Basically, Blockchain platforms help in developing applications that implement the ideas of Blockchain.
A popular concept in the field of information technology is that of using distributed ledgers to facilitate secure transactions of value.
However, in spite of its wide usage across most industries and enterprises, it remains a little mysterious to many.
Through such mediums, certain amount of security and privacy is ensured against hacking, fraud and other undesired outcomes.
Every company or every individual does not possess the time or the talent to develop their own Blockchain. Hence such companies leverage off the experiences of Tech giants for faster and smoother application development without any hassle.
Apart from the large companies and enterprises that make use of Blockchain technology for fast and efficient transfer of data and value, there are also small businesses that take benefits from its power and comfort.
Through the use of blockchain platforms such as Ethereum, users can keep track of all transactions made in their accounts.
The concept here is quite similar to that of debit cards but one has the added advantage of being able to view all the activities on the main ledger.
This helps in better decision-making process regarding future transactions, especially regarding increase in sales.
There are several uses of Blockchain platforms, which include:
- Supply chain management
In the case of remittance, an example of how such a system works is that of sending money from one place to another.
If you consider the existing supply chain management processes, you will find that most of them end up in delays and wastage of valuable resources.
With the help of a Blockchain platform, all transactions can be instantaneously processed, which drastically reduces wastage of time as well as monetary loss. Another aspect of supply chain management where Blockchain Applications play a crucial role is in the case of e-commerce.
As already mentioned earlier, one of the most important uses of Blockchain technologies is the process of money transfer.
Many companies are already taking full advantage of its power and appeal by opening their own Monaco based branch in China and European branches respectively.
They are able to leverage the power of Blockchain technologies to ensure secure and reliable communication between their respective offices.
In addition, it also offers them the chance to reduce their operational costs by automating functions such as payment processing, inventory tracking, customer management and product catalog management.
On the other hand, there is a need for entrepreneurs to be well aware about the various capabilities and features of the diverse decentralized ledger technology. The most important feature of any good decentralized ledger application is known as immutability.
Most of the times, entrepreneurs tend to forget that immutability is one of the core reasons why investors and financial institutions are rushing to invest their funds in this revolutionary innovation.
Immutability refers to the tamper resistance feature of the Blockchain networks. In a general way, investors and business houses consider immutability as a guarantee that the asset stored on the Blockchain will not be subject to theft, fraud or hacking.
Apart from the above-mentioned benefits, several other advantages are also being looked forward by the developers.
Among the major benefits being offered by the Blockchains today are high-speed transaction execution, minimal downtime for the end users and security of the networks.
Several financial institutions including Swiss banks and Microsoft have already started using the most popular among the all the Blockchain platforms including IBM blockchain, Azure blockchain workbench and Ethereum.
With the aid of Blockchain Platform, developers can create smart contracts with its own intrinsic features.
The technology is based on a distributed ledger system that links together various individual blockchains – Etherem and Ethereum.
What makes this kind of platform unique from other competing technologies is that it links different blockchains together without requiring users to download and install software.
Thus, the moment you install the software on your computer or laptop, it starts working on its own. This means that you are not dependent to any specific provider or network.
Also see: Ucaas platforms
Features of Blockchain platforms
If you are an investor or trader, you should know about the notable features of blockchains. You need to learn how a particular platform works and how it will help you in trading or investing.
There are different features of blockchains that must be known to make the right decision. So, you have to make your own mind up on the right feature for your platform.
The first feature is its underlying technology. Blockchains come with different technologies under their hoods.
There are public and private networks under these technologies. They each serve a different purpose. Hence, you need to identify what specific function do you want your platform to fulfill.
Then you need to check out its security features. In this regard, you have to check out how robust and how reliable it is. Secure data storage is a very crucial feature of a system.
So, if you want a system that keeps your data safe from all kinds of threats then you can choose a secure system. This security feature is very important if you are working on a large scale.
The next one is the scalability. In simple terms, this means how much you can store and manage in your database. Today’s blockchains can hold more than a Trillion of assets. Hence, you can store a large volume of investments in your back office if you are a big trading company.
If you are just starting, you can start with a small blockage. But as you grow in the field and as you see the demand for better trading platform, you can upgrade to bigger blockage sizes.
Another most important feature of a platform must be scalability. The scalability of the platform allows you to add new trades to the platform easily and quickly. It is because a growing market demands a growing number of trading platforms. This only means that your existing platform must be easily adaptable to the changing demands of the market.
Blockchains have their own team of experts which help the traders out every step of the way. The platform must be there for their every need. If you are having problems with your transactions or exchange, then you can easily contact the experts of the blockchains for any kind of help you want.
If the features and functionalities are all great, then it will be hard for you to differentiate between a good trading platform and a bad one. A very good trading platform must have a friendly interface.
It must be easy to use and understand. Its technical aspects must also be in good condition and it must be up-to-date with all the latest innovations in the trading market.
The last but not the least, the functionality of the trading platform must be in accordance to the trader’s need. It means that it must meet the trader’s demand. If the platform has very few functions than it’s quite useless. So before buying or selling any commodity on the market, you must decide what function you require of the trading platform. So go through the entire list of functions to make sure that the platform fulfills all your requirements.
Top 5 Blockchain platforms
- IBM Blockchain platform
- Azure Blockchain workbench
- Kaleido Blockchain business cloud
- SalesForce platform
- Amazon Quantum Ledger Database (QLDB)
IBM Blockchain platform
This Blockchain Platform offers advanced tooling which enables you to rapidly build, manage & scale up your own private and public blockchains. It utilises Hyperledger Fabric, an open source, enterprise grade platform. It helps you to easily deploy Hyperledger fabrics across any platform, either on-demand or on-site, with Kubernetes as the container engine.
Furthermore, it provides you with complete integration capabilities, including multi-tenancy, multi-services and multi-tier scalability with complete DNS, mail exchangers, load balancing and security.
The IBM Blockchain Platform can be used in any environment and has several deployment options. It can be integrated with legacy systems for easy migration, it can be used as a service (SaaS), on premises or in-house. In addition, it provides the ability to use public and private blockchains for any business need, ranging from corporate chains to open-source software and applications.
Most businesses will find great value in using the IBM Blockchain Platform for their business needs. The open-source community for this open-source project is growing at a rapid pace. It provides the opportunity to leverage its extensive engineering capability and collaborate with others in the industry.
In addition, the IBM Blockchain platform provides extensive documentation, tutorials and guides. It is supported by top industry experts who are constantly improving the project.
As compared to the classical web-based email, LinkedIn and Facebook applications, you can build a secure, real-time, scalable and cost-effective private network using the IBM Blockchain platform. Also, once your application is live, you can let users access your private network from anywhere in the world by deploying the IBM Hyperledger fabric network.
IBM’s private network is equipped with advanced security features such as multi-factor authentication, encryption and virtual private servers. This platform is very different than competing technologies such as Facebook’s React, Google’s Material and Microsoft’s Azure because it doesn’t require any additional software or infrastructure.
There are several key advantages of using this Blockchain platform over other technologies such as Distributed Ledger Technology (DLT) and EConnect. For instance, it has the advantage of being compliant with the Open Industry Task Force (OITF) which aims to standardize the industry’s data security practices.
Additionally, it offers higher levels of functionality compared to other open-source blockchains like Jepsen, Btc Starbuck and the R3. Through the use of open-source tools, it allows for flexible and open-source development. In addition to these advantages, it also supports real-time secure transactions and comes with rich reporting and analytics.
With the help of the IBM Blockchain software stack, distributed databases can be built, deployed and operated. It is also able to create a fully interactive web-based environment that offers enterprise applications real-time security and scalability.
The enterprise applications run on a secured and protected network with multi-tenancy. This feature is highly useful for various companies involved in financial service sector, supply chain management, manufacturing and distribution. To give you a brief idea about IBM’s latest offering, you can check out the link below.
Azure Blockchain workbench
This blockchain platform offers the infrastructure scaffolds for creating highly-functional, fully-customizable, enterprise-grade blockchains enabling global developers to rapidly focus on developing intelligent business contracts and business logic.
It makes it simpler to develop new blockchain apps by combining a variety of Azure services and functions to assist developers in automating common network tasks. The company aims to empower customers to build on-demand chain applications that can be deployed in the cloud at anytime, anywhere.
A number of cloud providers have provided solutions for this, and Microsoft has recently announced its intention to provide industry-standard open-source tools for the enterprise to use.
The company plans to make Azure technologies more configurable by offering an easy way to deploy and manage the various components of the protocol and the associated databases. This will enable software and hardware developers to quickly and easily provision the necessary infrastructure to build on-demand chain apps. It also promises a significant improvement in scalability – an essential feature for any enterprise using a cloud-based virtualization solution.
The infrastructure provided by Microsoft through its Azure provider is primarily designed for distributed systems. Distributed systems refer to ones whose components are located in different places.
For instance, one might have an IT group at one location, a group of developers at another location, and a network of servers at yet a third location. All of these groups would want to have access to the latest infrastructure developments and to share the costs associated with maintaining it. Using the azure workbench, this can all be done simultaneously and transparently, thanks to the distributed nature of the application.
One major area where the off-chain storage service in the Azure Blockchain workbench can be used is in the context of tokenization. Implementing tokenization in such a way as to provide real security and privacy is difficult, and even when it is done correctly, can still prove to be quite a laborious process. But thanks to the distributed nature of the application itself, the solution can now be streamlined considerably. The team has developed a technology called incentivized access.
By using the azure workbench and the other tools provided by the platform, the data is divided up into layers and each layer will then be given a level of access. This ensures that there will be no risk of losing data or bandwidth to the central server, which allows for off-chain transactions to go through as planned. In effect, tokenization becomes much more practical thanks to the improvements made to the technology.
In addition to being the architect of the azure services, the Azure Blockchain workbench is also very important as a support platform. This means that developers and technicians need to be able to quickly and easily use this product in order to help them build out various applications. This means that they should be able to define chain patterns, as well as the relationships between various nodes and how they interact with each other.
Kaleido Blockchain business cloud
The Kaleido Blockchain business cloud concept is an innovative new approach to providing the infrastructure for a new breed of “blockchain start-ups” by helping to develop relationships and provide advice on how to best utilize the power of the internet to build a foundation that is robust and reliable.
Off-site servers, security concerns, bandwidth and management costs all play into the decision-making process when it comes to developing your business around a particular technological platform.
This blockchain platform helps businesses gain the competitive advantage by providing a simplified framework to help them think about their current needs, their future growth opportunities and how best to utilize the opportunities that await them in the future.
By using a simple, quick and easy to use web-based dashboard, Kaleido ensures your IT department stays up to date with the most recent trends and developments within the industry. This includes access to real time statistics, such as average load times, average transactions and average revenue per customer.
Invented by industry veterans who combined their knowledge of mobile computing with their understanding of how Internet connections work.
It combines the best practices of traditional software and cloud computing with the additional benefits of on-site execution and real-time reporting. As well as the previously mentioned benefits of reduced costs, mobile access, reduced IT cost and increased flexibility.
As the network of mobile devices continues to expand and become more accessible, networks and businesses will have to find innovative ways to utilise their data and processing power. It also offers the ideal platform for mobile application development and business management.
This blockchain platform aims to make life easier for businesses by providing real-time access to their analytics data, whilst also reducing costs and improving the overall efficiency of business operations.
Many businesses have already begun to realize the benefits of this open-source program. Its simplicity and power allow you to focus on what you do best rather than trying to learn a new program.
Using Kaleido, businesses can reduce the complexity of their day-to-day operations and increase productivity and profit. By allowing businesses to access their mobile data at the push of a buttom. Companies can operate more effectively and efficiently. This is the perfect solution for those looking to make the most of their data and mobile technology.
This Blockchain platform formerly known as the ChainID system, is a new low-code, multi-purpose platform for enterprise sales and customer relationships. Although still in early private beta, Salesforce Blockchain extends the reach of the popular Salesforce CRM suite.
Concurrently, this platform provides a cost-effective way to develop, secure, manage and share information. From artificial intelligent applications with a trusted network of external partners. The flexibility and ease-of-use make Salesforce Blockchain a must for every business.
As opposed to other platforms, there is no single authoritative database to track or communicate with multiple parties. This feature builds a stronger relationship between Salesforce, its customers and businesses.
It provides a safe and secure environment for real-time interactions among application components and their respective clients and representatives. With the help of this new infrastructure, distributed companies can more efficiently align their own internal and external processes and activities. In turn, it brings true synergies with the applications’ functionalities such as accounting, customer support, marketing, collaboration, social media management etc.
The major contribution of the Salesforce Blockchain solution to the sales and customer relationship. Management capabilities of an organization lies on its ability to provide true automaticity to all operations.
Using this innovative technology, sales representatives can seamlessly collaborate with their counterparts. In other locations through chat or through visual communication tools such as video, audio and/or whiteboard.
This Blockchain app also allows authorized representatives to control the flow of data by initiating and controlling app communications. Moreover, it also offers access to historical sales information along with current real-time customer information. Thus, it makes it easier to derive pre requisite information regarding sales trends, market demands and the like.
The ability to leverage the power of the Software Solution provider to simplify and better manage business processes. This is indeed a game changer for many organizations.
Therefore, businesses are provided with the scope of real time reporting and up-to-the-minute information. Regarding key issues and concerns affecting their sales teams. Salesforce Blockchain not only helps in building trust among sales representatives. Thereby boosting productivity and enhancing the bottom line of companies.
It also allows business managers to monitor and measure business processes in a hassle-free manner. Moreover, the sales force automation software suite leverages business intelligence. Tools to further improve sales performance by introducing new business process. New marketing initiatives and improving customer relations.
The key selling points of the Salesforce Blockchain platform are scalability, ease of deployment, security and cost effectiveness.
By doing this, users are able to have real time access to company information.
Amazon Quantum Ledger Database (QLDB)
The new system, which is currently in beta testing, will enable customers and organizations. To more efficiently manage the huge volume of data generated by their digital blockchain.
According to Amazon’s announcement, they are currently working with the financial industry. To provide secure and reliable solutions that will enable companies to better manage their financial transactions.
Amazon has long been at the forefront of enterprise-class e-commerce solutions. With the Amazon Web Services, businesses can now easily and reliably access a variety of data sources. Across the internet and utilize it to make informed business decisions.
This Cloud Computing Service offers several applications that manage and secure data.
Amazon uses these services for enabling customer support, tracking and analyzing customer interactions. With their products, organizing their data, and making insightful business decisions.
It works in a similar fashion to the way the Secure Data Center at Amazon stores sensitive information.
However, instead of storing this information off-site, the Cloud Computing Service provides a secure network. Accessing data this way provides users with the ability to gain real time insight into their data.
The Amazon Cloud Data Store will enable any company that wants to take advantage of the benefits it offers. To protect their financial health and streamline their business processes.
The database will also allow users to make changes to their database quickly and efficiently. With the Amazon Real Time Transparency and Analytics. It will be easier for company personnel to identify trends and performance issues.
This will allow them to take steps to address problems before they compromise the health of the company. This is a prime example of how implementing this System. It will help any company ensure the appropriate use of their IT resources.
Creating a secure database is an essential part of operating a successful e-commerce company. Using the Amazon Quantum Ledger makes it easier for every person associated with the company to access information. Amazon’s ability to secure data makes it safe.
With blockchain platforms, you can easily scale your database without any problems. This allows you to store more information in less space. Which also means you can store more data in less time.
These are just a couple of the reasons you need to know about blockchains. So to avoid making common mistakes when choosing the best solution for your business.