Surely, everyone has heard the words Ethereum and Bitcoin. Being a part of the blockchain world, they have captured the world’s attention through extensive media coverage. In general, blockchain technology has gained commercial interest due to its decentralized, immutable, and transparent nature. Among other prominent projects that have emerged in recent years is Hyperledger.
What is Hyperledger?
Hyperledger is an open source blockchain and related tools project hosted by the Linux Foundation. It was created in 2015 and aimed to advance cross-industry blockchain technologies. Hyperledger does not support cryptocurrencies and does not represent a traditional cryptocurrency network or blockchain system.
So what is Hyperledger for? The project aims to make it easier for developers and businesses regarding blockchain adoption. It provides the necessary standards and infrastructure to develop and implement blockchain solutions in various industries.
The Hyperledger structure in depth
The Hyperledger project can be visualized as a house with open source development tools and libraries as the foundation, and modular frameworks just under the roof.
One of the most widely used digital ledgers is called the Hyperledger Fabric. It is a permissioned blockchain infrastructure that serves as the foundation for building applications or solutions with a modular architecture.
Hyperledger Besu is an Ethereum client designed for corporate use in public and private use cases of permissioned networks. The upcoming Hyperledger Burrow framework runs on smart contracts and represents a complete single binary blockchain distribution that supports EVM and WASM.
Hyperledger Indy can work autonomously or even interoperate with other blockchains. Indy was developed precisely for decentralized identities. Another easy to use modular distributed platform is called Hyperledger Iroha. The framework contains a role-based permission model and support for multiple signatures. Iroha is designed for digital asset management systems and is used to manage identities and serialized data. As part of a Hyperledger system, there is also no crypto presence here.
The Hyperledger Sawtooth digital ledger offers a modular architecture where smart contracts can specify business rules for applications without having to know the underlying system design. Sawtooth uses the Python programming language and simplifies the implementation and maintenance of the final software.
Hyperledger applications compared to other corporate solutions
Let’s take a look at the differences between traditional web portals and blockchain-based solutions. The former lack speed, security, and traceability, while blockchain offers high-speed transactions and enhanced security provided by smart contracts and encryption. As for the Hyperledger dApps in particular, they stand out for their ability to handle complex business processes in a matter of hours.
When it comes to permissionless blockchain solutions and permissioned Hyperledger applications, there are several important differences. Permissionless blockchain solutions implement zero regulation, allow for anonymous cryptographic identities, and generally represent public systems on a shared ledger. Counterfeit tracking is code-based and transactions are impossible to tamper with.
Hyperledger applications are public and private systems where regulators monitor workflows. The participants of the Hyperledger applications are real and identifiable, the identities of the transactions are also traceable.
Together, Hyperledger ensures tamper-proof data exchange and cryptographic validation of contract terms and operations. A toolkit is rich in platforms and frameworks that can be chosen according to business specifications. Ultimately, implementing the solution will help consolidate databases, improve performance and scalability, minimize fraud risks, protect sensitive data, and optimize return on investment.
Industries Ready for Hyperledger Adoption
Hyperledger has already entered multiple spheres such as supply chain management, retail, healthcare, FinTech, IoT, banking, and manufacturing. Companies using the technology include Walmart, Amazon, Nestle, Visa, Maersk, Postal Savings Bank of China and others.
To kickstart your company’s innovation through Hyperledger adoption, you need to choose a competent Hyperledger development company that will design a custom solution to address your business challenges.