How To Select The Right Blockchain Platform?
There are a number of blockchain platforms out there, each one representing a different set of capabilities and functionalities. But when it comes to selecting a platform for developing your product/service, you must look beyond the marketing hype and buzzwords.
That’s when you come up with the question; what characteristics truly matter when choosing a blockchain platform?
To be honest, the answer isn’t straightforward.
The decision of choosing a blockchain platform is mostly dependent on several internal and external factors. We will be discussing the most important factors to consider while selecting a blockchain platform in this blog.
Criteria’s to Follow While Selecting a Blockchain Platform
- Adoption Rate
- Core functionalities
- Programming Language
- Transactions per second
- Transaction Cost
- Consensus Mechanism
- Development Capability
- Community support
Choosing the right blockchain platform will not only save your time but also shield you from future business troubles. With the blockchain app development market advancing incredibly, it’s crucial to know which one is most suitable for your enterprise. There is a sheer number of blockchain platforms available; this makes it more pressing to make an informed decision while picking one for your business/service/product.
Below is a detailed view of characteristics most innovation leaders and development architects advise considering:
The adoption rate is nothing but the level of implementation or adoption a particular blockchain technology has received. It is advised to choose technology with a higher adoption rate over one with a poor adoption level. The reason is simple – technology and requirements are changing at a faster pace. This implies that the more embraced a particular technology is, the more assuredly it will be reinforced and advanced in the near future.
There are multiple variations of programming languages that one can have for blockchain development. Some of the top-picked blockchain programming languages include Solidity, Go, Python, Java, Cadence, and many more.
Transactions Per Second
If a blockchain platform offers a low throughput (transaction speed), the users on the platform will have to pay higher fees to the miners. Considering speed as a parameter is important but it should never be a substitute for low levels of security.
Cost-effectiveness is another feature to view while selecting a suitable blockchain for your project. While these costs associated are necessary for blockchain, you can take steps to lower the cost or reduce the risk of overpaying as well. You can even select a blockchain that offers a feeless structure.
You will have to choose between Proof of Work (PoW) and Proof of Stack (PoS ). Most modern blockchain-based applications are operating on PoS, as it is more energy-efficient. You can look into LPos, DPos, Proof-of-history (PoH), and proof of staked authority (PoSA).
You must take into consideration the development know-how of any blockchain platform. Whether you can hire blockchain developers for developing a product/service on the platform? Will it get support from the blockchain community?
In terms of blockchain, scalability refers to the transaction per second rate of the platform. For instance, bitcoin can perform around 7 transactions in a second, Ethereum (which is more popular among businesses given it offers smart contract support) can handle 20 transactions per second, while Stellar, a payment platform can drive up to 1000 transactions per second.
So, if you are planning to use blockchain technology for your next product, you must consider the transaction capabilities of the platform before selecting it. For example, a business that is developing a payment gateway utilizing blockchain essentially requires a TPS of more than 7. While those developing an in-house data management platform or something similar would not need a blockchain platform with a higher transaction rate.
Security is the aspect of utmost importance especially if the company or organization is dealing with sensitive information. In order to avoid security breaches and prevent your data from falling into wrong hands, you need to track the security records of all the available platforms and pick the best among them. Platforms such as Bitcoin, Ethereum, Ripple, NEO, EOS and BUMO are all go-to options with extremely good security records.
Public or Private
Blockchain is essentially divided into two categories – centralized and decentralized. In a centralized or private network, a single person controls the network and the access of the information to the users. While, in a decentralized network, anyone can access the information and participate in the network.
If the system you are planning to develop deals with private information such as sensitive patient data in healthcare systems, then you should go with a private system which is not decentralized. On the other hand, if you want to keep transparency through your platform, then you should put the data on the public blockchain development platform.
You must check how dynamic and available are the developers of the community for the blockchain applications platform of your choice? You can research the same on platforms like Discord, Reddit, or LinkedIn as well. As you progress along with your blockchain project, you will need a good amount of feedback and support. Also, try and gain an understanding of the availability of supporting developer tools to increase the developer experience.
FAQs Around Choosing the Best Blockchain Development Platform
As a company that offers blockchain development services ( among other types of web and app development services), we have recently come across a plethora of requests for blockchain-based product development, which inspired us to bring you answers to some of the commonly asked questions by our prospect and clients –
Q. What is the best blockchain application platform and which one to pick?
There are myriad blockchain platforms available to build smart contracts and decentralized applications. Here are some of the platforms that top the list – Ethereum, Hyperledger, Solana, Binance Smart Chain, FLOW, and TRON.
Choosing the right platform for your app depends on your business requirements and industry niche. Read our blog on Best blockchain Platforms in 2022 to learn in detail about these popular blockchain platforms.
Q. What is the difference between Public and Private blockchain?
Public and Private blockchain platforms differ in the level of access to users. Private blockchains are controlled by centralised authority, while public blockchains are decentralised peer-to-peer networks.
Q. Which are the tech stacks and tools for blockchain development?
Ethereum, Hyperledger and Corda are the most popular platforms. Apart from these, blockchain developers also frequently utilise Solidity, C++, and Python programming languages. Also, RDBMS and NoSQL are different storage software as well.
Q. How do you plan a blockchain project to solve a real problem?
It is important to find the right problem before developing the right solution. We, at Systango, evaluate the blockchain use case to make sure we are developing a solution that brings our client a return on investment.
Our blockchain developers commence by mapping the business process and use case to particular blockchain applications: smart contracts, tokenization, distributed ledgers and decentralized identity. This is how we plan and build a blockchain solution that offers the greatest utility.
Q. What support and services to expect from a blockchain development company?
After understanding the business and requirements, the company should follow a multidisciplinary approach to provide customised Blockchain development and token rollout services— starting with strategy assessment, rapid prototyping, solution design, complex implementation to third-party integration, add-ons and entire ecosystem management to help you stay focused and maximise your transformation.
Systango has experience in building 20+ blockchain-powered solutions, and we have tailored our process to align with the constant evolution of blockchain technology.