Choosing the Right Blockchain Platform: A Guide for Indian Businesses

There are plenty of blockchain platforms available in the market, and each of them brings something different in terms of their function. But when you’re choosing a platform to build your product or service, you really need to look beyond all the marketing talk and trendy buzzwords.

You are then left with a big question: what features really matter when choosing a blockchain platform? The answer is not simple, to be honest. Choosing the right blockchain platform actually depends on a variety of factors, both inside and outside your project.

In this article, we will talk about the main things you should keep in mind when choosing a blockchain platform. Additionally, we will also discuss some good blockchain platforms. Here’s what we will cover:

How To Choose A Blockchain Platform?

Here, in this section, we will discuss the key points to remember while selecting a blockchain platform for our online business:-

1. Adoption Rate

“Adoption rate” simply means how much a particular blockchain technology is actually being used. Therefore, it is wise to choose a technology that has been widely adopted rather than a technology that hardly anyone is using. The reason for this is simple: technology and what we need from it is changing rapidly. With rapid upgrades and the constant emergence of new technological trends, the more popular a technology is, the more likely it will receive continued support and improvement in the future.

2. Core functionalities

Programming Language

You can use many different programming languages to perform development on the blockchain. The most popular choices for the blockchain development company includes Solidity, Go, Python, Java, Cadence, and many others.

Transactions Per Second

If a blockchain is not very fast (meaning its transaction speed or throughput is low), users on that platform will have to pay higher fees to miners. Speed is undoubtedly important, but security shouldn't be compromised in the name of speed.

Transaction Cost

Transaction fees can vary considerably depending on a number of things, such as how busy the network is, how many people want to use it, what capacity it has, and, of course, what specific blockchain you are on. When a lot of people want to transact, users may be willing to pay more to have their stuff processed faster. Conversely, a low fee typically indicates that the network is not overly crowded. Therefore, it is a good idea to choose a network that is not too busy and has low transaction costs.

Consensus Mechanism

There are many different ways to agree on things in a blockchain, and these are called consensus algorithms. We’re talking Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), Proof of Authority (PoA), Practical Byzantine Fault Tolerance (PBFT), Proof of Elapsed Time (PoET), Proof of Burn (PoB), Proof of History (PoH), Proof of Capacity (PoC), and many other options. You can choose the right blockchain based on how secure it is, how well it can scale, how much energy it uses, and what your specific blockchain network actually needs.

Development Capability

You really have to consider the development details of any blockchain network. The skills of blockchain developers, the support they receive from the community, how they approach implementation, and the complexities and challenges involved all tell you a lot about the development power of blockchain.

3. Scalability

Blockchain scalability relates to how many transactions a platform can handle per second (its TPS rate). For example, Bitcoin can only handle 5-7 transactions per second. Ethereum, which businesses really like because it also supports smart contracts, can now handle 90 TPS after its recent StarkNet layer-2 scaling update. Stellar’s ​​latest release includes a new “pull mode” feature that smooths out transaction flow, increasing its throughput to its current maximum of 200 TPS.

Before you choose a platform for your product, it's important to take a close look at its transaction capabilities, especially if you're planning to use blockchain technology. For example, a business building a payment gateway using blockchain will need more than 7 TPS. But if you are building an internal data management platform or something like that, you will not need a blockchain network with a very high transaction rate.

4. Public or Private

There are two main types of blockchain: centralized (or private) and decentralized. In centralized networks, one person or entity is in charge, and they control who can see the data. However, in a decentralized network, anyone can access and manipulate the information.

If your system is going to handle private things, such as sensitive patient data in healthcare, you should definitely go with private blockchains and not decentralized ones. If you're aiming for a platform that's all about transparency, then opting for a public blockchain development platform is definitely the way to go.

5. Community support

You'll want to check how active and accessible the community developers are for the blockchain platform you're thinking of using. You can do some research on platforms like Discord, Reddit, or LinkedIn to find this out. As your blockchain project develops, you'll definitely want to gather consistent feedback and support. Also, make sure there are plenty of helpful developer tools available; this really helps improve the developer experience.

6. Security

Security is extremely important, especially if your company or organization handles sensitive information. To prevent dangerous security breaches and keep your data from falling into the wrong hands, you’ll want to check the security history of all platforms and choose the one with the best track record. Platforms like Bitcoin, Solana, Ethereum, and Tron are all solid options known for their good security.

Top Blockchain Platform

Here, in this section, we will discuss the topmost 3 blockchain platform that can be used in your online business. Let's see:-

Ethereum

Ethereum is extremely flexible and programmable, and in fact it is the second-largest cryptocurrency by market value. It has 881 protocols and lets you use digital assets, making it a great platform for creating tokens and raising funds through an Initial Coin Offering (ICO).

In addition, it provides a solid foundation for DeFi (decentralized finance) applications, making it easier for users to lend, borrow, and trade digital assets.

Tron

The Tron blockchain has 40 protocols and is famous for its goal of decentralizing the web. It does this by allowing content creators to share and earn money from their work directly without the need for intermediaries. Tron's blockchain makes it possible to create and distribute digital assets, which is why it is suitable for the entertainment industry.

When content artists tokenize their work, it helps ensure their ownership rights and allows them to transact directly with their audience. Tron also offers decentralized storage, which means better data security and less dependence on central servers.

Binance Smart Chain (BSC)

Tron is working on 40 different projects, and its main job is to make the internet less centralized. Think of it this way: creators can just put their cool stuff out there and make money without any big company involvement.

Tron's blockchain makes it extremely easy to create and share digital assets, which is why it's a huge deal for anyone in the entertainment sector. When developers “tokenize” their work, it essentially means that their ownership is secured, and they can deal directly with their clients.

Conclusion

For Indian businesses looking to get into blockchain, choosing the right platform really depends on what you need. If you want broad participation, public blockchains like Ethereum provide decentralization and transparency. On the other hand, private or consortium blockchains, such as Hyperledger Fabric or Corda, give you more control and privacy, making them suitable for things like supply chains or collaboration between companies.

The main things to consider are scalability (how much it can handle), cost, how well it fits with regulations, and the developer community around it. Ultimately, taking a deep look at your business goals, security requirements, and what your technical team can handle will lead you to the best blockchain solution, helping you achieve a reliable and efficient digital transformation.