Surely, everyone has heard the words Ethereum and Bitcoin. Being 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 notable projects that have emerged in recent years is 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 aimed to advance blockchain technologies across industries. Hyperledger does not support cryptocurrencies and does not represent a cryptocurrency network or a traditional blockchain system.
So what is Hyperledger for? The project is intended to make it easier for developers and businesses to work on blockchain adoption. It provides the standards and infrastructure necessary to develop and implement blockchain solutions in various industries.
The Hyperledger structure in depth
The Hyperledger project can be envisioned as a house with open source development tools and libraries as its foundation, and modular frameworks just under the roof.
One of the most widely used digital ledgers is called Hyperledger Fabric. It is an authorized blockchain infrastructure that serves as the basis for creating applications or solutions with a modular architecture.
Hyperledger Besu is an Ethereum client designed for corporate use for public and private use cases of authorized networks. The next framework, Hyperledger Burrow, 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. A more user-friendly 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 identity and serialized data. As part of a Hyperledger system, there is also no presence of cryptocurrencies.
The Hyperledger Sawtooth digital ledger offers a modular architecture where smart contracts can specify business rules for applications without having to know the underlying design of the system. 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 transaction speed 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 in a matter of hours.
When it comes to permissionless blockchain solutions and authoritative Hyperledger applications, there are several important differences. Permissionless blockchain solutions are zero regulation, allow anonymous crypto identities, and generally represent public systems on a shared ledger. Counterfeit tracking is code-based and transactions are impossible to modify.
Hyperledger applications are public and private systems where regulators monitor workflows. Hyperledger application participants are real and identifiable, transaction identities are also traceable.
Together, Hyperledger ensures 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 risks, protect sensitive data, and optimize ROI.
Industries Ready for Hyperledger Adoption
Hyperledger has already entered multiple spheres including 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 initiate business innovation through Hyperledger adoption, you must choose a competent Hyperledger development company that will design a custom solution to address your business challenges.