The last year 2017, you might have heard the buzzword “Bitcoin”, “Blockchain”, “ Cryptocurrency” in every financial news and online journals. By now you might have discovered about them as well. If no, let me give you a brief introduction. Blockchain technology is the backbone of many digital cryptocurrency transactions and has the major benefit of secure transactions. The blockchain is the ledger of the digital value and “record” of each transaction known as “block”.
The Blockchain technology records all digital transaction and shares the transactions in a ledger form without any need of verification by the third party. It allows distribution of digital information but without being copied anywhere else. The Blockchain technology is considered as the safest platform for trading and transfers between two financial parties.
With the revolutionary evolution of Blockchain technology after being catching public eye, many platforms are entering this space every day. Blockchain technology has become a giant in the tech world by offering a new array of tools for companies and startups in various fields like real estates, banks, supply chain, insurance etc to store information and database. Its secure and independent working has offered a solution to streamline organization’s operations and transfer of assets.
Bitcoin is a cryptocurrency created in 2009 by an unknown person named as Satoshi Nakamoto. The bitcoin is stored in “digital wallet,” and uses blockchain technology as a payment network. So, if any person pays or sends any Bitcoin or virtual money to another person, instantly a new block is added reflecting that transaction.
To own a bitcoin, one has to solve complex math puzzles using computers. Once they successfully solve the puzzle, bitcoins are created. The price of the bitcoin soared to a new all-time high in 2017 and continues to do so!
Ripple was created in 2012 and currently is one of the best performing currency in crypto markets. It connects banks, payment providers, digital asset exchanges and corporates via RippleNet and has gained its trading volume in the last year.
Ripple assures frictionless experience as it allows payment in any currency and makes it easier for everyone to send money globally anytime anywhere. Its high speed confirms an average of 5 transactions in every second.
Hyperledger is a framework based on Blockchain technology and it offers distributed ledger frameworks to many industry leaders in fields of finance, banking, Internet of Things, supply chains, manufacturing, and technology.
It has a various framework like Hyperledger Sawtooth, Hyperledger Iroha, Hyperledger Fabric, Hyperledger Burrow, Hyperledger Indy to incorporate distributed ledger technology in a simple and easy way into corporate projects. These innovative blockchain frameworks are a solution to the business problems associated with data privacy, security, information sharing, and inclusion.
5. IBM Bluemix Blockchain
IBM has also released Bluemix Blockchain which is using the Blockchain format to accelerate the development, governance, and operation of a multi-institution business network. IBM Bluemix Blockchain allows clients around the world to design and develop applications using the Blockchain strategy and manage their distributed ledgers as well.
IBM Bluemix Blockchain is built on the base of HyperLedger and offers transaction transparency and information security for enterprises. Currently, IBM Bluemix Blockchain service is running on the IBM Cloud.
Multichain is a Blockchain platform that allows creation and running of private Blockchains. These private blockchains are safer than any other platform as they are permissioned Blockchains. This multi-asset exchange solving real problems in infrastructure, finance, and e-commerce since March 2014.
It provides an enhanced privacy and security as one can control who can connect, read and interact with the chain by adding a permissions system. Its high-speed help deployment of blockchain applications and private peer-to-peer network in a quick manner.
HydraChain is a collaborative effort of brainbot technologies and the Ethereum project and runs as a private chain. According to their official site, HydraChain is an extension of the Ethereum platform and supports which supports the creation of scalable blockchain-based applications that comply with organizational and regulatory requirements.
8. Open Chain
Open-chain is a Blockchain infrastructure to preserve and manage digital assets and is developed by Coinprism. Coinprism is the father company behind the colored coins standard Open Assets. Open-chain claims to be an enterprise-ready platform to issue and manage digital assets. It claims to have a different approach than the standard Bitcoin approach on implementing Blockchain.
It has following features –
It follows a partitioned consensus system in which every Open chain instance only has one authority for validating a transaction.
The transaction in Openchain is done through hashing.
- It is a secured platform as it has multiple levels of control and thus protects the data at every level.
- Once the transaction is complete, the data in blocks get structures. The block is then cryptographical linked to each other.
- It is an efficient and reliable architecture for the peer-to-peer network
Blockchain technology can be used best for our business and finances. The concepts of Blockchain technology make it easy for financial industries to work digitally, distribute transaction ledger with identical copies maintained on a network and protect content by cryptography. One of the Blockchain platforms that is specifically designed for financial use cases is Quorum. This platform has been developed by J.P. Morgan and it is a permission-based Blockchain platform and works very similarly to Ethereum.
The key features of Quorum are –
- Quorum is a web of connected databases with a single, shared, immutable record of transactions.
- It is a platform customizable to enterprise requirement and it supports both public and private transactions.
- It also supports smart contracts validated only by the parties involved.
- Its high-speed performance enables processing of dozens of transactions per second.
10. Domus Tower Blockchain
The field of accounting is at the starting point of digitalization when compared to other fields or industries. The biggest task accounting firms are facing in this ever-changing world is the matching with the financial trends and keeping up to date track of assets and liabilities of clientele. There is always a risk of duplication, hacking, error in manual work done in accountancy. To completely avoid these situations, the tech world has launched a blockchain platform specifically for accounting field.
The launch of Domus Tower Blockchain – a new trust-based blockchain consortium has enabled firms to do modern financial accounting. This blockchain platform creates an interlocking system of enduring accounting records and sealed entries cryptographically.
Read More: Is the future of Blockchain really sound?
The blockchain technology has the potential to shapeshift the ledger technologies as well as nature of today’s business. At the present, it is more used to send or receive cryptocurrencies value but if we believe tech scholars, blockchain technology will become a giant in the tech world by offering a new array of tools for companies and startups in various fields like real estates, banks, insurance etc to store information and database. With the above-mentioned platforms, you can get a way for new, unprecedented services in the digital security of transactions and assets. Blockchain technology offers secure and independent working and is a reliable solution to streamline organization’s operations and transfer of assets without any extensive documentation and periodical controls.
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