Surely everyone has heard the words Ethereum and Bitcoin. Being part of the blockchain world, they have captured the world’s attention through wide media coverage. Overall, blockchain technology has gained business interest due to its decentralized, unchanging, and transparent nature. Other notable projects that have emerged in recent years include Hyperledger.
What is Hyperledger?
Hyperledger is an open source project of blockchains and related tools hosted by the Linux Foundation. It was created in 2015 and aims to advance cross-sector blockchain technologies. Hyperledger does not support cryptocurrencies and does not represent a cryptocurrency network or a traditional blockchain system.
So what is Hyperledger for? The project aims to make it easier for developers and companies to work on blockchain adoption. It provides the standards and infrastructure needed to develop and implement blockchain solutions in a variety of industries.
Hyperledger structure in depth
The Hyperledger project can be visualized as a house with open source development tools and libraries as a base, and modular frames right under the roof.
One of the most widely used digital books is called Hyperledger Fabric. It is an authorized blockchain infrastructure that serves as a basis for creating applications or solutions with a modular architecture.
Hyperledger Besu is an Ethereum client designed for corporate use for both public and private use of authorized networks. The following Hyperledger Burrow framework runs on smart contracts and represents a complete binary blockchain distribution that supports EVM and WASM.
Hyperledger Indy can work standalone or even interoperate with other blockchains. Indy was developed precisely for decentralized identities. An easier-to-use modular distributed platform is called Hyperledger Iroha. The framework contains a role-based permission model and multiple signature support. Iroha is designed for digital asset management systems and is used to manage identity and serialized data. As part of a Hyperledger system, there is no cryptocurrency.
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 deployment 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 the blockchain offers high transaction speed and enhanced security offered by smart contracts and encryption. As for Hyperledger Apps in particular, they stand out for their ability to handle complex business processes in a matter of hours.
When it comes to unauthorized blockchain solutions and Hyperledger applications with permission, there are several important differences. Unauthorized blockchain solutions involve zero regulation, allow anonymous cryptographic identities, and generally represent public systems in a shared registry. Fake tracking is code-based and transactions are impossible to alter.
Hyperledger applications are both public and private systems where workflows are monitored by regulators. Hyperledger application participants are real and identifiable, transaction identities can also be tracked.
Together, Hyperledger guarantees tamper-proof data exchange and cryptographic validation of contract terms and operations. A set of tools 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 risk, protect sensitive data, and streamline ROI.
Industries ready for Hyperledger adoption
Hyperledger has already entered multiple areas, including supply chain management, retail, healthcare, FinTech, IoT, banking and manufacturing. Companies that use the technology include Walmart, Amazon, Nestlé, Visa, Maersk, Postal Savings Bank of China and others.
To start your business innovation by adopting Hyperledger, you need to choose a competent Hyperledger development company to design a customized solution to meet your business challenges.