8 Best Blockchain Platforms to Build Modern Financial Applications

Blockchain technology emerged with the inception of Bitcoin in 2009 and has now become one of the most prominent and mainstream technologies.

The revolution in blockchain technology is being seen all over the world. No matter what industry you look at, you’ll find blockchain applications in every field. Many businesses using blockchain are expanding in fields such as supply chains, healthcare, logistics, and finance.

The main purpose of blockchain applications is to increase the transparency and efficiency of business processes. Businesses are now realizing the potential of blockchain technology and how it can enhance their business.

The demand for new blockchain platforms is consistently increasing as companies develop blockchain applications and experiment with different platforms.

Blockchain technology is famous for its transparency and decentralization. This is mainly needed in the financial sector. Several companies are looking to develop modern financial applications on blockchain platforms.

With blockchain-based financial applications, you don’t have to worry about immutability, security, or decentralization. This is something that several companies are looking at.

Technology has made it easy to develop new apps on blockchain platforms through smart contracts. Now let’s take a look at some of the best blockchain platforms for building financial applications.

Ethereum

Ethereum is one of the oldest, most established, and major blockchain platforms. It has also developed its own cryptocurrency called Ether or ETH. This platform offers a fully decentralized blockchain. Ethereum fully adheres to smart contract rules in order to function efficiently. Currently, there are already thousands of decentralized apps available on Ethereum.

While the Ethereum platform’s main strength is true decentralization, its main weaknesses are slow processing and high transaction fees. The Ethereum platform is seeing a huge craze among blockchain application developers to build decentralized applications called dApps .

In addition to that, the Ethereum platform also has an active community of over 250 developers. All Ethereum protocol developers aim to eliminate the presence of third parties in all areas. Developers can easily build dApps related to finance, cryptocurrency wallets, gaming, etc. With rapid deployment, you can expect your application to be up and running soon after release.

ripple

Ripple is more focused on developing financial applications on its platform. We are further supporting you towards the digital revolution. Ripple established its own platform in 2012 to connect digital asset exchanges, banks, and payment providers to create a blockchain network for enterprises.

Businesses can also invent their own financial solutions by developing modern financial applications and high-performance payment solutions on Ripple. Ripple has a native cryptocurrency named XRP. There are many companies that can leverage the power of XRP on RippleNet by avoiding up-front funding to expand into the global market.

RippleNet is working on liquidity solutions that allow businesses to build decentralized infrastructure that requires no up-front funding and allows payments in less than 3 seconds. You can expect complete transparency with RippleNet.

cardano

Cardano is a next-generation blockchain platform built on smart contracts. The main purpose of Cardano blockchain is to build fast and scalable dApps. Cardano has the Ouroboros consensus mechanism, which is a secure version of the Proof-of-stake algorithm. Here, all transactions are checked only by network participants, and there is no need to check transactions at every node.

Cardano has many features that make it ideal for modern financial applications, including interoperability, scalability, transparency, and legitimacy. The Cardano blockchain looks forward to balancing the desires of both centralized and decentralized communities.

Currently, Cardano has a lot of dApps to power global payments with the help of decentralization.

Stella

Stellar is an open network blockchain that works efficiently for the financial sector. Several banks are experimenting with the Stellar blockchain network to make their services seamless, secure, and transparent. Stellar is a robust blockchain platform for building fast and secure fintech apps.

Stellar is an open network, so there are no owners and complete control is in the hands of the general public. Stellar also relies on blockchain to keep everything in sync with the network. Whether you’re looking for fast transactions or your company is looking for a decentralized platform to build modern financial apps, you can consider Stellar as a worthy option.

Currently, various dApps are being built on the Stellar blockchain network thanks to micropayment services, asset exchanges, and global payment apps.

hyperledger fabric

If you are thinking of developing complex software or applications on blockchain by breaking them into smaller parts, Hyperledger Fabric is the best option. A versatile modular design is available on the platform, making it useful for a variety of industrial applications.

The most important feature of Hyperledger Fabric is the network of networks. Every company wants to keep certain data private. Here, the fabric helps maintain various relationships within the network itself.

For example, a single seller may sell the same product to different buyers. The transactional relationship between one buyer and seller need not be visible to the other. Hyperledger Fabric’s “channels” feature allows you to stay private.

Fabric is a worthy choice for financial apps because everything is open and not permissionless. On the contrary, companies can develop highly secure and scalable platforms that can easily support private transactions and confidential contracts.

ios

EOS is another secure and scalable blockchain platform for developing dApps. This platform can be called an enhanced version of the Ethereum and Bitcoin blockchains, as EOS supports certain features that are actually lacking in both.

The EOS blockchain network provides smart contract functionality, dApp hosting, decentralized storage for enterprise solutions, and solves scalability issues. Build financial apps on EOS to perform transactions at low cost. Additionally, developers can deploy executable smart contracts according to business requirements.

EOS blockchain allows developers to extend their ideas by building various applications on top of the blockchain network. Easily develop modern financial applications, games, business solutions, and more.

corda

Corda is an open source blockchain platform that allows developers to build permissioned and decentralized solutions. Businesses can easily conduct transactions through Corda by maintaining strict privacy in smart contracts. Transaction costs and record keeping are significantly reduced as all business processes are streamlined.

The flexibility and agility of the platform allows you to easily scale applications on Corda to meet your business requirements. Applications built on Corda are called CorDapps. No matter what your business is, you can build highly scalable dApps in a variety of sectors, including finance, insurance, energy, and healthcare.

tron

Tron is another decentralized blockchain platform aimed at decentralized web development. Like Ethereum, Tron allows developers to leverage the entire protocol through smart contracts on the blockchain. Tron can process 2000 transactions per second. Compared to various payment processors such as PayPal, this is more than adequate. On top of that, Tron is also free of transaction fees.

Tron offers highly scalable options and a dependency on the Delegated-Proof-of-Stake consensus mechanism to strengthen blockchain security. There are several ways to deploy DApps on the Tron network. Currently, Tron is the fastest growing public chain.

The main features that increase utilization of the Tron network include high throughput, high scalability, and compatibility with EVM (Ethereum Virtual Machine).

Conclusion💰

If you are looking to develop a modern financial app to run your business, these are some of the best blockchain platforms that can help you. Choosing one or the other ultimately depends on your requirements and certain factors such as security, supported languages, features, and smart contract capabilities.

Please read:

6 tools every blockchain developer should know.