Organisations wanting to use blockchain technology to decentralise their data and collaborate with industry partners are now presented with a bewildering range of options. Since the Bitcoin revolution began in 2008, the number of blockchain networks has mushroomed to the point where companies must carefully select which one is right for them.
They should start by understanding the meaning of decentralisation and the reasons why it could benefit them. The benefits of decentralisation include efficiency gains, the provenance of products and data, increase trust amongst industry partners, guarding against data breaches and redundancy against server outages. However, each company should understand why they want to decentralise their processes and data. After all, you do not require blockchain for every problem. Once that is known, you can decide upon the type of blockchain to use.
I have selected the top 11 blockchains that enterprise organisations could consider when doing this, with descriptions of why they are suitable and how they differ.
Bitcoin
Bitcoin is the original blockchain, developed as a fundamental part of Satoshi Nakamoto’s peer-to-peer electronic cash system that removed the need for a central authority to verify transactions.
With nearly 10,000 nodes worldwide working to verify transactions and keeping the ledger up-to-date, the ...
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