Top Blockchain Technology Companies

Blockchain technology rose to the heights of popularity after the inception of Bitcoin in 2008. Blockchain consists of blocks of unalterable data, which is then time-stamped and operated by an assemblage of computers. These blocks are connected employing the fundamental postulates of cryptography, deriving the name Blockchain. 

It was introduced as the first decentralized point-to-point automated cash system. Today, however, more and more industries, such as financial services, healthcare, government initiatives, etc., are implementing blockchain technology solutions to streamline business models per their requirements.

Here are the top five advantages of blockchain development services.

1. Reinforced Security:

The blockchain technology solution is ideal for ensuring a secure record-keeping system. The blockchain application warrant that each transaction is approved before recording the data. The transaction detail is then encrypted and connected to the initial transaction. The data on a blockchain application is saved over a ‘chain’ of networks rather than a single server, ensuring protection against hacking attempts. Moreover, the blockchain industry prevents unauthorized actions, such as adding or removing specific entries, guaranteeing the legitimacy of the transactions.

2. Improved Transparency:

The decentralized blockchain app enables access to the documentation of each network, ensuring transparent proceedings. The information on a blockchain network is more precise and consistent since the alteration of any record must be updated through general agreement amongst each participating network. This simplifies the task of assessing each history and analyzing and maintaining the integrity of the data. Moreover, blockchain systems facilitate the analysis of the asset’s journey from inception to the end, streamlining transaction traceability.

3. Time and Cost Efficiency:

Unlike traditional trading procedures, the blockchain development service streamlines and automates the transaction process, reducing the chances of human error and third-party intervention. This increases the speed as well as the efficiency of the transaction. In addition, since multiple members use a single ledger, the excessive cluster is quickly cleared. Moreover, organizations can substantially reduce costs by removing 3rd party vendors and mediators.

Numerous blockchain platforms have risen to fame since the inception of a blockchain technology solution. However, we are going to discuss the most prevalent blockchain networks.

1. Ethereum Blockchain

Ethereum was first developed in 2014 by Vitalik Buterin. It is a highly active blockchain platform employed to formulate decentralized blockchain applications. Key features of Ethereum Blockchain:

• It is an open-source, cross-industry platform.
• Its algorithm is Proof of Work-based.
• Ethereum developers design the platform.
• It accommodates smart contract functionality.
• It grants a 'permissionless' ledger.

2. Hyperledger

Hyperledger was introduced in 2016 by Linux Foundation. Hyperledger has three main variants: Hyperledger Fabric, Hyperledger Iroha, and Hyperledger Sawtooth. All three platforms adopt a modular approach to promote a decentralized blockchain app. Key features of Hyperledger:

• It is a Cross-Industry platform.
• Hyperledger Fabric and Hyperledger Sawtooth work on a pluggable framework algorithm, whereas Hyperledger Iroha employs the Byzantine Fault Tolerant algorithm.
• Like Ethereum Blockchain, Hyperledger supports smart contract functionality.
• Hyperledger Fabric and Hyperledger Iroha grant permissioned ledgers. Hyperledger Sawtooth offers a permissionless ledger.

3. OpenChain

OpenChain is created by the CoinPrism organization. It is ideal for managing digital assets due to its open-source functionality and unified API. This blockchain network also offers additional control to individual systems at several levels. Key features of OpenChain:

• It is a private network.
• It is based on the Partitioned Consensus algorithm.
• Administered by Linux Foundation.
• It provides permission ledgers.
• OpenChain has smart contract functionality.

Before teaming up with a blockchain development company, selecting a blockchain platform that matches the various features required to run the project successfully is essential.

1. Permissioned vs. Permissionless:

Choosing a permission or permissionless interface is influenced by the authority allotted to the participation servers. Permissioned platforms are the ideal option for businesses that require individual systems to be authorized before engaging in the chain. In addition, a permission blockchain application can accommodate thousands of transactions per second instead of permissionless systems.

2. Scalability:

The organization must analyze the scope of expansion in the number of its members and transactions before opting for a blockchain platform. The blockchain channels need to expand with the overall company growth. Moreover, consider the expected intensity of the trades to opt for the right platform. For example, platforms such as Paypal and Visa offer faster transaction results compared to Bitcoin and Ethereum.

3. Adaptability and Availability:

Each business has multiple pre-existing technologies in place. However, while incorporating a blockchain framework, the decision-makers must consider its versatility with such systems. Besides, organizations must examine the current trends and accessibility of the platform. Select the blockchain system that can be developed using a programming language that the Blockchain Platform’s SDK supports.

4. Support and Security:

Businesses must ensure the type of post-integration support offered by the blockchain platform. The platform association must be accessible and active. Inquire whether the firm provides timely feedback and resolution in case of a technical malfunction. Before selecting a platform, check whether the system is deployment-ready or still in the experimental phase. Furthermore, ensure the codes of the platform are peer-review and tested across numerous use cases. 

5. Cost:

Several blockchain platforms do not charge transaction fees. Whereas systems such as EOSIO or Ethereum costs cryptocurrency for every transaction. Furthermore, Ethereum has a static pricing model as opposed to EOSIO. Therefore, organizations can factor into the project's total investment by being clear about the charges and tolls imposed.

1. Smart Contract:

The Smart Contract is an ingenious method for making a transaction or deciding upon the terms and conditions in a contract between two fractions without the intervention of a third party. For instance, consider a crowdfunding project - a person with an idea or a venture can directly receive funding from the supporters via top smart contract blockchain without mediators such as the government or the banking sector slashing any amount as transaction charges or taxes. Moreover, due to the distributed blockchain network, each transaction is validated by the entire network, ensuring no fraudulent conduct. This promotes direct dealing with the clientele creating a transparent, trustworthy relationship.

2. Exchange: 

Cryptocurrency trading is at its peak of fame today. The top blockchain developers offer a  decentralized, immutable, pseudonymous platform with high-level transaction security while simplifying and speeding up the bidding process. The peer-to-peer solution also eliminates brokers, thereby reducing transaction costs. Furthermore, having a fast system means businesses can conduct countless transactions in a fraction of the time, thereby increasing the chances of financial gains in the stock market. Blockchain technology can also automate post-trade events by streamlining real-time settlements, supply chain optimization, etc.

3. Blockchain Wallet Development: 

Blockchain wallets are ideal for online trading without incorporating an arbitrator. The top crypto wallet development companies supply automated KYC verification methods that aid individuals in avoiding money laundering & fraud. Cryptocurrency is also an asset during inflation since its value doesn’t change drastically. Blockchain wallets contain detailed information about each transaction allowing users to monitor their investments and purchases. It can also accommodate multiple currencies, making it a flexible choice.

1. Elections:

The top blockchain development companies are working on projects that will secure the results of poll-taking situations such as government elections, board of director polls, customer surveys, etc. It will promote a transparent and easily accessible process. Blockchain apps can further prevent the system from hackers and ensure the integrity of the results.

2. Identity Management:

With the world going digital, most transactions and payments take place on online forums. However, the number of account hacking and identity theft cases is rising. Introducing a blockchain technology solution can eliminate this by creating a secure and transparent digital identity database.

3. Land Registration

Blockchain ledgers are publicly-accessible, which makes them a highly efficient mode of record-keeping. A revolutionary project is the property title registration process. The real estate industry faces countless fraudulent transactions due to the lack of a proper database system. This has urged a list of blockchain companies towards blockchain land registry projects.

4. Healthcare:

The best blockchain companies are exploring ways to provide a decentralized and secure platform for exchanging and handling personal medical records. An open platform will allow medical practitioners to view the entire medical history of their patients quickly. This will enable them to provide quick treatment in case of an emergency.

5. Logistics:

Blockchain development companies are looking to enhance the way global logistics work. A decentralized supply chain method will not only automate the traceability of the goods but also increase the authenticity of financial transactions. Moreover, the blockchain system can eliminate unnecessary manual practices, thereby minimizing logging errors.

Business owners must invest in the best blockchain development company to develop an ideal blockchain technology solution. GoodFirms helps prospective clients in this quest by listing blockchain development companies worldwide.

The quintessential blockchain developers that made it to the list of top blockchain development service providers in GoodFirms' research are classified based on GoodFirms established research methodology, which evaluates the participants on various qualitative and quantitative factors. This highlighted list of the best blockchain companies has been identified based on their blockchain development skills and expertise, market penetration, and experience delivering customized blockchain solutions. The other valuable parameter the research team considers is the valuable feedback and recommendations genuine clients offer.

After a thorough analysis, our team of expert researchers deduced that the list mentioned above of blockchain technology companies provides unmatched blockchain technology solutions to meet the requirements of their clients from all across the globe. The esteemed companies possess a team of skilled blockchain developers up-to-date with the changing tools and technologies. The above list of blockchain companies then employs these tools to create customized blockchain solutions to help their client gain a competitive edge in the market.

If you think your blockchain development company possesses the streak and deserves a spot in our 'View Leaders Matrix' section, register in GoodFirms to participate in the upcoming research process.