In this blog post, we are going to focus on the guide of different blockchain platforms which are Beyond bitcoin.
In recent years, the world of cryptocurrency has been dominated by Bitcoin. But Ethereum is quickly becoming a strong contender in the crypto world.
Bitcoin has been around for a decade now and it’s become a household name. But there is much more to blockchain technology than just Bitcoin.
In fact, a number of other cryptocurrencies have emerged in recent years that are based on the same technology as Bitcoin.
One of these cryptocurrencies is Ethereum, which was launched in 2015 and has quickly grown to be the second most popular cryptocurrency on the market after Bitcoin.
What is Bitcoin?
Bitcoin is a digital currency and payment system that is decentralized and operates without a central authority.
Bitcoin was created in 2008 and introduced to the world in 2009, It has been steadily increasing in vogue ever since.
Bitcoin was the first and is still the most popular, application of blockchain technology, But that doesn’t mean it’s the only one.
Blockchain technology can be applied to many more industries and platforms than Bitcoin, and here we’ll take a look at some of them from finance to supply chain management to identity management to social media to cybersecurity.
For more information on blockchain and how it could apply to your industry, read on!
Related Article: What Is Bitcoin? Technology, Use, Price, Demand, Legal
Beyond Bitcoin: What it means?
This year’s been wild for Bitcoin. Cryptocurrency prices are shooting through the roof, and investors are scrambling to catch a piece of it.
But while everyone is buzzing about Bitcoin, there’s another form of digital currency waiting in the wings and they say it could be a better option than Bitcoin, Meet blockchain.
What Is a Blockchain?
The internet has created new opportunities for entrepreneurs; thanks to apps like Airbnb and Uber, we now have access to more products (like transportation) and services (like restaurants) than ever before.
However, these transactions aren’t necessarily safe or transparent; when you hire an Uber driver or rent out your home on Airbnb, who can guarantee that everything goes as planned? How do you verify if everything was carried out according to plan? That’s where blockchain comes in.
What Exactly is Blockchain Technology?
A blockchain is a shared ledger of all Bitcoin transactions that have ever been performed.
It’s continuously increasing as completed blocks are counted to it with a new set of records.
Once recorded, data in any given block cannot be altered retroactively without changing all subsequent blocks, which requires the consensus of miners controlling more than half the total computational power on the network.
Related Article: How does the Blockchain Work? – Smart Contract, Ethereum
What are the Cryptocurrencies?
Bitcoin was the first digital currency to be released, and it has been gaining traction ever since. However, there is more than one cryptocurrency in the world of blockchain.
Ethereum is a cryptocurrency that is rapidly becoming popular as well. But what sets it apart from other digital currencies? This article will answer questions you may have about Ethereum and how it compares to Bitcoin.
We’ll also show you how Ethereum and other cryptocurrencies like Litecoin and Dogecoin can be used as a form of payment with online retailers who accept them as forms of payment such as Overstock, Newegg, and Expedia.
Bitcoin has been in the news a lot recently, But there is another form of cryptocurrency that is nearly as popular, Ethereum.
What is it? It’s a type of digital currency that uses blockchain technology to protect against fraud and to increase transparency.
Related Article: Blockchain and Cryptocurrency: What is the Difference?
What is Ethereum Platform?
Ethereum is a decentralized platform that works on smart contracts these applications operate just as programmed without any likelihood of downtime, censorship, fraud, or third-party interference.
These apps run on a blockchain, a shared global infrastructure that can move value around and represent any ownership.
This open-source technology frees individuals to cooperate over peer-to-peer networks instead of being forced to rely on centralized authorities.
The white paper for Ethereum was written by Vitalik Buterin and published in late 2013 when he was just 19 years old.
It’s essentially one big innovation in computer science after another, combined into one beautiful vision for what future technology could look like.
A full explanation of all these great features would take pages and pages; at its most basic level, though, it offers a new way to manage trust and verify transactions and it does all those things faster than Bitcoin does.
In fact, some people compare Ethereum’s innovative capabilities with those of early internet protocols like HTTP.
Ether is a token based on blockchain and it is developed by the Ethereum platform. Unlike Bitcoin’s single purpose (being peer-to-peer electronic cash), ether can be used to execute smart contracts and operate applications on the Ethereum network.
These are just two of the many applications of this technology that were released in 2015. As you can see, there are many other digital currencies and cryptocurrencies out there than just Bitcoin.
For example, not only can you track the transactions, but you can also see how much money is in each account.
You can even get an idea of how many people are investing in the currency at any given time. The best thing about it? It’s completely decentralized.
No single person or company controls it enough to manipulate its value. This makes Ethereum Blockchain one of the most secure forms of investment available today!
Related Article: Is it better to buy Ethereum or Bitcoin?
What is IBM Hyperledger?
IBM Hyperledger is an open-source cooperative exertion made to propel cross-industry blockchain advances.
IBM is a prominent member of Hyperledger, IBM has contributed hundreds of thousands of lines of code to several projects under development within Hyperledger Fabric and Sawtooth projects, A dozen financial institutions have also joined with IBM.
This includes Wells Fargo & Co., Northern Trust Corp., State Street Bank, and BNY Mellon’s venture arm, Digital Asset Holdings LLC are part of Project Jasper a project that allows banks to process interbank settlements on a single network with permissioned access (i.e. no need for SWIFT)
Originally proposed in October 2008 by Satoshi Nakamoto as an electronic payment system based on mathematical proof.
Bitcoin offers benefits such as security, reduced transaction costs, and shorter processing times than traditional online payment systems.
In addition, worldwide users can conduct transactions without paying exchange rates or fees using bitcoins which further enhances its appeal.
What is MultiChain Technology?
MultiChain is an open-source stage for private blockchain applications, As with other blockchain innovations.
MultiChain uses a distributed peer-to-peer network to record transactions and manage assets.
It also provides an advanced API for building custom applications on top of MultiChain.
And just like in public blockchains such as Bitcoin, there is no central authority or company that controls or regulates MultiChain.
Instead, there are many independent nodes (nodes) that maintain all of their data using a proof-of-work consensus mechanism.
Every node has an exact copy of all transactional data. When one node wants to make a change, it broadcasts its version of any given set of transaction records to all other nodes, where it can be added to their copy if approved by at least 51% of those nodes.
Different Blockchain Platforms
There are many different types of blockchain technologies. Let’s take a look at how some of them are different and how they can each benefit businesses, governments, and society as a whole.
What is a blockchain? A blockchain is simply an automatically recorded history ( ledger ) of transactions between two parties in a virtual network environment.
Blockchains have become widely known for their use in cryptocurrencies like Bitcoin, but there’s so much more potential beyond that the possibilities really are limitless.
First, we’ll cover three of today’s most well-known blockchains Bitcoin, Ethereum and Hyperledger then wrap up with five new blockchains to watch for future innovation.
While Bitcoin first introduced blockchain technology to the world, it certainly wasn’t developed with enterprise applications in mind.
In fact, it was specifically designed as a peer-to-peer cash system without any governance or central authority.
The platform quickly gained popularity among early adopters who wanted increased transparency and decentralization from traditional institutions such as banks and payment processors.
Top Blockchain Platforms Beyond Bitcoin
1. Ethereum
2. Hyperledger
3. NEM
4. Stellar
5. R3 Corda
6. Solana
A blockchain platform is a special software designed to support apps and services based on blockchain technology.
The Ethereum network supports decentralized apps that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference because there is no one else besides users and developers on such a network; it’s fully peer-to-peer, with no central authority to take down or block apps.
Other Popular platforms include
7. Waves
8. Symbiont
9. BigchainDB
10. Polkadot
In its simplest terms, a blockchain is a distributed database that maintains a continuously growing list of ordered records called blocks.
Once registered data in any offered block cannot be changed retroactively without the alteration of all successive blocks, which requires the collaboration of the network maturity.
The most well-known application of blockchains is cryptocurrencies such as Bitcoin. But while most people only care about using it as an investment or a way to pay for things on dark markets, they’re missing out on what else they can do with blockchain tech.
Here’s how different companies are using blockchain technology outside cryptocurrency.
Conclusion
Over time, we’ll see a multitude of blockchain applications make their way into our daily lives.
While Bitcoin might still be one of blockchain’s most popular use cases, it will likely not be its defining feature.
With so many innovative startups and tech giants already hard at work exploring new ways to apply blockchain technology.
It seems only a matter of time before we begin to see other blockchain applications make their way into various industries across every sector imaginable.
Meet Nitin, a seasoned professional in the field of data engineering. With a Post Graduation in Data Science and Analytics, Nitin is a key contributor to the healthcare sector, specializing in data analysis, machine learning, AI, blockchain, and various data-related tools and technologies. As the Co-founder and editor of analyticslearn.com, Nitin brings a wealth of knowledge and experience to the realm of analytics. Join us in exploring the exciting intersection of healthcare and data science with Nitin as your guide.
