Top Blockchain Platforms to Explore in 2024

Blockchain technology, the backbone of Bitcoin, has come a long way since its inception in 2009. Today, it has become a mainstream technology with far-reaching applications in various industries such as healthcare, supply chain, logistics, legal, and more. Blockchain applications are designed and developed to make business processes more efficient and transparent, thereby transforming the way businesses operate.

With organizations now experimenting with blockchain’s potential by developing blockchain apps, the demand for blockchain platforms is skyrocketing. In fact, one survey reveals that the global blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion in 2025, at a CAGR of 67.3% during 2020-2025. The need for blockchain platforms is more critical than ever, to build secure and efficient blockchain-enabled ecosystems.

To help organizations bring more transparency and efficiency into their business ecosystem, we have compiled a list of the top blockchain platforms to explore in 2023. This list is based on our hands-on experience with these platforms, as our blockchain development team has worked on all of them. We have built projects and created PoCs on these platforms, and we have identified them based on their efficiency, scalability, and security.

Discover the Leading Blockchain Platforms to Look into for 2024

Blockchain technology has been one of the most transformative and disruptive technologies in recent years. With its decentralized architecture, secure and transparent transactions, and immutability, blockchain has been embraced by businesses, governments, and individuals alike. As we enter 2024, the blockchain ecosystem is rapidly evolving, and there are several blockchain platforms worth exploring.

Explore the Best Blockchain Platforms in 2023

Blockchain technology has evolved dramatically in recent years and has the potential to revolutionize various industries, from healthcare to finance. It is no wonder that businesses, organizations, and individuals are increasingly interested in blockchain platforms. In this article, we will explore some of the top blockchain platforms that you should consider in 2024.

1- Tezos

Tezos is an open-source and decentralized blockchain platform that facilitates peer-to-peer transactions and smart contract deployment. Unlike other platforms, Tezos has a self-amending cryptographic mechanism, making it unique. Tezos is self-governing, ensuring safety, and code correctness for digital assets and high-value use cases. Tezos has a modular architecture and formal upgrade mechanism, allowing it to facilitate formal verification. It is designed to be a smart contract and dApp platform, just like Ethereum, Waves, and Neo.

Features of Tezos:

• Self-amendment Protocol
• Delegated Proof of Stake Consensus Mechanism
• On-Chain Governance
• Smart Contracts and Formal Verification

2- Hyperledger Fabric

Hyperledger Fabric is a blockchain platform designed for building apps and solutions with a modular architecture. It has a wide range of versatile and modular design that meets various industrial use cases. One of the significant features of Hyperledger Fabric is its network of networks. Members of the Fabric network work together, but businesses can keep some data private, usually maintained within their networks. This is possible through the “channels” feature in Hyperledger Fabric. Instead of an open and permissionless system, Fabric provides a secure and scalable platform that supports confidential contracts and private transactions.

Features of Hyperledger Fabric:

• Highly modular
• Low latency of finality
• Support for Solidity and EVM
• Multi-language smart contract support
• Pluggable Consensus
• Queryable Data

3- Hyperledger Sawtooth

Hyperledger Sawtooth is an enterprise blockchain platform used for developing distributed ledger networks and applications. It aims at keeping ledgers distributed and smart contracts secure, specifically for enterprises. It provides a modular and flexible architecture that separates the core system from the application domain. Smart contracts can imply business rules for applications without understanding the underlying design of the core system. It supports different consensus algorithms, including Proof of Elapsed Time (PoET) and Practical Byzantine Fault Tolerance (PBFT).

Features of Hyperledger Sawtooth:

• Private networks with sawtooth permissioning feature
• Parallel transaction execution
• Ethereum contract compatibility with Seth
• Pluggable consensus algorithms
• The separation between the core system and application level

4- Stellar

Stellar is an open blockchain network that allows the storing and movement of money. It facilitates the creation, trade, and sending of digital representations of all forms of money, such as dollars, bitcoin, pesos, and more. Stellar is one of the most scalable and significant blockchain platforms that can help build secure and fast fintech applications, tokens, and digital assets representing financial assets. It is an open-source network for payments and currencies that is owned by the public. Stellar can handle millions of transactions every day and depends on the blockchain to keep the network synced.

Features of Stellar:

• Decentralized and open database
• Enables thousands of transactions per second
• Takes a confirmation time of only 3-5 seconds
• Allows multi-signatures and smart contracts
• Has a 1% fixed annual inflation

5- EOS:

EOS is a blockchain platform designed for developing scalable and secure decentralized applications (dApps). It solves the scalability issues faced by Ethereum and Bitcoin and provides hosting for dApps, smart contracts capability, and decentralized storage for enterprise solutions.

EOS eliminates all user fees and uses multithreading and delegated proof-of-stake algorithms to accomplish consensus. The EOS forum is a dedicated community where developers and investors can discuss the platform.

Features of EOS:

• Usability
• Governance
• Multiprocessing
• Flexibility
• Measurability
• Upgradability
• Permission Schema

6- Corda

Corda is an open-source blockchain platform that enables businesses to transact directly and with complete privacy using smart contracts. It reduces record-keeping and transaction costs by streamlining business processes.

Corda is flexible and agile, scaling to meet the requirements of businesses. Applications built on Corda, CorDapps, are designed to transform businesses across multiple sectors, including finance, healthcare, energy, insurance, and more.

Features of Corda:

• Privacy
• Open design
• Interoperability
• Agile and flexible
• Open development

7- Klaytn

Klaytn is a global public blockchain platform created by Ground X, the blockchain subsidiary of South Korean social media company Kakao. Klaytn has a modular network architecture, making it an excellent option for enterprise blockchain applications.

The Klaytn architecture allows enterprises to create and run service-oriented blockchains using autonomous sub-networks called Service Chains. These Service Chains are flexible and customizable, making it possible to build any online service on Klaytn. However, initiatives based on gambling or financial speculation are not permitted.

Klaytn is a BFT-based public blockchain with excellent performance and enterprise-grade dependability. The design objectives of Klaytn are to achieve immediate completion, high TPS to meet real-world use cases, reduce the cost of developing and running blockchain applications, reduce the barriers to entry for end consumers, and facilitate the industry’s acceptance of new technologies.

Features of Klaytn:

• High TPS
• Low gas fees
• Support for Solidity contracts
• Governance Council consisting of 19 respected businesses from around the world
• Over 50 service partners committed to launching blockchain applications

8- Tron

Tron is a decentralized blockchain platform that aims to develop a decentralized web. Like Ethereum, Tron allows dApp developers to create and leverage complete protocols via smart contracts on the blockchain. The Tron platform can handle 2000 transactions per second, which put it on par as compared to major payment processors like Paypal. It has zero transaction fees. Tron depends on the Delegated-Proof-of-Stake consensus mechanism to secure the blockchain. A DPoS is similar to a proof-of-stake consensus mechanism that allows users to earn passive income whenever they stake their holdings in a network wallet.

Features of Tron Blockchain Network:

• High Scalability
• High Availability
• High Throughput
• Compatibility with EVM
• Multi-language extension
• Eliminating counterfeit chain

9- Hedera Hashgraph

Hedera Hashgraph Platform is a lightning-secure, fair, and fast platform that does not require computing a heavy proof of work algorithm. It allows developers to develop new innovative and scalable decentralized applications. Smart contracts in the Hedera Hashgraph platform can be built dynamic just like any other software component. As the platform provides an optional mechanism that enables “binding arbitration”, the smart contracts deployed with a list of public keys of arbitrators can be edited to fix errors or add new features.

Following are some of the features of the Hedera Hashgraph platform:

• Fast
• Fair
• Secure
• Implementation of public BFT Notary Service for Corda
• Connecting Hyperledger Fabric network to Hedera Consensus Service

10- Ethereum

Ethereum is one of the leading blockchain platforms that have a native cryptocurrency called ETH or Ether. Developers use Ethereum to build new applications related to financial apps, decentralized markets, games, cryptocurrency wallets, and more. They have the largest community with core protocol developers, cypherpunks, crypto-economic researchers, and mining organizations. It aims to eliminate internet third parties who save data and track financial instruments.

Below are some of the features of the Ethereum platform:

• Smart Contracts Functionality
• Turing Completeness
• Permissioning
• Privacy
• Rapid Deployment
• Tokenization

11- XDC Network

XDC Network is a ready enterprise-grade hybrid blockchain for finance and global trading. It combines the features of public and private blockchains via cross-chain smart contracts. XDC is a decentralized and liquid network leveraging interoperability. It powers digitization and tokenization with instant regulation of trade transactions, increasing efficiency and minimizing dependency on complicated FX infrastructures.

The XDC platform got its funding via an initial coin offering (ICO) in March 2018, which rose to $15 million. The XDC mainnet went live the next year in June 2019, evolving as the initial smart-contract blockchain to leverage proof-of-stake (PoS) consensus. XDC is the native token of the XDC platform. XDC is EVM compliant, helping developers deploy their Ethereum smart contracts on XDC Blockchain with minimum to zero modifications required.

XDC utilizes the Delegated Proof of Stake (XDPoS) consensus protocol, which is energy-efficient and fast, using Stakeholder approval voting to resolve consensus issues in an unbiased manner. The platform also has high interoperability with legacy ecosystems and other blockchain networks.

XDC is a digital asset used for staking XDC tokens to power the XDC Blockchain Network. It is supported by various wallets, including Guarda Wallet, Freewallet, XcelPay, Lumi Wallet, D’CENT wallet, BitFI Wallet, Ellipal Wallet, and Trezor Wallet.

Conclusion

The increasing maturity of blockchain technology and demand for more robust blockchain platforms is expected to result in 30% of projects going into production globally in 2024, according to Forrester.