Surely everyone has heard the words Ethereum and Bitcoin. Being part of the blockchain world, they have gained worldwide attention through extensive media coverage. In general, blockchain technology has gained business interest due to its decentralized, immutable 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 managed by the Linux Foundation. It was founded in 2015 and aims to develop cross-industry blockchain technologies. Hyperledger does not support cryptocurrencies and does not represent a cryptocurrency network or traditional blockchain system.
So what is Hyperledger for? The project aims to facilitate developers and businesses to adopt blockchain. It provides the necessary standards and infrastructure to develop and implement blockchain solutions in various industries.
Hyperledger structure in depth
The Hyperledger project can be visualized as a house with open source development tools and libraries as a foundation and modular frameworks under the roof.
One widely used digital ledger is called Hyperledger Fabric. It is a permissioned blockchain infrastructure that serves as the basis for building applications or solutions with this modular architecture.
Hyperledger Besu is an enterprise-grade Ethereum client for both public and private use cases of permissioned networks. The next 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 work with other blockchains. Indy is designed exactly for decentralized identities. Another easy-to-use modular distributed platform is called Hyperledger Iroha. The framework includes a role-based authorization model and multi-signature support. Iroha is adapted for digital asset management systems and is used to manage identity and serialized data. As part of the Hyperledger system, there is no cryptocurrency presence here either.
The digital ledger Hyperledger Sawtooth offers a modular architecture where smart contracts can define business rules for applications without knowing the underlying design of the system. Sawtooth uses the Python programming language, which makes it easy to deploy and maintain the latest software.
Hyperledger applications compared to other enterprise 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 transaction speed and enhanced security provided by smart contracts and encryption. Especially when it comes to Hyperledger dApps, they stand out for their ability to handle complex business processes within hours.
There are several key differences when it comes to permissionless blockchain solutions and permissioned Hyperledger implementations. Permissionless blockchain solutions involve zero regulation, allow anonymous cryptographic identities, and generally represent public systems on a shared ledger. Fake tracking is code-based and operations cannot be changed.
Hyperledger applications are both public and private systems whose workflows are controlled by regulators. Participants in Hyperledger applications are real and identifiable, and transaction identities are traceable.
In general, Hyperledger guarantees the exchange of false information and the cryptographic confirmation of contract terms and transactions. The toolkit is rich with platforms and frameworks that can be chosen according to business specifications. Ultimately, implementing a solution will help consolidate databases, increase performance and scalability, minimize fraud risks, protect sensitive data, and streamline ROI.
Industries are ready to adopt Hyperledger
Hyperledger has already entered many fields 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, etc.
To start your enterprise innovation through Hyperledger implementation, you need to choose a competent Hyperledger development company that will develop a customized solution to solve your business problems.