The blockchain market size is expected to grow by a whopping 65.5% CAGR between 2024 and 2029. One of the main drivers of the growth of the blockchain market size is the massive adoption of blockchain technology in digital banking, payments, and smart contracts.
Over 70% of banks globally have invested in blockchain solutions especially due to its advantages in aiding compliance and enhancing security. Blockchain technology is used to create solutions for payment transfer, settlement and reconciliation, securities, KYC, and fast loan processing.
This article discusses the best blockchain development companies currently offering blockchain solutions to financial institutions looking to launch new products or for digital transformation. First, let’s look at the criterion banks and Fintech companies can use to choose the blockchain developers to partner with.
Criterion for selection
Just like hitting the bullseye, finding the best blockchain development company is not easy. However, with the right parameters for reference, it can be easier to narrow down, create a list, and make the perfect choice for your company. Some of these parameters include:
- innovation
- customer
- review
- market presence
- security features
- technological advancements
Top Blockchain Development Companies
Itexus
Itexus is one of the top blockchain developers. The company stands out in blockchain development due to its comprehensive strategy of building Fintech decentralized solutions. Through cutting-edge technology, Itexus has been empowering businesses across different industries to leverage the full potential of blockchain.
The industries Itexus has worked with include Fintech, Healthcare, retail e-commerce, media, real estate, travel, education, telecommunications, sports, lifestyle, insurance, and manufacturing.
Itexus’s portfolio consists of projects in stock trading, asset management, digital lending, wealth management, personal finance, online payments, e-wallet, digital banking, and crypto. The company uses a wide range of technologies, which includes the Ethereum blockchain on which it develops blockchain solutions.
When working with clients, Itexus offers three cooperation models; fixed price, agile with budget control, and development as a service. The process of solution or product development is clear, starting with initial consultation, to the Discovery phase, design, architecture, implementation, testing, cloud setup, going live, and post-launch support.
Itexus has three main blockchain products/services in its portfolio:
- Blockchain investigative tool
- Automated crypto trading platform
- Smart contract for crypto investment platform
Case Study
The blockchain investigative tool was developed for a company in the Netherlands that offers services to government agencies, crypto businesses, and financial institutions. The tool enables tracking of suspicious transactions or activities through data scraping and advanced analytics. The project team that worked on this project included a tech lead, a developer, a QA engineer, and a UX/UI designer.
Features like searching, filtering, selecting, and sorting are embedded in a table displayed on the tool’s user interface. Also, there are different tabs for editing and adding data in a form-based format. So, users can add, view, and store data from various sources.
This product features three user roles; administrator, researcher, and approver. Each role functions to enhance security and efficiency.
The development of the blockchain investigative tool was completed within a month; fully meeting client expectations and requirements. Itexus plans on introducing more advanced features to the tool with time.
Consensys
Consensys is a blockchain development company building on the Ethereum blockchain. The company focuses on applications, enterprise solutions, and building developer tools exclusively on the Ethereum blockchain.
Consensys provides services to companies in different industries including; DeFi, asset management, global trade, capital markets, and payments. Some of its most used products include CodeFi, Quorum, Metamask, Infura, Diligence and Truffle.
Chainalysis
Chainalysis is a blockchain development company that focuses on offering investigation and compliance software. The company’s target customers include; law enforcement, regulators, financial institutions, tax agencies, decentralized finance, centralized exchanges, consumer brands, and web3 gaming.
It has offered these services to the Drug Enforcement Administration, Internal Revenue Service Criminal Investigation, UK’s National Crime Agency, and Federal Bureau of Investigation.
Matrixport, a crypto company, is one of Chainalysis’s customers. Chainalysis provided a compliance solution to the company. The solution allows Matrixport to monitor and detect fraudulent activities as soon as they happen. The ability to detect activities such as gambling, which may be illegal in some areas, helps Matrixport enhance compliance measures.
IBM Blockchain
IBM Blockchain offers blockchain services as well as consultation. The company specializes in web3, ledger technology, NFT, software development, and applications development. Also, it offers consultations on the perfect blockchain strategy for a business.
Some of the industries that IBM offers services for include supply chain, energy, retail, media, healthcare, telecommunications, financial services, insurance, travel, and manufacturing.
One of its customers is Syniverse, a company that deals with clearing and settlement of roaming transactions. The companies are collaborating to build a blockchain solution for the next-generation clearing and settlement for the telco carriers.
Ripple Labs
Ripple Labs is a blockchain company that offers a payment system and a virtual currency that powers decentralized currency exchange, money transfers, remittances, and merchant payments.
Ripple works with governments, financial institutions, developers, and businesses. The company provides solutions for cross-border payments, crypto liquidity, financial services, central bank digital currencies, and technology services.
Ripple Labs has created three main products; xRapid, xViaform, and xCurrent. The highest number of Ripple’s customers are banks, using the software solution, xCurrent, for real-time tracking of cross-border transactions.
Some of Ripple’s business partners include Eersyst, Gate Hub, Cisa-Crypto Impact, Allbridge, LoanSnap, Novatti, Travelex, Stasis, Bitstamp and Supermojo.
Hyperledger
Hyperledger is a blockchain company focused on improving the reliability and performance of blockchains being developed. Its services have been used by companies in finance, supply chain, automobiles, and insurance.
Some of its main projects include Hyperledger Firefly, Hyperledger Identus, Hyperledger Aries, Hyperledger Besu, and Hyperledger Catch. Hyperledger Identity enables businesses or companies to develop decentralized identity solutions.
Hyperledger Aries offers an interoperable and reusable tool kit that facilitates the development of digital credential solutions. Hyperledger Firefly enables enterprises to create and securely scale web3 apps.
Kaleidoscope, is one of the contributors to Hyperledger Firefly. Blockchain for Energy, Swift, and Synaptic Healthcare Alliance are some of the organizations that have used Hyperledger Firefly to build use cases, achieving production in weeks instead of years.
R3
R3 is one of the blockchain solutions providers for financial players. It is a platform that enables the development of Decentralized applications. The platform connects market infrastructure providers, banks, asset managers, clearinghouses, central banks, and exchanges to develop Dapps on the blockchain.
R3 offers services related to distributed ledger technology, open connected networks, and regulated markets expertise. The company’s product portfolio includes corda, corda network, and trust technology. The Corda products facilitate application development, managing, executing, and recording financial agreements.
Apart from financial institutions, the company also partners with other software companies, shipping, and healthcare among other industries.
Blockstream
Blockstream is a blockchain company that provides solutions for the financial industry and other business enterprises. It utilizes the Bitcoin blockchain to develop services and products for crypto transactions and storage.
Some of the industries that Blockstream works with include; asset management, blockchain, cryptocurrency, computer, financial services, data storage, software, and Fintech. The company’s Products include liquid networks, core lighting, Blockstream mining, Blockstream energy, and Blockstream satellite.
Blockstream focuses on creating crypto-finance structures aimed at enhancing efficiency in the financial market while reducing the need to rely on trust. Therefore, it collaborates with businesses that seek blockchain solutions. Companies that Blockstream has worked with include Bitcoin Core, Rusty Russell, Intercontinental Exchange, and Digital Garage.
HashCash Consultants
HashCash Consultants is a blockchain software company that offers diverse services and products including technology, payments, and trading solutions. The company also operates PayBito.co, a U.S.-based crypto exchange, and BillBitcoins, a crypto payments processor.
Apart from offering payment processing and exchange software solutions, HashCash offers services related to Initial coin offerings (ICO) and building blockchain custom use cases. Its main services are software development, blockchain technology, and Big Data & BI.
HashCash Consultant’s most popular blockchain products include HC Remit, HC Corporate Payment, Crypto payment with BillBitcoins, ICO platform, Blockchain Digital Identity for decentralized identity management, Crypto Exchange, and HC Net.
Bitfury
Bitfury closes our list of top blockchain development companies. The company is known for its services in blockchain technology, developing products, and infrastructure services powering Web 3.0.
The products offered by Bitfury include mobile data centers, semiconductor chips, advanced analytics platforms, and private blockchain frameworks. These solutions are used by different sectors including law enforcement, data center operators, and financial institutions.
FAQ
What is blockchain technology?
Blockchain technology refers to an advanced ledger mechanism or database system that enables transparency in information sharing or transaction records. In a blockchain, data is stored in blocks and these blocks are linked in a chain.
Data that has been stored cannot be modified or deleted without a consensus from a network of users within the blockchain. Therefore, blockchain technology can be used to create a ledger that is immutable for accounts, payments, order tracking, and any other transactions. Also, blockchain has built-in mechanisms that prevent unauthorized entries, ensuring consistency in the shared ledger.
What is the best blockchain to develop on?
Ethereum is considered by most expert developers as the best blockchain to develop on. The Ethereum platform has existed for many years and its native coin, ETH, is the second largest coin in market cap in the crypto market. It is among the most popular and rapidly expanding blockchains among developers.
The blockchain offers pre-built open source enabling easier development of decentralized apps, private blockchain, cryptocurrencies, and EOS. Ethereum is also known for its extensive toolset and security, increased by its large network of developers.
What is the fastest blockchain in 2024?
Solana is popularly known for its fast transaction speed, theoretically 2600 transactions per second (TPS), making it the fastest blockchain. A recent study by CoinGecko showed Solana had the highest mean daily transactions among all blockchains at the rate of about 1,050 TPS.
In comparison, Bitcoin and Ethereum blockchains manage 10.7 TPS and 22.8 TPS respectively. On the other hand, Solana recorded up to 1,504 TPS when there was a surge of memecoins transactions, on 6th April 2023. This is about 65 times faster than Ethereum and 5 times faster than the Polygon blockchain. Polygon is considered the fastest blockchain among blockchains that solve scaling limitations.
What is the fastest-growing blockchain?
Ethereum is the fastest-growing blockchain. Between 2016 and 2024, its native token ETH grew by about 22,242%; indicating the growing number of the blockchain’s users. This growth can be attributed to Ethereum being the program developers’ favorite platform. Its applications, for instance with smart contracts, make it even more desirable.
A few studies have termed Binance blockchain as the fastest growing due to its native crypto, BNB, growing by over 475,000% since its launch. However, the Binance blockchain is also built on the Ethereum blockchain. Hence the conclusion that Ethereum is the fastest-growing blockchain.
Which blockchain is most busy?
Ethereum being the largest blockchain network, is the most busy blockchain. Due to the huge number of projects being launched on the blockchain as well as other blockchains built on the Ethereum blockchain, it qualifies as the busiest.
Currently, ethereum has about 387,000 active daily users. Chains connected to Ethereum such as Binance have over 900,000 active daily users and the polygon blockchain that runs alongside the ethereum blockchain has about 1,180,000 active daily users.
Conclusion
In conclusion, the above intensive discussion of top blockchain development companies shows the critical role your blockchain solutions provider plays in the success of your project. The blockchain landscape is expansive and dynamic. As such, you need a company that has expertise and invests in research and development to keep up the pace. Also, the company should have insight into and a deep understanding of your business objectives and needs.
Notably, Itexus stands out as the best blockchain-developing company meeting all the criteria set. The company’s portfolio shows innovative blockchain projects, a track record of success and expertise. Itexus’s clear process enables collaboration, transparency, and communication leading to carefully curated solutions.
Remember to conduct research, book consultations and choose a partner that offers support and improvement post-development.