Hashcash Platforms

 Corda is a distributed ledger platform for recording and processing financial agreements introduced by the R3 CEV consortium. R3CEV is a consortium of 70 organizations around the world that have pooled their resources to study and implement blockchain solutions for tangible business benefits. The Corda platform supports smart contracts. On the Corda platform, the smart contract is an agreement whose execution is both automatable by computer code working with human input and control, and whose rights and obligations, as expressed in legal prose, are legally enforceable. The smart contract links business logic and business data to associated legal prose in order to ensure that the financial agreements on the platform are rooted firmly in law and can be enforced and there’s a clear path to follow in the event of ambiguity, uncertainty or dispute. Corda was built with the explicit purpose of recording and enforcing business agreements among registered financial institutions; it is not intended to be a general purpose solution for all problems. It takes a unique approach to data distribution and transaction semantics while maintaining the features of distributed ledgers which first attracted institutions to projects such as R3, namely reliable execution of financial agreements in an automatable and enforceable fashion.

 Stellar.org (Platform host) is a Non-profit organization operating out of San Francisco. Stellar enables cheaper and faster micro transactions and has been successfully implemented internationally by Praekelt Foundation into its messaging app Vumi in Sub-Sahara. Stellar provides a robust crypto currency enabled system to Banks for carrying out transactions and settlements between customers of the bank and with other Financial Associations on the Stellar Network. Also, its architecture ensures that Banks do not have to share confidential customer related information such as Customer Name, Communication Details, Account details and balance to facilitate the transactions. The transactions are carried out using place holders called Stellar Accounts which are stored as a public and private key pair on the Bank network. To facilitate a transaction, Stellar APIs are called and the placeholders are shared. Stellar transactions to the network are signed by the Bank using ed25519 for public/private keys.

 Bitcoin was the first platform and the first popular cryptocurrency to use the blockchain technology. Since its introduction, several private blockchain applications have been developed off the bitcoin public network that utilizes the underlying technology for carrying out day-to-day financial and non-financial functions. The bitcoin platform allows organizations to develop applications that have the benefits of blockchain but do not have the risks associated with bitcoin. It has the additional advantage of being the blockchain platform most easily available, most stable and most commonly understood due to  its popularity. Additional security and operational adjustments are made to the native bitcoin code to enhance the security, increase the speed of transactions and eliminate mining. All transactions are encrypted using SHA256 and can only be decrypted with the Private Key which resides with the intended receiver of a transaction. This platform can be used for transferring and managing assets such as Currency, Property Titles, Identities, Gold, Securities. It also has the capability to automate the time-consuming reconciliation process that is inherent to all Financial Institutions.

Fabric is an implementation of blockchain technology that leverages familiar and proven technologies. It is a modular architecture allowing pluggable implementations of various functions. It features powerful container technology to host any mainstream language for smart contracts development. It’s one of the few projects that make up the Hyperledger project. The Hyperledger project is an open source blockchain project with contributions from the Linux Foundation, IBM, JP Morgan, Airbus, Hitachi and Intel to name a few. IBM and Digital Assets Holdings are few of the known backers of the fabric platform. Many other members have already expressed interest in contributing to unit, integration, performance and scale testing as well as to the implementation itself. Most recently, the swiss bank UBS, which is considered a pioneer in implementing blockchain for banks, and IBM, announced that they are working on a cross-border trade platform enabled by smart contracts on Fabric.

 Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.The project was bootstrapped via an ether pre-sale during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.On traditional server architectures, every application has to set up its own servers that run their own code in isolated silos, making sharing of data hard.If a single app is compromised or goes offline, many users and other apps are affected. On a blockchain, anyone can set up a node that replicates the necessary data for all nodes to reach an agreement and be compensated by users and app developers. This allows user data to remain private and apps to be decentralized like the Internet was supposed to work. The Ethereum platform has also been modified or leveraged to run several real time private blockchain by financial institutions. The most famous one is JP Morgan’s Quorum that creates a private blockchain network within the public Ethereum network significantly cutting down costs.