With the internet, a broad range of protocols are widely used, such as HTTP, HTTPS, FTP, and SSH. Likewise, many protocols have been developed for Blockchain. The differences between Blockchain protocols are significant, so various protocols will offer advantages and disadvantages that you will need to consider when creating an application.
The bottom line is that if you want to get the most out of Blockchain technology, you have to understand how protocols impact network performance and the limitations that they can entail. When seeking to understand protocols, you should start by understanding some common terms that professionals use to describe how Blockchains communicate.
Hyperledger is an open-source project that aims to create a suite of tools for enterprises to deploy Blockchain technologies quickly and effectively. The protocol is commonly used in Blockchain software solutions because it comes with its libraries that help to speed up development. The Linux Foundation is a strong supporter of Hyperledger, and it has supplied significant expertise to accelerate the creation of the protocol. Hyperledger is also highly compatible with Linux, so it is designed to work effectively on the same servers that are widely used in today’s business world.
Multichain was established to help for-profit corporations create private Blockchains to facilitate more efficient transactions and to develop new applications for the proof-of-work systems that Blockchain technologies rely on. As a private company, Multichain can offer an API that can be used by Blockchain development services to streamline integration and accelerate deployment. What sets Multichain apart from its competitors is how it is designed to work alongside fiat currencies and physical stores of value. In contrast, most cryptocurrency projects are centered on the ultimate replacement of physical money with digital mediums of exchange.
3. Enterprise Ethereum
Ethereum offers a version of its software that is designed for business use cases. The goal of Ethereum Enterprise is to increase the business use cases of Blockchain software development. With Ethereum Enterprise, businesses can rapidly develop large-scale applications to exchange value. The major advantage of Ethereum Enterprise is that it allows businesses to create proprietary variants of Ethereum while still taking full advantage of the latest Ethereum code. Under ordinary circumstances, Ethereum’s license makes it difficult to build proprietary variants of the software, but the enterprise version gives businesses an option for getting around this issue.
Corda is a competitor of Multichain that offers a protocol designed for enterprises. Most applications that have been developed with Corda have been in the finance and banking field. However, a wide range of custom Blockchain solutions can make use of Corda’s technology. Corda is accredited by the R3 banking consortium, so it is a good choice for Blockchain development solutions in the finance industry.
As with many of the leading protocols, Quorum aims to help businesses in the finance sector. Quorum is significant because it has strong backing from the financial community. For instance, J.P. Morgan Chase is a primary financial backer of the protocol, and it has received additional resources from other leading banks. However, Quorum has managed to remain as an open-source project that can be utilized by anyone. Quorum is also strongly associated with Ethereum since the project started by modifying the Ethereum code
Why does it matter?
When launching a Blockchain software development project, the selection of a Blockchain protocol is one of the most important decisions that will have to be made. Protocols matter because they determine the scope of functionality that your software can provide. It is important to understand that the leading protocols contain highly sophisticated technologies that required the collaboration of thousands of computer scientists. Instead of reinventing the wheel, your project can be completed in less time and with fewer resources by taking advantage of a protocol.
Since protocols are highly complex, it usually makes sense to work with customized Blockchain development services that are experienced in delivering Blockchain development solutions. Professionals can help you to seamlessly integrate existing software with Blockchain technologies, and they can ensure that your software is deployed and maintained securely. Therefore, the most feasible path forward for companies looking to take advantage of Blockchain technologies is to start by finding a software development expert who knows how to comply with today’s leading protocols