Protocols are a set of rules that any network needs so that it can run. But regular protocols are not used in the blockchain network. That is because it is autonomous technology. That’s why some special protocols are created so that they can work with the Blockchain, and those are:
Hyperledger
It was released in 2015, which is an open-source framework, and it was created so that the blockchain network could be improved. However, Hyperledger is an open-source project, so anyone with the right skills can contribute to this project. And currently, more than 260 firms are collaborating and working on this project so that they can improve the project and use Blockchain for the goodness of those firms. The protocol also has the motto to use the Blockchain industries and sectors so that everyone can benefit from this technology.
Multichain
It is a protocol that is used so that private blockchains can be created. Now, the purpose of private blockchain creation is to make a secure financial transition that no one controls except two parties who are transacting the fund. It is the best way to transfer funds because it’s fast and secure, and no intermediaries are needed. Businesses can now make transactions in private, and it’s impossible to hack the transactions since they need a massive amount of computer power, and that much power gain is not possible to afford. However, users have to prove their validation to make transactions first, which makes it very secure.
Now, the question is how multichain is formed. Well, it occurs with the handshaking of nodes in the blockchain. When two nodes in a blockchain interact, it is called handshaking. They connect with an address and set of rules. If a node finds another node useful, then they form a multichain. If not, then the P2P connection is terminated.
Corda
It is the direct rival protocol of the Multichain. That is because this protocol is more like an enterprise-focused protocol. It focuses more on the enterprise sectors. And that’s why most of the Corda applications are used in the banking sector. Corda uses a consensus mechanism and smart contracts that make it automated, and all the transactions that are made in this protocol application are updated and notified quickly and instantly. That’s why this protocol has transparency and reliability as well.
Enterprise Ethereum
We all know about Ethereum, which is a Blockchain network where users can create many things as they like. However, the Enterprise protocol allows users to create and use the Blockchain for the benefit of their business. This protocol helps users to make more private blockchains so that they can make effective transitions for their businesses. At the same time, those private blocks are useful because they can perform safely, and they have the ability to communicate with the public blockchain if needed.
Quorum
It is an open-source protocol that was created for the sole purpose to contribute in the financial transactions of the Blockchain platform. Now, this project was effective and well-funded. But it remained open-source. So, anyone can use this protocol.