Blockchain technology is a secure repository for digital transactions. Blockchain technology is gaining popularity in other industries, besides finance. The technology that was initially the foundation of Bitcoins now plays a major role in the global economy. Statista has released a new forecast that shows that global blockchain technology revenues will experience significant growth and will surpass USD 39 billion by 2025. Blockchain technology is a revolutionary technology that many industries are eager to take advantage of its decentralized, transparent nature. Blockchain technology is being used in many sectors. This means that there is a high demand for guiding protocols. Blockchain protocols are essential elements to enable interoperability among cryptocurrency networks securely, reliably, and securely.
The regulations and procedures known as enterprise Blockchain Protocols, also called blockchain protocols, are used to regulate the transfer between devices and to control the mechanism and application programming interface in order to create a better ecosystem. These are blocks of code that provide security to protect against malicious users causing harm.
1. Hyper Ledger
The Linux Foundation created Hyperledger, a project that combines many protocols and frameworks. Hyperledger was founded in 2015 with the primary goal of improving cross-industry blockchain technology and empowering them to efficiently deal with complex issues.
To facilitate collaboration between developers, businesses, and other users, the protocol uses distributed ledger technology. Because of its significant features, the protocol is only accessible to those who have permission. It is not publically accessible, but it does support plug-in components.
Hyperledger’s Key Features are –
- Collaborative approach
- Permissioned membership
- Productivity enhancement
- Management of intellectual property
The multichain protocol was created to assist Blockchain app development by facilitating efficient and secure transactions. It provides APIs that allow for quick integration updates and deployment. The protocol, as the name implies, provides a command-line interface for multichain and an API to build and preserve the chains.
Multichain allows each transaction node to be configured before sharing assets. This protocol allows for the creation and deployment of private blockchains within and between enterprises.
The main features of the Multichain protocol include –
- Faster development
- Permissions controlled
- Unlimited access to assets
- High security
Corda is a multichain competitor specifically designed for the financial and banking sector. Corda is accredited by R3 Banking and uses distributed ledger technology. Consensus algorithms that were used to create the protocol ensure security, transparency, transaction validation, traceability, and traceability. Smart contracts are also available, which allow for the automation of banking solutions.
The main features of R3 Corda include
- Smart contract creation
- Timestamping using notary pools
- Multilayer ledger
- Pluggable consensus
Quorum, a top-of-the-line blockchain protocol, is designed to help financial industry businesses. It was created by JP Morgan and is open-source on Ethereum. To serve permission networks more efficiently, the protocol uses a consortium approach.
Quorum Node and Transaction Manager are the key components of Quorum architecture. It maintains a strong permission network that is private and has high-performance variables.
Quorum’s key features are –
- Privacy of Transactions and Contracts
- Voting based on Consensus
- Peer Permission management
- Community driven
Solana, a public blockchain platform, provides the infrastructure necessary for global adoption. It is highly secure, fast, and censorship-resistant. It supports 50,000 transactions per minute and generates new blocks every 400miliseconds using 200 validator nodes.
Solana (SOL), was founded in 2017 with the primary goal of increasing transaction throughput and at a lower price than established protocols like Ethereum. The SOL protocol is not only ultra-fast but also censorship-resistant, i.e., the network remains open for applications to run freely, and transactions never stop.
This protocol includes a new proof of history (PoH), timing mechanism, and facilitates Proof of stake (PoS), protocol structure. Cloudbreak is a distributed archive that makes sure the transaction history takes up very little space.
Solana’s key features are –
- Highly scalable
Our last pick is Ethereum, an open-source platform specifically designed for business applications. The protocol base is built on a smart contract, which deploys decentralized applications that allow for automatic transactions. It allows users to create agreements and execute transactions without the involvement of a third party.
Ethereum is widely used to send and get worldwide transaction values. It also empowers Blockchain developers in building distributed applications. It ensures that the protocol’s decentralized apps (dApps) and smart contracts are free from any interference or downtime. Some of the components of Ethereum include digital signatures, P2P networks, POW, as well as Ether, which is its own cryptocurrency.
The key features of Ethereum –
- Peer-to-peer network
- Faultless data coordination
- Larger Scalability
- Highly compatible
Blockchain protocols provide unique and efficient business solutions with many applications. Blockchain for Business is growing in popularity. One should consider multiple factors such as the size of the enterprise and its nature when choosing a protocol. To ensure that you select the right protocol, deploy it securely, and maintain the solution, you need to find a reliable blockchain app development company.