Blockchain Platform

When I initially learned about a blockchain platform, I was interested in how a digital ledger would provide such high levels of security without using conventional mediators. Thinking that transactions may be documented in an unchangeable or tampered-with manner was scary. Because of its security and simplicity, I was keen to see how blockchain might be used outside of cryptocurrencies. After years of using it, I increasingly realized that blockchain was more than a fad and might revolutionize how we manage data and conduct transactions. 

In this guide, I will explore these practical uses of blockchain, how they differ from others, and how this technology changes our perception of security and openness.

What is a blockchain platform?

A blockchain platform is a framework that allows developers to build blockchain-based solutions like smart contracts and decentralized applications. These systems ensure unchangeable transactions and data security. It offers a framework for a wide range of applications and is not limited to cryptocurrencies like Ethereum and Bitcoin.

Blockchain platform types

Let's examine the types of blockchain platforms before getting into the list of the top 10 blockchain platforms. Three primary categories may be used to classify blockchain platforms:

1. Public blockchains: These are open networks where anybody may sign up, participate, and verify transactions. Leading instances of public blockchains are Ethereum and Bitcoin.
2. Private blockchains: These are networks with controlled access only to approved users. They are frequently employed inside corporations or amongst a group of companies. A known private blockchain platform includes Hyperledger Fabric.
3. Consortium blockchains: These allow several organizations to manage access and validation by combining aspects of public and private blockchains. This kind is often used in sectors where entity collaboration is crucial.
   

List of blockchain platforms

Here are the top 10 blockchain platforms based on popularity and use cases:

1. Ethereum
2. Bitcoin
3. Hyperledger Fabric
4. Corda
5. Ripple
6. EOS
7. Stellar
8. Tezos
9. Polkadot
10. Cardano

These platforms in this blockchain platform list offer diverse functionalities, from smart contracts and decentralized applications to enterprise-grade solutions and cross-border payment systems. Each has its unique strengths, collectively forming the backbone of the modern blockchain ecosystem.

How do blocks work? 

Blockchain is much like a digital ledger. With transactional data, each "block" in this chain functions similarly to a page in a book. Because cryptographic hashes connect these blocks, the blockchain platform is unique and very hard to mess with. It functions as follows: 

1. Building a block: Every block has a hash reference from the block before it, a date, and a list of transactions. By passing the contents of the prior block through a cryptographic process, a distinct string of characters is produced as this hash. 
2. Linking blocks together: This connecting mechanism is the secret of blockchain security. Any effort to edit a block's data would change its hash, breaking the chain because each block references the hash of the one before it. This organization guarantees the blockchain's integrity. 
3. Consensus mechanisms: Before a new block is appended to the chain, the network must agree that it is valid. The most popular consensus technique, Proof of Work (PoW), involves nodes or network computers solving challenging mathematical puzzles to validate blocks. Since this process requires a lot of energy and processing capacity, changing the blockchain is difficult. 
   

Blockchain vs Databases

You can ask how a blockchain platform differs from conventional databases. Both store information, although their designs and goals are essentially different: 

1. Centralization vs Decentralization: One organization manages traditional databases, which are centralized. By comparison, a blockchain is a decentralized network maintained by several nodes. One point of failure is less likely, and this decentralization improves security. 
2. Data immutability: You may quickly add or remove records from a database. However, blockchain is unchangeable; once data is recorded in a block, it can only be changed by changing every block after it, which is almost impossible. Applications like financial transactions that need great integrity depend on this characteristic. 
3. Convergence and trust: Databases depend on confidence in a central authority to maintain accuracy. Consensus algorithms in blockchain ensure that all players concur that transactions are genuine. This distributed trust paradigm eliminates the necessity for mediators. 
4. Performance: Traditional databases are usually speedier than blockchain because they don't call for intricate consensus procedures. Nevertheless, blockchain platforms are employed in applications where security and decentralization are more crucial than speed.
   

Blockchain vs Cloud Computing  

How a blockchain platform relates to cloud computing is a common question. They differ significantly even though they both need data processing and storage: 

1. Architecture: Centralized servers—typically held by big companies like Google or Amazon—are the foundation of cloud computing. These servers handle and store data for consumers. By contrast, blockchain is decentralized and dispersed over a network of nodes. 
2. Ownership and control: The central authority oversees the infrastructure in cloud computing. Consumers must trust the service provider, but this configuration enables flexibility and scalability. Users of blockchain have greater autonomy because no one organization controls the data. 
3. Security: The service provider's architecture and rules determine how safe cloud computing may be. Blockchain's decentralized design and consensus mechanisms provide security by lowering the possibility of data breaches and manipulation. 
4. Use cases: The blockchain platform is better suited for applications needing high security, data integrity, and decentralized control; cloud computing is perfect for scalable applications and services. Cloud computing, for instance, works well for website hosting, whereas blockchain is used for smart contracts and cryptocurrency transactions. 
   

Why is blockchain platform so secure? (PoW and Distributed P2P Network)

Security is one of the many reasons a blockchain platform intrigues me. A mix of distributed peer-to-peer (P2P) networks and Proof of Work (PoW) consensus methods makes blockchain secure. Learn why these components of blockchain are so secure. 

1. Proof of Work (PoW): PoW asks nodes to validate blocks by solving complicated mathematical puzzles. Because this procedure is time and energy-intensive, bad actors need extensive help manipulating the blockchain. In deterring assaults, PoW ensures that creating a new block takes a lot of computing work. 
2. Distributed P2P Network: Blockchain runs on a distributed node P2P network. There is no central authority; hence, there isn't a single point of failure to compromise network security. The integrity of the blockchain is preserved by the other nodes, even if one is hacked. With its dispersed architecture, blockchain is incredibly resistant to attacks. 
3. Cryptographic Hashing: Blockchain platform blocks have individual cryptographic hashes. To produce this hash, the data in the block is run through a cryptographic algorithm. Every attempt to modify the data in a block would change its hash, breaking the chain. Blockchain security mainly depends on its immutability. 

Read its real-world example to learn more about the advantages of blockchain.

How do blockchain transactions work?

Realizing the potential of a blockchain platform requires an understanding of how transactions operate. On a blockchain like Ethereum or Bitcoin, a standard transaction operates as follows: 

• Starting a transaction: When someone starts a transfer of digital assets (such as Bitcoin or Ether), a blockchain transaction gets underway. Specifics of the transaction include the sender, recipient, sum, and timestamp. 
• Broadcasting the transaction: When it is established, the transaction is made public to the whole blockchain network. When a transaction is received in the network, nodes—computers—verify its validity. This verification procedure guarantees that the sender has enough assets and that the transaction is not fraudulent. 
• Validating the transaction: Nodes validate transactions using consensus methods. Miners must solve complex problems to validate transactions and include them in a new block in PoW blockchains like Bitcoin. This procedure needs energy and processing power to ensure the integrity of the blockchain. 
• Adding the transaction to a block: When verified, a transaction becomes part of a new block. After that, this block is included in the current blockchain, recording the transaction eternally. The new block maintains the continuity of the chain by referencing the hash of the preceding one. 
• Completing the Transaction: Adding a block to the blockchain confirms a transaction. The confirmation amount indicates how many blocks are added after the transaction block. Increased confirmations translate into increased security because changing the blockchain becomes increasingly difficult. 

When verified, a transaction is considered complete, and the recipient receives the digital assets.  

How to become a successful blockchain developer?

You'll want technical expertise, real-world experience, and a strong interest in new technologies to succeed as a blockchain developer. This little road map will get you started: 

Step 1: Understand blockchain basics

Discover the principles of the blockchain platform, including the operation of blocks, consensus methods, and several blockchain kinds (public, private, consortium). Beginning classes and the Bitcoin Whitepaper are two examples of handy resources. Moreover, to build a strong foundation, you must check off the prerequisites to learn blockchain technology from the list.

Step 2: Learn important programming languages 

Learn the languages used frequently in blockchain platform development: 

• Solidity: For Ethereum smart contracts. 
• JavaScript and Node.js: For decentralized applications (dApps).
• Go and Rust: For systems like Solana and Hyperledger Fabric.

You could start with tutorials, coding boot camps, and online courses. 

Step 3: Get practical experience 

Practical experience is crucial on some of the top blockchain platforms. After attempting to establish basic Ethereum intelligent contracts, develop a dApp. Participating in hackathons and contributing to open-source blockchain projects can help you gain practical experience and interact with the community. 

Step 4: Stay up-to-date with blockchain developments 

The technology behind blockchains is developing quickly. Follow market news, join blockchain groups, and attend industry conferences and meetings to network and learn. 

Step 5: Create a portfolio 

Record the details of your projects together with the technology and your position. Emphasize contributions to open-source software and build a portfolio webpage. Good portfolios will make you stand out to possible employers. 

Step 6: Explore career opportunities

After developing your resume and portfolio, look through job portals for blockchain developer jobs. Networking with business people and getting into freelancing can also lead to rewarding jobs. 

Check the career options in blockchain to narrow down your choices.

Wrapping Up

I’ve illustrated how blockchain technology's safe, decentralized system revolutionizes data and transaction handling. As cryptographic hashes connect every blockchain block, manipulating the structure is extremely difficult. Consensus techniques such as Proof of Work guarantee that only legitimate transactions are included in the blockchain, adding another level of security. 

All things considered, the blockchain platform marks a dramatic change in our understanding of data integrity and security, and it is evident that this technology has the power to transform entire sectors.

Lastly, I recommend you to check out IIIT-B & upGrad's Advanced Certificate Program in Blockchain Technology if you're interested in learning how to create smart contracts and chain codes as a blockchain developer.

Frequently Asked Questions

1. Which is the best blockchain platform? 

Ethereum is sometimes seen as the most adaptable for smart contracts and decentralized apps, although it depends on your use case.

2. What are the 4 types of blockchain? 

Blockchains might be hybrid, consortium, public, or private.

3. What is the most used blockchain? 

Ethereum is often used for smart contracts, and Bitcoin is mainly used for cryptocurrencies.

4. Which app is blockchain? 

One well-liked blockchain platform for Ethereum-based digital asset management is MetaMask.

5. What is blockchain example? 

An example of a blockchain platform in the domain of cryptocurrencies is Bitcoin. 

6. How does blockchain work? 

Blockchain records all types of transactions in a decentralized public ledger. This means while it can be shared across multiple networks, it remains impervious to institutional control. Among other things blockchains also employ a network consensus to ensure the data is secure and accurate.

7. Which blockchain is faster? 

EOS and Solana have been widely recognized as some of the faster blockchains.

8. Which language blockchain is best? 

The best blockchain language by common consensus is Solidity. Solidity for instance, is used to build Ethereum smart contracts.