Blockchain technology supports innovation by offering a decentralized alternative to our inefficient solutions. For example, many consider blockchain a feasible replacement for cloud computing, which shows signs of increased downtime, is vulnerable to attacks and has limited control and flexibility.
But blockchain can do more than be an alternative. The distributed database can record any structured information based on immutable technology, so there’s no need for intermediaries. Blockchain could also serve as a sustainable technology, especially when provided by networks like Ethereum, one of the market’s fastest and most efficient ledgers. Its endless use cases pushed the ETH coin price to surge after being listed on reputable exchanges.
However, Ethereum is not the only blockchain solution worth mentioning as a contribution to the future. Here are five of the most well-known blockchain technologies to watch in
IBM
The IBM blockchain platform was launched in 2017 when the company wanted to deliver a business-friendly blockchain based on the Linux Hyperledger Project. Considering its newness on the market, IBM blockchain became a leader in the industry, shaping the technology of BaaS (Blockchain as a Service) for future reference.
Companies use the services of the Hyperledger to develop a modular and distributed ledger-based network and have worked towards changing several industries through tools like:
- The IBM Food Trust supports compliance, safety, and traceability in the food industry;
- TradeLens focuses on increasing visibility in freight shipping and logistics;
- The Trade Finance initiative concerns smart contracts backed by banks and KYC guidelines;
The Hyperledger Fabric technology ensures the blockchain solution’s modularity, scalability, and consensus through a wide range of features, including multiple smart contract languages, from Java to Solidity. Businesses can also successfully migrate their updates without downtime with 24/7 customer support, so the IBM blockchain is an excellent solution for companies that want to relocate their operations to the blockchain.
Solana
Solana paves the way toward Web3 infrastructure by offering developers all the tools necessary to build scalable crypto applications. Launched in 2020 by Solana Labs, the open-source architecture provides fast, secure, and censorship-resistant features that drive global adoption.
Although Solana creators focused on cryptocurrency initially, they switched to blockchain as the platform’s potential became clearer through using the Proof of History consensus mechanism. Thanks to it, Solana can:
- Validate a maximum throughput of 50,000 transactions per second;
- Support an unlimited number of crypto projects;
- Safeguard transactions and reward SOL holders through the Proof of Stake consensus;
The Solana blockchain is well-known for its eight innovations that promote decentralization. The Proof of History technology is among them, but there’s also an optimized version called Tower PBFT. The network also focused on protocols, such as the Turbine block propagation technology and the Gulf Stream Mempool. Sealevel allows parallel smart contracts to run simultaneously, while Archives is the distributed ledger storage of the blockchain.
Ripple
Ripple launched blockchain and cryptocurrency in 2013 and has evolved considerably since then. Its infrastructure is a modern take on financial services, allowing customers to send cross-border payments in real-time, ensure regulatory compliance, and tokenize their assets.
The Ripple platform is based on the Ripple Protocol Consensus Algorithm through which designated servers complete transactions. This allows the system to validate up to 1,500 TPS, allowing banks to use it for:
- Speed and efficiency, as the validation process does not require mining;
- Low transaction costs, supporting the cut for operational expenses;
- Scalability, as the network ensures integrity through pruning historical transactions;
Plenty of companies, including American Express Bank, use RippleNet to optimize transactions. This, along with the cost-reduction benefits, earned Ripple the trust and brand image coverage it needs to emerge as a business-oriented blockchain. Its energy usage is also considerably low for a network, which is vital since other technologies, like Bitcoin, are prone to contributing to climate change due to massive energy consumption.
BNB Smart Chain
The BNB Smart Chain was launched in 2020 and is part of the BNB Chain ecosystem, which also includes the BNB Beacon Chain. The blockchain supports smart contracts, allowing developers to create applications and systems that contribute to the development of decentralized finance.
The BNB Smart Chain addressed the limitations of the Beacon Chain, so it provides:
- An incredible block time with the Proof of Stake and Proof of Staked Authority mechanism;
- Token issuance and functionalities through the BEP-20 token standard;
- Peggy coins, or wrapped tokens whose value is linked to the original asset on the native chain;
The BNB Smart Chain became popular among developers since it’s user-friendly, high-performing, and community-led, being a reliable tool. The blockchain is also EVM-compatible, meaning it offers access to all Ethereum tools. In addition, it is interoperable and optimized for scaling high-performance decentralized applications.
Polygon
The Polygon blockchain was delivered in 2017. Initially, it was a project aimed at solving Ethereum’s problems, so it operated on the Ethereum network. That’s why Polygon is actually an ETC-20 token, making it compatible with all Ethereum tools, networks, and ecosystems.
However, the ledger is more than this, so in 2023, it launched the Polygon Foundation, which focused on blockchain education and research. The network can:
- Navigate communication between Ethereum and other blockchain solutions;
- Develop blockchains to become compatible with Ethereum;
- Create custom blockchains;
Polygon is a blockchain with many strengths, including supporting fast transactions, low fees, and high interoperability and scalability. In addition, it actively promotes the Web3 world through Polygon Village2, a program that grants and mentors startups interested in creating Web3 applications.
How do you think these blockchains will perform in 2025?
As we move forward from cloud and centralized solutions, blockchain technologies are developing to enter the real world in the future. Some of these networks are already viable options for companies to improve their transaction throughput and fees, some of which are supported by prominent businesses, like the IBM blockchain. Solana, Ripple, and Polygon are more recent blockchains, but they’ve gained popularity, while the BNB Smart Chain has extensive expertise from the enterprise behind it.
