Top Ten Blockchain Protocols for Enterprise
Oct, 26 2018 | blockchain

Top Ten Blockchain

Blockchains are simply a growing list of records referred to as blocks (‘blocks of chains’ as said by Satoshi Nakamoto) that are linked via cryptography means. This is why blockchains are synonymously referred to as cryptocurrencies. They are used as a distributed ledger which is managed by a peer-to-peer network that is collectively adhering to a protocol for inter-node communication and new blocks validation. These blocks as pronounced in ‘blockchain protocol definition’ allows transactions to be permanently recorded, features multiparty transaction, record decentralization as well as permit added security.

Blockchain enterprises began since the inception of the cryptographic blocks, first and earliest in form of bitcoins. There are other names and protocols for enterprise but bitcoins appear a bit more popular than the rest. Here are our list of top ten top blockchain protocols you can invest in for enterprise reasons and their major characteristics;

Bitcoin

As said, bitcoin is the earliest and perhaps most popular of the major blockchain protocols for enterprise. It allows users to perform non-reversible transactions trustlessly and utilizes bitcoin as its digital/virtual currency. It has an array of technology which include public key cryptography, proof of work, digital signature and lots more. Its proof of work mining allows users to create bitcoins. With the latest development on bitcoin powered technology, it has been said that it now allows writing of custom contracts into smart contracts into addresses that are compatible with the protocol.

Ethereum

It is relatively popular and renowned for smart contract development. The said smart contracts however run as programmed and with negligible third party inclusion. This and many more makes it useful for debt, market and funds registry. Its cryptocurrency is known as Ether and its designated wallet can store up to 20 ERC assets. Decentralized applications are easy to create with Ethereum, and democratic autonomous organizations are easy to get too.

Openchain

This blockchain protocol uses partitioned consensus, which means that everyone included in the setup can spin off its openchain instance while they would still possess authority validating transaction. This sets it aside from other blockchain protocols. This also mean that instead of a single central ledger, everyone could control their instances. Yet, the instances could connect to each other. Openchase offers a scalable and secure platform which suit every organization to perform and validate different transaction depending on the digital assets being exchanged.

Ripple consensus network

This is one blockchain protocol that promises access, speed, certainty and cost efficiency, all in one pack. It started in 2012, using the open-source distributed consensus ledger and a native currency, XRP. The protocol supports token that could be used to represent fiat money, cryptocurrencies and other value units. It is essentially useful for digital assets exchange, global money transfer, payment provision and banking activities.

Lisk

Lisk began operation in 2016 and has since allowed development of decentralized applications especially in pure Javascript. The protocol like others is so safe and scalable, acting like a blockchain application for its users. It works in similar ways to apple and play store and it can help to build independent social networks and games. Its cryptocurrency is the LSK.

IOTA

This is a blockchain that uses the blockless distributed ledger referred to as Tangle. The chain allows VERY small payments without charging extra fees, and its ledger facilitates machine economy to trade resources on demand and in real time. There are double opportunities for businesses to explore new business-to-business models as well as trade technological resources via an open market format without charging of fees. Data storage can also be easily verified on its ledger such that data can be transferred from a device to another immediately authentication process is passed. Transparent electioneering process can be conducted via the program. Through the protocol, digital assets sharing and leasing becomes really easy.

HyperLedger

Linus foundation developed HyperLedger in 2015. It was develop mainly to focus on international business transaction supporting ledger and supply chain management. Further aim of the development is to bring people of various industries together to advance blockchain technology especially in the areas of manufacturing, finance, banking and lots more. The protocol already has many business subjects to it. It supports the use of python, endorses policy transaction and maintain high sense of confidentiality for private information sharing.

Corda

Corda is a blockchain protocol built by R3 for synchronizing, supervising, recording and managing financial agreements among financial institutions. It leverages on the loopholes of many blockchain protocols that make them unsuitable for financial use and banking. It completely eliminates unnecessary global sharing of data and ensure transactions are validated only by parties involved instead of a broader pool of unrelated validators. It could record a wide range of links especially between human language legal prose papers and smart contract codes. The protocol possess no native cryptocurrency.

Chain

Chain is very popular among gift card traders and users. It hosts a number of digital assets including loyalty points, derivatives and securities. With Chain, institutions finds it easy to connect to a growing list of other networks or transfer money globally. The chain network is governed by designated set of entities although the creation, transfer of assets and some levels of control are decentralized among participants.

Hydrachain

This protocol is an extension of Ethereum. It performs similar functions as ethereum but add features and functions like creation of permissioned distributed ledger. With Hydrachain, users can also create custom private blockchain where access are more controlled and rights to read and modify blockchains are restricted to few users. Corsortium blockchains where consensus is controlled by preselected set can also be created by user institution. For example, 15 institution using the protocol may select ten of them as signatories to a particular node on a block-to-block basis, which means that such tasks would not be completed until the preselected individuals complete their signatures. It is fully compatible with its mother protocol, the Ethereum, possess account validators and is open-sourced.

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