The words block and chain might have been confined to construction and heavy industries if not for revolutions in technology. The blockchain is a list of growing records linked by cryptography which contains the transaction data of the previous block in itself. This makes blockchain both secure and public at the same time, which is not quite the confluence that we see often.
Blockchain technology was invented in 2008 to facilitate cryptocurrency leisure maintenance. Since then, blockchain has found its applications in a vast spectrum of industries.
One of the things that make blockchain viable is the smart contract. The smart contract not only defines the rules and penalties like a traditional agreement but also makes sure that the obligations are enforced. When it comes to the blockchain, some of the most popular contract development platforms are:
- Ethereum
- EOS
- Hyperledger Fabric
Let us look at these 👉smart contract development platforms in detail.
- Ethereum
Bitcoin can be considered the pioneer when it comes to basic smart contract support. While the coin was limited to just currency, Ethereum elevated the language-capabilities of Bitcoin that facilitated developers to write their own programs. Ethereum was built for creating smart contracts.
These contracts support a wide range of communication instructions and are turning complete. The contracts are validated by computers called miners who get paid per the difficulty of computational effort. This complex yet workable system ensures enforcement and running of the smart contract.
- EOS
While blockchain in itself is a new concept, EOS can be considered the newest kid on the block. It uses graphene Technology that depends on a delegated proof of stake consensus. This would mean that the validations are done by specific nodes that are selected based on the state they hold in the network. EOS comes with an advantage of scalability that allows a million transactions to run parallelly in seconds. The speed is so high that EOS has clocked 100000 transactions per second in a testing environment.
Owning EOS Tokens gives the users a valid stake on the computing power, network bandwidth, and storage. Since it is proportionally dependable, a lot of startups have stakes invested in EOS.
- Hyperledger fabric
Unlike the other facets of blockchain that were independently developed by small organizations, Hyperledger Fabric is a framework implementation contributed by IBM and digital asset and is now hosted by the Linux Foundation.
Since it is well organized, Hyperledger Fabric provides options to share confidential information, endorse policies and execute smart contracts. Hyperledger fabric brings with it a set of advantages. The network is based on permissions and to execute a transaction a consensus is important. Since the agreements are confidential, only the direct participants have access to the transaction data. In addition to all of the security features, it is also modular and scalable. This could be the starting point in making blockchain more formal and mainstream.
What the future holds?
The United States dollar talks about Novo Ordo Seclorum and blockchain could be something that strives to achieve it at a transactional level for specific products and services. When we are looking at a massive scale not just in terms of time and money but also in terms of acceptability, smart contracts are of utmost importance.
Blockchain App Factory, with its Holistic understanding of the blockchain ecosystem, can help you develop smart contracts that govern your transactions without any loopholes.
