There is no denying that blockchain has been the buzzword of the year for almost a decade, and it does not appear to be going away anytime soon. However, although the technology has gained popularity with the rise of bitcoin, it has been slow to be adopted by the mainstream. Despite this, the fact that it is a blockchain-based platform can help drive its mainstream adoption
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An Overview of Blockchain Technology
In terms of technology, blockchain is an application of the distributed ledger that utilizes a network of nodes to create a distributed data network. Consider the open source blockchain application platform as a Google spreadsheet. There are multiple copies of this spreadsheet distributed among computer networks. Real-time transactions are recorded on the spreadsheet, which is accessible to all participants on the network as soon as they are committed. A significant advantage of this system is that none of the users can edit any of the data.
There are several features of blockchain technology that make it an appealing technology.
- A central authority does not serve as a peer mediator to facilitate transactions between them. Therefore, peer-to-peer interactions are expedited and secure.
- The ledger is distributed across the ecosystem, and each node can access the same data. Therefore, the bad actor can’t tamper with the data on the ledger successfully.
- It is essential to understand that a blockchain network is built around the idea of cryptography. Therefore, bad actors cannot interfere with the network unless they bypass robust cryptography systems.
Once data has been committed to the public ledger, it can no longer be changed by any user.
Users can agree by consensus to add data to the platform. As a result, the technology is decentralized and is called Distributed Ledger Technology (DLT) to convey that attribute.
Blockchain Open Source
In the early days of open source blockchain technology, the main target market for the technology was the financial sector. However, it is essential to note that blockchain has spread outside the financial sector. Its applications are now evident in e-commerce, data management, e-government, online voting, energy, and gaming.
As a result, there is an increase in the number of commercial blockchain platforms emerging due to these new applications. Moreover, at the time, an open source blockchain community was formed that was launching open source blockchain projects for the advancement of the industry at the same time.
Blockchain platforms are primarily built to meet the following conditions, whether commercial or open source.
- A blockchain platform must able to have a transactional and working database to be able to operate. Therefore, users should be able to transact with their peers at anytime and anywhere.
- It is recommended that a blockchain platform has user identification labels that facilitate transactions between active users.
- Platforms should provide mechanisms for verifying transactions before they are approved.
- A platform must be equipped with systems that prevent transactions from being made without verification.
Open source blockchain platforms allow developers to create decentralized applications (dApps) that can solve many problems. There is an increase in the demand for open-source software as businesses are adopting the technology at a rapid pace. There is no denying that enterprise blockchain development is the next big thing in technology. However, it is still quite unknown to a large number of people as of yet. However, it is important to note that this adoption is an invitation to mainstream adoption.
Listed below are the 7 Best Open source Blockchain platform
Hyperledger Fabric is an open source blockchain platform that allows developers to create solutions and applications based on a modular architecture through code. This company enables consensus and membership services for its members using blockchain technology. As a result, it assists in making finance transactions faster, easier, and more accessible. In addition, it promotes various business blockchain technology portfolios, including distributed ledgers and frameworks.
Stellar is a leading open source private blockchain platform that sends, creates, and trades digital assets and designs a network that links all financial systems worldwide. APIs and SDKs enable blockchain technology and micropayment services to change the world of finance. In addition, it provides a ledger analysis and explorers effectively of a platform of distributed ledgers, including 24-hour ledger statistics and digital asset of statistics.
Ripple is one of the leading open sources blockchain platforms with a direct impact on digital assets in the form of a business impact. It uses blockchain technology to provide enterprise-grade solutions that are cost-effective, more transparent, faster, and more reliable than those that do not. In addition, blockchain company offers various solutions to enhance the use of facilitating instant payments and crypto and engage new audiences to generate revenue for the company.
Klaytn is a popular open source blockchain platform working with digital assets in the metaverse. The project aims to provide scalability, decentralization, performance, and interoperability of the metaverse new layer. This company is rebuilding the blockchain company into a metaverse-scale blockchain platform that relies on open-source standards and coordination.
Hyperledger Iroha is one of the top open sources blockchain platforms that run distributed ledger software and is one of the most popular. Designed to be easy to integrate into infrastructure or IoT projects that require distributed ledger technology. It features domain-driven C++ design, modular, simple construction, and a new fault-tolerant consensus algorithm called YAC.
The Corda platform is designed for regulated markets to quickly build digital assets such as blockchain financial solutions. It is a scalable, permissioned distributed ledger platform in regulated markets to deliver digital trust between parties. You can run the first Corda application with production-ready open-source code and sample apps in minutes with the help of this software.
There is no doubt that Tron is one of the world’s largest blockchain-based operating systems with a high level of throughput and scalability, as well as a high level of availability. It aims to enable decentralized applications to run on TRON with less energy consumption, faster speeds, and improved security with unlimited capacity. In the ecosystem of blockchain technology, some tokens are used, such as JST, BTT, TRX, USDT, USDC, and NFT.