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. Among other notable 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 at advancing cross-industry blockchain technologies. Hyperledger does not support cryptocurrencies and is not a cryptocurrency network or a traditional blockchain system.
So what is Hyperledger for? The project aims to make it easier for developers and businesses to work on blockchain adoption. It provides the necessary standards and infrastructure for the development and implementation of blockchain solutions in various industries.
Hyperledger’s 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 widely used digital ledgers is called Hyperledger Fabric. It is a permissioned 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 permissioned networks. The next Hyperledger Burrow framework runs on smart contracts and is 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 specifically for decentralized identities. Another easy-to-use modular distributed platform is called Hyperledger Iroha. The framework features 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 cryptocurrency presence here.
The Hyperledger Sawtooth Digital Ledger offers a modular architecture where smart contracts can specify business rules for applications without needing 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 look at the differences between traditional web portals and blockchain 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 process complex business processes within hours.
When it comes to permissionless blockchain solutions and permissioned Hyperledger applications, there are several major differences. Permissionless blockchain solutions imply zero regulation, allow anonymous cryptographic identities, and generally represent public systems on a shared ledger. Counterfeit tracking is code-based and transactions cannot be changed.
Hyperledger applications are both public and private systems where workflows are monitored by regulators. Participants in Hyperledger applications are real and identifiable, and transaction identities can be tracked.
Overall, Hyperledger guarantees tamper-proof data exchange and cryptographic validation of contractual terms and operations. The 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 risk, protect sensitive data, and streamline ROI.
Industries ready to adopt Hyperledger
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, the Postal Savings Bank of China and others.
To start innovating your business through Hyperledger adoption, you need to choose a competent Hyperledger development company to design a custom solution to address your business challenges.