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Blockchains are one of the most powerful and transformative technology since the internet. They represent nothing less than a new paradigm for exchanging value, goods, or services remotely through a decentralized network secured by cryptography.
Blockchain's foundational innovation-the distributed ledger-has sparked a global race to explore use cases across every industry sector imaginable. Experts predict that by 2025, the global blockchain market size will be valued at nearly $40 billion. Simply put, the blockchain enables an immutable record of truth without trusting intermediaries, reversing decades of traditional business models in financial services and beyond.
Here are some of the latest trends in the blockchain space and the most popular blockchain platforms so far.
Since its launch in 2015, Ethereum has become the most popular smart contract and dApp (decentralized application) development platform second only to Bitcoin. This is primarily due to its unique offering of customizable tokens, making it possible for any project to create proprietary permits and other applications with relative ease.
Even though Ethereum's blockchain network has started to show its age with recent network congestion and skyrocketing gas fees as NFT adoption takes root, Ethereum's utility as a decentralized world computer means that developers can build applications on top of it without worrying about downtime or censorship.
Ethereum's proponents believe this is the key to creating a more fair and open internet, which directly competes with other platforms like NEO.
Another platform for building dApps and smart contracts, EOS has received plenty of attention since its ICO in mid-2017. Although EOS is a newcomer, it has firmly solidified its position as a top contender in the blockchain space.
One of EOS' most significant selling points is that it can support thousands of dApps and smart contracts by using its delegated proof-of-stake (DPoS) consensus mechanism. That means instead of keeping track of every transaction on the blockchain individually, only the nodes tasked with validating transactions are required to do so.
At its core, Quorum modifies the basic structure of the Ethereum network to provide something quicker and more efficient for enterprises. This platform is a creation by JP Morgan (yes, the global financial service provider), so it should be no surprise to find that Quorum is strictly regulated and controlled by JP Morgan.
That's not necessarily bad because it provides something unique for business owners who would otherwise have to worry about complying with specific regulations or investing in expensive blockchain solutions.
Blockchain technology is still in its early stages, but the incredible potential of decentralized networks has already captured the attention of many enterprises and organizations. Whether or not you agree that blockchain will become a mainstay in the future, it's essential to stay up-to-date on the latest advancements and trends.