Updated On May 15, 2024

By SaraNextGen

Selecting The Right Blockchain Technology Platforms For Your Next Decentralised Project

If your use case would require every participant to authorize before accessing the network, you will need a permission blockchain network. It must be remembered that permissioned blockchain Technology Platforms

• Blockchain, the Distributed Ledger Technology, is one of the biggest disruptions in the data management field. It certainly has made it possible to lower costs, improve efficiency and improve security of the software eco-space. However, the current implementation of Blockchain technology platforms in the business environment includes a vast network of several ledger systems, which are very much vulnerable to falsification, fraud, or delayed response times. For this reason, picking the most suitable blockchain technology platform and framework is crucial for your decentralised project to be a success.

• There are several blockchain technology platforms and networks out there, each claiming themselves to be the best in terms of security, features, capabilities, and scalability. Most of these claims are nothing but marketing gimmicks. Therefore while considering the most suitable blockchain technology platform, you need to look beyond these buzzwords. So, what characteristics of a blockchain technology platform do truly matter?

• Honestly, there is no straightforward answer to this question. Because, your decision for the right platform selection will depend on many external factors such as the strength of community and the quality of documentation. This article will take you through the most crucial criteria for blockchain development platform selection.

• Blockchain Technology Platform Selection Criteria Permission Status

• If your use case would require every participant to authorise before accessing the network, you will need a permissioned blockchain network. It must be remembered that permissioned blockchain networks will require identity verification or authorisation services which are also known as notaries. These services are both centralised and decentralized, so you will have to pick the suitable one as per your use case.

• Tokenization Requirements

• If you want to tokenize an asset or create your crypto-currency on the blockchain network, then you should know that not all of the blockchain technology platforms provide the tokenisation facility. Blockchain platforms like Corda or Hyperledger do not provide any facility to create a token. There are a few options available for enterprise-level blockchain platforms such as Stockmind that provide the tokenization feature. 

• Scalability and Transaction Speed

• Your blockchain network should be able to handle an increase in the number of participants and transactions, especially if you feel that your user base is expected to increase tremendously over the time. Most common challenges that blockchain projects face are of scalability. Also, not every blockchain technology platform can deliver high scalability and transaction speed, both at the same time. Therefore, if your project isn’t transaction centric, hence not requiring an instantaneous data transfer, you should limit the network selection decision to platform cost, accessibility, quality, security, and ease of use.

• Community Strength

• Enterprise-level support is crucial for every technological implementation. It largely depends on how accessible the dedicated communities are in terms of feedback and support? Blockchain is still in its infancy. Hence, there is not significant developer support available for this technology. This issue becomes more severe considering that these blockchain technology frameworks are built using different languages, which makes it more cumbersome to find the right support. 

• Granular Security

• Not every blockchain platform can provide high-end security which is a must in enterprise IT infrastructure. While choosing the appropriate blockchain technology platform, you will have to check each platform for the security parameters.

• Platform Roadmap

• Before picking the blockchain technology platform for your project, you should understand how the platform will evolve in the future. For enterprises, It is very important to make sure that their blockchain technology platform has a realistic roadmap.