List of Top Blockchain Rapid Prototyping Tools

On one hand, blockchain and cryptocurrency use cases are making it to the headlines on a daily basis, yet the rate of decentralized solutions actually entering the market space is still on the lower side.

While the market is ready to be decentralized, businesses are taking their own sweet time to come up with a blockchain-based solution to present to the market.

Now, the reason the supply has been slower than the demand is not that there is lack of ideas, but in actuality, it is the time it takes for blockchain engineers to convert an idea into a Proof of Concept.

Blockchain technology, being in the nascent stage, is yet to give the limelight of popularity to the tools that would help in an expedited conversion of idea into a working prototype that can be shown to probable stakeholders and investors.

Today, I plan to let the business world know the best blockchain rapid prototyping tools that can help them enter the market with greater efficiency and find better use cases for blockchain beyond just cryptocurrencies.

The blockchain prototypes that you will be able to create with the help of these tools will not just help you in getting investors' attention, but it will also help you with the following:

Test the Use Case Assumption

Your blockchain prototype will help you get the answers to: Who are your network participants, what are their roles, what kinds of transactions will they perform, which asset type will they exchange, and how will users interact with the developed ledger?

Knowledge Based on Practical Concerns

The prototype will introduce all the practical concerns that are present in a blockchain-based application, like network topology, the process of network operation on a daily basis, how you should build and deploy smart contracts, and how your solution should interact with each of them.

Now, building a prototype that handles these concerns can take months on end to develop, regardless of what technology is used at the base of your decentralized solution. But if you go with the rapid prototyping tools mentioned below, the time will most definitely be cut in half.

Let’s get started with the list.

5 Blockchain Rapid Prototyping Tools That Expedite Your Proof-of-Concept Time

1. Ethereum

One of the most ideal blockchain rapid prototyping platforms on the market today is Ethereum. With its robust smart contract flexibility and functionality, Ethereum has introduced multiple use cases.

At present, Ethereum is bringing a change in the consensus algorithm for quick Proof of Stake in the future.

2. Hyperledger Fabric

The Hyberledger Fabric is a B2B module hosted by Linux. The open-source project works with the aim to create codebase and enterprise-level distributed frameworks for databases.

Boasting of 185+ enterprises collaborating from a range of different industries, Hyperledger Fabric offers a grade solution that enables plug-and-play elements that wound the membership consensus and membership services.

3. R3 Corda

The R3 Corda platform is basically a consortium that consists of a few of the world’s biggest financial institutions who have, together, developed a distributed platform of databases known as Corda.

While created mainly for the financial sector, Corda is even used to a great extent by healthcare, government, and supply chain industries.

This blockchain rapid prototyping tool has found popularization because of: A) Its consensus system that accounts the process of managing financial clauses, and B) Interoperability ease when integrating with legacy systems.

4. EOS

As a platform that is powered by native cryptocurrency, EOS emulates the attributes of an actual computer, including the GPUs and CPUs.

EOSIO mainly operates as a smart contract platform and a decentralized system that is intended for deployment of industrial-scale, decentralized use cases. The platform is known to offer all three elements — scalability, flexibility, and usability — that come together to make decentralized solutions a success.

5. Multichain

The platform is used for the development and deployment of a private blockchain — both inside or between two organizations. Its main purpose is to solve the blockchain deployment obstacle in the financial sector.

Offering control and privacy inside a private peer-to-peer chain, Multichain is the enhanced version of Bitcoin software used for conducting private financial transactions.

Well, now that we have looked at what these five blockchain prototyping tools, it is time to get into what was also promised — the selection process.

How to Select the Blockchain Rapid Prototyping Tool That Is Right for Your Business

Here are the most important attributes that you should measure when choosing a prototyping tool:

A. Open Governance

You need to look at how the tool/platform handles changes and how it reacts when there is a problem that needs solving.

Also, ensure that the code base you have selected helps you in establishing clear processes for modifications and enhancements.

B. Confidentiality

You MUST check the platform and the control that it offers to different network participants. You also need to ensure that the solution can keep all the contacts and the transactions private, i.e. visible only to participating stakeholders.

C. Modularity

When you grow your business network, you need a platform that accommodates different industry standards, regional regulations, and technical needs. While for one network, you want one party to control the rules, but for another, you might look for a more consensus-driven approach. A solution devised for modularity gets you the flexibility that your business needs.

Well, with this, you are now ready to get started with your next blockchain solution. And hopefully, designing a working Proof of Concept will now take half the time.