The 7 leading open source blockchain platforms of 2023

Sushree Behera

Distilling the essence of digital evolution, the enigmatic open source blockchain technology has ushered in a new era of decentralization, fortifying a myriad of industries with its impregnable security and crystalline transparency. 

With each passing juncture, the growth trajectory of blockchain has been an awe-inspiring marvel; in 2017, it surged forth at a staggering CAGR rate of 35.2%, a quantum leap of progress. Yet, in the following year, 2018, its momentum intensified, skyrocketing to a remarkable 41.8%, as if propelling itself to new frontiers. 

Gazing ahead with sanguine anticipation, predictions foretell a prodigious 70% surge within the coming triennium. We will explore the top seven picks that have been instrumental in shaping the future of decentralized applications.

1. Ethereum

In the recent revolution of the blockchain domain, Ethereum has evolved as the heart of the blockchain. As of September 2021, an astounding 81 out of the top 100 public companies across the globe harnessed the power of blockchain technology, with Ethereum reigning as one of the most sought-after choices.

A staggering 105.58 million transactions coursed through the Ethereum blockchain during Q1 of 2022. Boasting a versatile and developer-friendly ecosystem, complemented by its native cryptocurrency Ether (ETH), Ethereum has successfully beckoned a vast and ardent community of developers and enthusiasts worldwide.

Read more: The endless possibilities of blockchain uses and applications

2. Hyperledger Fabric

Under the supervision of the Linux Foundation’s Hyperledger ensemble, Hyperledger Fabric emerges as a potent blockchain framework. Presently, a formidable 26% of the top 100 public companies wield the technology of Hyperledger Fabric, declaring it their favored distributed ledger technology (DLT) of choice. It is specifically designed for enterprise-grade applications, making it a popular choice for businesses seeking secure and scalable blockchain solutions. 

Hyperledger Fabric empowers enterprises to erect private, permissioned networks that are intricately customized to suit their distinct demands. Consequently, industries encompassing supply chain, finance, and healthcare find it a beacon of excellence, lighting their path toward progress.

3. IBM Blockchain

A prominent luminary in the open-source blockchain domain, IBM Blockchain, rises to prominence. A strong platform based on Hyperledger Fabric is IBM Blockchain. Using blockchain technology, organisations can enhance their operations, increase transparency, and cut expenses. 

Within the confines of the IBM Blockchain Platform, the presence of privacy measures, incorporating channels, private data databases, and the promise of zero-knowledge proof technologies. IBM Blockchain is very focused on security and can work well with other systems. It invites businesses to explore its appealing features and smoothly incorporates blockchain into their complex operations.

4. R3 Corda

In the realm of financial enterprises, the open-source blockchain virtuoso known as R3 Corda emerges as a beacon of trust. An exquisitely scalable peer-to-peer (P2P) DLT platform, R3 Corda fosters digital trust amongst parties entwined within the confines of regulated markets. R3 Corda’s special architecture has impressed many financial institutions and businesses. They are attracted to its strong commitment to following regulations, which encourages them to adopt its amazing features. By doing so, they can work together more effectively and achieve greater success.

5. Hyperledger Sawtooth

Another addition to the Hyperledger family, Hyperledger Sawtooth unfurls its open-source platform renowned for its modular and adaptive architecture.

Embracing a diverse array of consensus algorithms, including the Practical Byzantine Fault Tolerance (PBFT) and the Proof of Elapsed Time (PoET), Sawtooth stands resolute in its form for versatility. Deliberately crafted to scale higher, Sawtooth accommodates networks hosting thousands of nodes and orchestrating millions of transactions each fleeting second.

6. Stellar

Stellar, a decentralized platform, illuminates the way for seamless cross-border transactions, harmoniously linking financial institutions. Heralding its arrival in 2014, the Stellar network has steered over 3 billion operations staggering 7.4 million individual accounts.

Its popularity emanates from the nature of expeditious settlement times, rendering it an enchanting choice for remittances and micropayments. Anchored in a domain devoid of central authority, for none hold the power to halt the network. Navigating the Stellar’s native cryptocurrency, Lumens (XLM), transactions intertwine, their essence safeguarded of network security.

7. Solana

Solana is a high-performance, open source blockchain platform that aims to address the scalability challenges faced by many existing blockchains.

Distinguished by its extraordinary performance, Solana boasts swift block times clocking in at a mere 400 milliseconds, facilitating the handling of a myriad of transactions each second. A revelation from the Solana Foundation’s Q1 report of 2023 states that an astonishing 3.5 billion transactions were efficiently processed during that quarter. 

How does Solana manage this extraordinary feat? Through a unique amalgamation of both proof-of-history (PoH) and proof-of-stake (PoS) mechanisms, it commands the capability to execute thousands of transactions in the blink of an eye. As a result, developers with an appetite for crafting resource-intensive decentralized applications (dApps) have turned their gaze upon this burgeoning platform. Remarkably, a copious total of 2,053 active developers are presently engaged in projects that seamlessly integrate with Solana’s infrastructure.

Read more: Web2 vs Web3: which one is better? 5 blockchain limitations you need to know about

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