There is a significant uptake in the adoption of Blockchain technology in India with adoption among the BFSI sector in India set to increase 63 percent by 2022. Also, cryptocurrency has made a strong presence in the market and if we go by the numbers, approximately 200,000 Bitcoin transactions are done every day. Similarly, other currencies such as Ethereum, Ripple et al (that have their own frameworks) are also picking up steadfastly with Bitcoin.
With all this buzz, the backbones of cryptocurrency — the blockchain frameworks — are also growing parallelly. In fact, the foundation of a blockchain solution or application is the underlying framework. In this article, we list down the top five blockchain frameworks that became popular in 2018. They are presented in no particular order.
A brainchild of the Linux Foundation, Hyperledger is a blockchain platform created in 2015. It features open-source tools for working with blockchain. In addition, it also has a collection of blockchain projects with various tech companies such as Hyperledger Sawtooth, Hyperledger Iroha, Hyperledger Fabric and Hyperledger Burrow. This makes Hyperledger a “cross-industry” platform since it covers organisations from different sectors such as finance, banking, manufacturing and IoT.
What makes it attractive is its open-source availability. Over the years, it has seen leading tech companies such as Oracle or IBM who are collaborating to implement blockchain at a larger level.
Corda is an open-source platform created by blockchain software firm R3. The platform was introduced in a white paper in April 2016 and was released as an open source project in October of 2016. Compared to other frameworks, Corda is quite new and works on what is known as “smart contracts”. For this, it uses the UTXO model prevalent in Bitcoin transactions but can also handle arbitrary data in the blockchain.
Written in Rust programming language, Exonum was launched in 2017 by Bitfury Group, a blockchain tech company based in San Francisco, US. This recent blockchain platform proclaims many features such as a Byzantine Fault Tolerance (BFT) algorithm-based framework, data anchoring and having a ‘light client’ server.
Openchain is an enterprise-level blockchain platform developed by Coinprism in 2015. This platform is aimed at organisations catering to digital assets. This platform is slightly different from blockchain wherein transactions are chained directly to one another instead of using blocks. This is the reason it can have a distinct feature called instant transactions, on real-time. Apart from this, Openchain also supports multiple digital signatures.
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