Surely everyone has heard the words Ethereum and Bitcoin. Being part of the blockchain world, they have attracted worldwide attention through broad media coverage. In general, blockchain technology has gained business interest due to its decentralized, unchanging and transparent nature. Among other significant projects that have emerged in recent years is Hyperledger.
What is Hyperledger?
Hyperledger is an open source project of blockchain and related tools hosted by the Linux Foundation. It was created in 2015 and aimed to advance inter-industry blockchain technologies. Hyperledger does not support cryptocurrencies and is not a network of cryptocurrencies or a traditional blockchain system.
So what is Hyperledger for? The project aims to make it easier for developers and companies to adopt blockchain. It provides the necessary standards and infrastructure for the development and implementation of blockchain solutions in various industries.
Hyperledgeer structure in depth
The Hyperledger project can be visualized as a house with open source development tools and libraries as the foundation, and modular frames just below the roof.
One of the widely used digital books is called Hyperledger Fabric. It is an allowed blockchain infrastructure that serves as a foundation for building applications or solutions with a modular architecture.
Hyperledger Besu is an Ethereum client designed for corporate use for public and private use of permitted networks. The next framework Hyperledger Burrow works on smart contracts and represents a complete single-binary blockchain distribution that supports EVM and WASM.
Hyperledger Indy can work autonomously or even interact with other blockchains. Indy was developed precisely for decentralized identities. Another easy-to-use modular distributed platform is called Iroha Hyperledger. The framework contains a role-based permission model and support for multiple signatures. Iroha is tailored for digital asset management systems and is used to manage identity and serialized data. As part of the Hyperledger system, there is also no presence of cryptocurrencies here.
The Hyperledger Sawtooth digital book offers a modular architecture in which smart contracts can specify business rules for applications without the need to know the basic design of the system. Sawtooth uses the Python programming language and simplifies the installation and maintenance of the final software.
Hyperledger applications compared to other enterprise solutions
Let’s look at the differences between traditional web portals and blockchain-based solutions. The former lack speed, security, and traceability, while the blockchain offers high-speed transactions and enhanced security provided by smart contracts and encryption. As for Hyperledger dApps in particular, they stand out for their ability to handle complex business processes within hours.
When it comes to blockchain solutions without permission and allowed Hyperledger applications, there are a few big differences. Blockchain solutions without permission imply zero regulation, allow anonymous cryptographic identities, and generally represent public systems on a shared book. Counterfeit tracking is code-based and transactions cannot be changed.
Hyperledger applications are both public and private systems in which workflows are controlled by regulators. Participants in Hyperledger applications are real and recognizable, and transaction identities can be tracked.
All in all, Hyperledger guarantees data exchange protected against unauthorized opening and cryptographic validation of contract and operation terms. The toolkit is rich in platforms and frames that can be selected according to business specifications. Finally, implementing the solution will help consolidate databases, improve performance and scalability, minimize fraud risk, protect sensitive data, and simplify return on investment.
Industries ready to adopt Hyperledgera
Hyperledger has already entered several areas, such as supply chain management, retail, healthcare, FinTech, IoT, banking and manufacturing. Among the companies that use the technology are Walmart, Amazon, Nestle, Visa, Maersk, the Postal Savings Bank of China and others.
To start innovating in your company through the adoption of Hyperledger, you need to choose a competent Hyperledger development company that will design a customized solution to address your business challenges.