lot more than just a currency you forgot to buy. It is a continuously expanding list of records, also known as blocks.
These blocks are connected and protected with the help of cryptography. In addition, based on its design, blockchain data cannot be modified. It is a kind of ledger technology which has been developed to help various business organizations, and industries.
Given below are top 5 crypto and blockchain platforms that shows the true potential of blockchain technology:
Ethereum is an open-source software platform which has been built on blockchain technology. It allows the software developers to create and distribute decentralized applications. Ethereum is one of the most popular and well-developed blockchain platforms and is appreciated all over the world for its smart functioning and adaptability features. It involves a smart contract which is used to identify computer coding that will allow the transaction of money, property, possessions, content, stocks, or anything that has some economic value. A smart contract is like an automatic computer program, that is implemented when certain preset conditions are met.
In the Ethereum blockchain, miners employ their time and skills towards earning Ether. It is a form of crypto token that runs the Ethereum blockchain network. Besides using Ether as a cryptocurrency for trading purpose, it is also used by software or application developers for paying off the transaction fees and other services they use on the Ethereum network. Ethereum has a gathered a large online support and also offers regular product and service updates and improvements for its users.
BlockFi allows the users to obtain funds against their cryptocurrencies as collateral security. The network is managed by a very skilled team of professionals who have lots of knowledge and experience in the field of digital financing markets. The main purpose of developing this platform is to modify the mechanism of fiscal markets in this age of digital revolution. It is a kind of non-banking platform that designs the debt products for those who own the blockchain assets and earn dollars in return.
Located in New York, the strongest point of the BlocFi platform is that it is capable of utilizing the users’ cryptocurrency portfolio as collateral security against the lending amount. Usually, the interest rate applicable is also fair and the borrower can take up a flexible repayment schedule where both the lender and borrower agree. The whole lending and repayment procedure is conducted while maintaining high security measures. This platform is administered based on regulations set by United States federal laws. This platform is highly beneficial for those who need high liquidity and financial support for their business operations on regular basis.
ShipChain is a blockchain platform designed for the freight and logistics industry. It is a completely embedded system covering the whole supply chain. It encompasses everything, from when a consignment leaves from a manufacturing plant and reached to the final destination at the doorstep of the client, all linked together in transparent blockchain contracts. It provides complete transparency for all parties including suppliers, shipment companies, and customers, all involved with different divisions of freight and logistics.
Shipchain platform increases visibility and efficacy of the supply chain and also helps in cutting down the number of common errors that occur in the supply chains of various companies on regular basis.
Founded in the year 2012, Opencoin was renamed as Ripple in 2015. Ripple connects financial institutions including banks, non-banking financial institutions, digital asset exchange platforms, and business organizations in order to provide them with one platform through which they can send money worldwide without any glitch.
The Ripple has been designed to allow the users to transfer the money directly and instantly. The global payments take place through this platform’s digital asset known as Ripples or XRP. XRP is one of the most popular cryptocurrency after Bitcoin and Ether. Ripple definitely is the most efficient transactional cryptocurrency of the three. Ripple offers scalability when the number of transactions begins to move upwards at an excessive pace. As of now, Ripple can manage 1500 transactions per second.
Designed and developed by J.P. Morgan, Quorum is one of the first blockchain platforms for financial industries. It is an enterprise-based blockchain structure, which has been particularly designed for financial use proceedings. Quorum has been intended to grow and evolve together with Ethereum.
Quorum has also been designed to be permissioned. It means that not everyone can have access to Quorum network. Only those who have been given approval by designated authority can participate in this network. Quorum blockchain work with exceedingly different expectations of trust between approved parties.
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