Blockchain standards are essential in successfully building distributed ledger technology. Currently, the European Commission plays a prominent role in blockchain standard development. Some blockchain standard landscapes are StandICT, European standardization organization, supra-national and industry organizations, national standards bodies, open standards bodies, and INATBA. Apart from that, some other national and industrial organizations attempt to develop standards relevant to blockchain technology. Blockchain standards have to cover topics like interoperability, governance, identity, security, and smart contracts in wider terms.
Blockchain technology is widely associated with cryptocurrency systems, and its rapid development greatly impacts various industries. It necessitates software tools to provide diverse functionalities in various environments. Some of the most important software development tools are solidity, solc, truffle, ganache, drizzle, geth, metamask, dAppboard, blockchain-as-a-service, ethlint, remix IDE, infura API, and blockchain testnets. Among such software tools of blockchain, solidity is the most popular. The reason is that the solidity can work with Ethereum Virtual Machine (EVM). It writes the smart contracts for blockchain Ethereum apps by exploiting the most familiar C++, Python, and Java languages. The Solc converts the scripts of solidity into a readable format, the command-line compiler. Moreover, blockchain development should need any one of the abovementioned software tools for successful smart contract construction.
A rapid-growing, well-established, and longest-standing blockchain development platform is Ethereum, which stands from home to enormous decentralized application environments. Blockchain technology experiences astronomical development reaching 4.5 billion in 2020, but it is expected to reach 19 billion in 2024. Apart from Ethereum, other familiar blockchain development platforms are IBM blockchain, ConsenSys Quorum, Hydrogen Molecule, Hyperledger Fabric, Ripple, Stellar, EOSIO, Corda, and Elements. The blockchain development platform needs various types of blockchain according to the specific requirements and goals of the application environment.