Blockchain beyond cryptocurrencies: How top blockchain platforms can transform business models
Find out how enterprises and individuals can benefit from blockchain beyond the hype of cryptocurrency with top blockchain platforms for enterprises.
It seems as if everyone is talking about blockchain and considers it a promising way of saving cost, enhancing efficiency, and eradicating a single failure point. There are many companies that have used blockchain for different business implications. Let’s find out how top blockchain platforms have invigorated business models and unlocked the potentials.
Top blockchain platforms for enterprises
Over the last few years, “Blockchain” has become one of the most popular terms, especially in finance, when Bitcoin was announced by Satoshi Nakamoto in 2008. Then people realized the broader potential of this technology when applying it to different industries. It is considered the most influential technology that can change the way today businesses manage their data. This leads to the creation of many other blockchain platforms.
In order to see through a clearer perspective, akaChain lists out top blockchain platforms based on two main implication of this technology:
Blockchain for enterprises:
Realizing the great potentials of blockchain technology in applying to businesses, many technology companies have built strong blockchain platforms that everyone should know about:
Ethereum: A cross-Industry blockchain platform
Launched in 2015, Ethereum, a public (permissionless) platform for building applications, is one of the best blockchain platforms today. Using Proof-of-work consensus algorithm, this platform allows developers to develop decentralized applications based on smart contracts (which automatically create conditions and make agreements of computer systems using Blockchain technology).
Ripple: Financial service blockchain
Ripple, a private blockchain platform, first released in 2012, aims to connect banks, corporate assets, and financial companies via a global trading system called RippleNet. It also uses its own consensus algorithm, called Ripple Protocol Consensus Algorithm (RPCA). It is considered that this platform is capable of trading and extending better than other blockchain platforms.
Best for building Private and Permissioned blockchain platforms for enterprises.
Hyperledger Fabric is an open-source supporting the application of Blockchain technology in various fields created by the Linux Foundation. The main goal of this platform is to establish an enterprise-level distributed ledger framework.
The advantage of Hyperledger Fabric is that it can develop a large online support community as well as the ability to update and improve regularly.
akaChain: Blockchain solution for enterprises
As a permissioned business blockchain platform based on Hyperledger, akaChain offers scalable, secure and customizable blockchain solutions for enterprises of cross-industry. akaChain’s mission is to enable enterprise private transactions. With Smart contracts, it’s never a problem to manage complex agreements across entities over a variety of assets.
Blockchain in the cryptocurrency market:
Cryptocurrencies are a means of exchange, such as the US dollar, but are digital and use cryptographic techniques to control the creation of currency units and to verify the transfer of money.
Bitcoin, of course, is the most well-known and powerful cryptocurrency. However, there are thousands of other cryptocurrencies, called Altcoin — all cryptocurrencies except for Bitcoin (short for “alternative coin”). Here are a few famous cryptocurrencies based on top blockchain platforms such as Ethereum (ETH), Ripple (XRP), Dash (DASH), TenX (PAY),…
The appearance of these Altcoin makes the cryptocurrency market more attractive. The rivalry with each other helps them grow and help their users become much more convenient to approach this kind of digital money.
How top blockchain platforms shape the digital economy
The implication of blockchain for enterprise
There are 3 highlights that blockchain does well: Info Authentication & Verification, Smart Asset Management, Smart Contracts. Based on its key-value of being a decentralized ledger, blockchain is ready to be applied in more than 50 different industries and monetizing with blockchain in business is no longer a new story.
- Develop own blockchain-based applications:
Many companies have realized blockchain business value to their businesses. With their economic and technology potential, many companies and start-ups have created and run their own blockchain solutions which serve their main business product.
- Blockchain as a Service (BaaS):
BaaS is a cloud-based service that allows customers to build their own blockchain-powered products including applications, smart contracts and use other blockchain features without setup, manage blockchain infrastructure. These companies then will charge a fee for using their API and infrastructure, such as Terion and Blockcypher.
- Flat Fees & Transaction Fees
In this way, some companies use their relationship to build up a multi-partner network and make money by charging a transaction fee. We can see this method shows its strength in the financial industry, particularly R3 Corda network.
- Professional Services
Some start-ups and technology companies build custom projects for enterprise clients based on their blockchain platforms. These companies not only have a strong technology base but also have people with finance, marketing, and management skills. This means they can give their clients needed advice in order to implement blockchain solutions efficiently. Example: IBM blockchain, Deloitte, akaChain…
In the cryptocurrency industry
Here are some common methods to invest money with cryptocurrencies today:
- Cryptocurrency Mining:
Basically, cryptocurrency mining is a process of using computing power to solve complex algorithms in order to verify a block of input information and get coin as a reward. A lot of institutions have put a large sum of money for powerful computers or mining machines to become the fastest miner.
- Long-term investment (Hold):
That is, you will buy BTC and store for several months to a few years until the price increases and when you think it’s profitable, you sell it for profit by joining some exchange cryptomarket.
- Short-term investment (Trade):
This is a form of investment that requires you to have a piece of sophisticated knowledge and analytical skills. Cryptocurrency price is fluctuant. A number of couple dozen dollars changing in a short time is normal so a lot of people rely on this feature to make a profit from buying low and selling high.
- Capital raising (ICO, IEO, STO):
A project owner introduces to investors the potential of the project and issue tokens. If investors find it attractive, they will buy these tokens to store, trade or convert to other currencies.
In general, cryptocurrency investment is still an attractive market for investors. However, it is just one of the applications of blockchain, enterprises can earn even more by applying blockchain into their business operation model.
Blockchain is growing broader and deeper in many industries. It is just in its first stage and still has many untapped potentials. As a professional service provider in blockchain technology, akaChain is always ready to provide you with counsel and experienced developers to help you to build a blockchain application that is profit to your business.
Contact us for more information:
Phone: +84 962 516 915
Addresses: FLC Twin Towers, 265 Cau Giay street, Dich Vong Hau ward, Cau Giay district, Hanoi, Vietnam.