Top 6 Blockchain Frameworks for Enterprises in 2023

Global CTOs and digital officers must invest in the technologies that will help them leap into the metaverse and Web 3.0. One of the key technologies that are required to enter the innovative world of Web3 and the metaverse is Blockchain. Around 55% of CIOs and digital officers in enterprises mentioned that leveraging Blockchain tech is the key to harnessing the evolution of the World Wide Web.

However, before commencing into Web 3 or decentralized network developments, enterprises should choose the right Blockchain framework, without which projects are unlikely to get off the ground. A lot goes into the selection of the right framework, such as scalability, quality, features, community strength, and others. But, most importantly CTOs should consider how easy the framework is for a novice developer to get started with a Blockchain project. Without further ado, let’s look at the top 6 popular frameworks for building Blockchain solutions.

1. Ethereum

Ethereum is an open-source, full-turing framework. Around Seven out of ten Blockchain projects are created on this framework. It offers an exclusive runtime environment ‘Ethereum Virtual Machine (EVM)’. In this environment, developers can create and deploy decentralized applications (DApps) that run on the foundation of smart contracts. Another key benefit of EVM is that business users can write codes for DApps using multiple programming languages like C++, Python, GoLang, Vyper, and Solidity. This makes the cross-platform Dapps development process more simple and efficient.

Now Ethereum’s popularity is increasing, since ICO activities are largely implemented by many enterprises and government institutions. Ethereum is an ideal framework to quickly build and launch ICO apps. Ethereum offers a Merkle tree data structure, which helps in optimizing transactional hashing and increasing the ICO network’s scalability.

2. Corda

Corda is a Private Access Distribution framework, in which smart contracts run within the Java Virtual Machine (JVM). Smart contracts in Corda can either be written in Kotlin or Java. This framework is ideal for building a range of financial applications, starting from payment gateways to tax management software. It’s because the framework possesses an exclusive consensus algorithm that utilizes ‘notarized’ nodes to automatically verify, record, monitor, and synchronize agreements between authenticated participants.

This algorithm does not display transaction information to all network participants. Data about the transaction is visible only to nodes that have authorized legitimate interests in those assets that partake in the transaction. In simple words, when a transaction takes place between two organizational members, then only the nodes of these two participants will receive information regarding the transaction.

3. Hyperledger Fabric

Hyperledger Fabric is another modular Blockchain framework from the Hyperledger Hub. Enterprises use Hyperledger Fabric to build and deploy highly secured decentralized solutions. Just like Ethereum, Hyperledger Fabric offers a permissioned ledger type. This ledger uses parallel processing that facilitates faster transaction processing compared to other frameworks and platforms. Besides, Fabric has an intuitive consensus engine that is based on the RAFT mechanism, which follows a vote for an agreement approach.

An excellent use case of Hyperledger Fabric is supply chain tracking. A leading pharmaceutical company implemented a supply chain software built using Hyperledger Fabric in conjunction with the RAPIDIT framework within their infrastructure. This software helps their enterprise in verifying digital dealings that allow checking whether a product has been shipped from a reliable source and that it moved through the value chain in the right conditions. Moreover, the company can ensure a tamper-proof audit trail by using this software.

Want to learn more about the RAPIDIT framework – Click here!

4. Stellar

Stellar is another decentralized framework that makes it possible to build apps for transferring funds across countries swiftly and securely without the involvement of intermediaries. It is designed to deliver unrestricted exchange between participants globally through an exclusive currency known as ‘Lumens’. Stellar is actively hosting around 3 million online apps through its platform.

Users can easily perform cross-border exchanges with solutions built on the Stellar platform. An XLM transaction costs nearly $0.0000006, which is comparatively less than Ether. As a result, it is even more reasonable than the expenses related to each global money transfer process. MoneyGram, Coinbase, and Franklin Templeton are the few enterprises that are hosting their applications on the Stellar platform.

5. Quorum

One of the key forks of Ethereum Blockchain. This framework is focused on the enhancing privacy of contracts and transactions in the fields of banking and crowdfunding. The quorum framework can address crucial issues in the financial sector through a decentralized registry and smart contract capabilities. Applications built using the Quorum framework support institutional-level transaction volumes and are able to protect transaction details with maximum anonymity.

Quorum influences the IBFT consensus algorithm instead to validate transactions. It agrees to a block and transaction based on the number of votes within the network. Moreover, Quorum-built solutions offer the potential for scaling and performing fast transactions, as well as the ability to regulate the “communication” among the nodes to guarantee the privacy of operations.

6. EOS

EOS framework uses Blockchain architecture for the dynamic scaling of DApps. With this framework, businesses and developers can build Blockchain-based applications in a way that is similar to web-based solutions. EOS offers secure authentication and access, permissions, usage management, data hosting, and interaction between DApps and the Internet. This framework offers a built-in web toolkit store that helps in seamless app development. The EOS token is the platform’s native cryptocurrency.

EOS-built apps follow asynchronous communication, meaning that the participants involved need not be present at the same time to perform a transaction. Each exchange in EOS needs the hash signature, which principally binds the participants to the constitution. EOS framework claims the ability to support thousands of tps (transactions per second) because of its Decentralized Proof-Of-Stake (DPOS) mechanism.

Closing Thoughts

Possibly, after reading this instructive blog, enterprises can realize the benefits of decentralized app development using top Blockchain frameworks. If you are looking to build reliable distributed apps within a faster turnaround time, you may consider hiring seasoned Blockchain developers from Damco Solutions. By using the above-mentioned frameworks, developers can create enterprise-grade Blockchain solutions that meet your business requirements.