The growth of blockchain technology and cryptocurrencies has revolutionized the financial service industry.
Since the emergence of Bitcoin in 2009, hundreds of other cryptocurrencies have joined in redefining our concept of money — allowing blockchain platforms to penetrate traditional banking territory.
With so many DLT (or blockchain) initiatives competing for attention in the finance industry, determining the best platforms might prove difficult.
On the one hand, we have the top performers. They appear to be constantly in the news and at the top of the pricing charts. On the other hand, hundreds of blockchain platforms do not even receive enough spotlight, yet they show promise.
This article will assess the best blockchain platforms in terms of their capacity to attract and promote development. Some big players will undoubtedly be here, while others might surprise you.
Here are three of the best blockchain platforms for the financial service industry in no distinct order.
Ethereum
Ethereum is best known for its cryptocurrency, Ether, or ETH — which is second only to bitcoin in market value. The creators of the blockchain-powered platform were the first to evaluate the full potential of blockchain technology beyond the safe exchange of virtual assets.
The platform was built on Bitcoin’s invention but with significant changes.
For example, while the Bitcoin blockchain was designed solely to support the bitcoin cryptocurrency, the Ethereum platform has several uses beyond supporting Ether.
Also, while both platforms enable you to transact virtual money without the need for banks, Ethereum is programmable and may be used for a wide range of digital assets, including Bitcoin.
The significant financial service use-case of Ethereum is its Decentralized Finance (DeFi).
Anyone with the skills may use the platform to develop permanent and immutable decentralized apps with which users can engage. Decentralized finance (Defi) apps provide a wide range of financial services without the need for traditional financial intermediaries such as brokerages, exchanges, or banks, allowing cryptocurrency users to borrow against or lend out their holdings for interest.
Ethereum also supports the creation and trade of non-fungible tokens (NFTs), which are non-transferable tokens linked to digital works of art (drawings, music, etc.) or other real-world goods and marketed as unique digital property.
Symbiosis
Symbiosis is one of the lesser-known platforms quietly making waves in the financial service industry. It is better known for its native cryptocurrency, Symbiosis Finance, or SIS — with a circulating supply of 9.7 Million SIS coins.
Symbiosis is disrupting finance within the blockchain as a decentralized multi-chain liquidity enabler. The platform aggregates decentralized exchange liquidity across all EVM compatible blockchains — helping transfer liquidity with low slippage on any chain.
The platform also prefers a more straightforward solution for transferring liquidity across several chains, with present methods, such as bridges, generating liquidity fragmentation and being too difficult for end-users to implement.
With Solana joining the mix soon, here are Symbiosis supported chains:
- Ethereum (Rinkeby),
- Binance (Testnet),
- Polygon (Mumbai),
- Avalanche (Fuji),
- Huobi Eco Chain (Testnet),
- OEC, formerly known as OKExChain.
Click here to move liquidity with low slippage across any chain.
Ripple
Ripple is the blockchain company behind XRP and is focused on developing decentralized financial solutions.
The platform is the only corporate blockchain business with solutions in use by hundreds of clients in over 55 countries. These businesses gain access to alternative liquidity options via Ripple’s global network, which employs the XRP Ledger and its native digital token XRP to help enhance payments services worldwide.
Ripple helps financial institutions substantially enhance the speed, cost, and reliability of how their consumers trade worldwide by harnessing the potential of blockchain and digital asset technologies.
Conclusion
Blockchain technology is the future of money — from cryptocurrencies to hundreds of platforms transforming the financial service industry.
Experts predict that Blockchain technology will gain more appeal among financial professionals, with 66% of institutions expecting to produce blockchain solutions over the next three years.
All of the best platforms couldn’t be listed in this article, but the three mentioned above are worth looking into. You have an opportunity to be at the forefront of a financial revolution — seize it.