Blockchain technologies are gaining prominence, and organizations are searching for methods to improve and create an advanced and secure blockchain application. One such open-source collaborative effort to create a cross-industry blockchain platform is termed hyperledger.
Blockchain is here to stay, and it can very well be the future of the internet. Realizing the potential of blockchain technology, Hyperledger was launched in 2016 with a collaborative effort of 30 founding corporate members. The founding members represent a diverse group of members from various domains. These members included ABN Amro, Accenture, Cisco, IBM, and Intel, to name a few. Individuals should not confuse hyperledger with blockchain technology; it is just a group of major organizations working towards the common goal of developing practical blockchain applications.
With hyperledger, the Linux Foundation aims to create an environment where software developers and organizations work together to build stronger and secure blockchain frameworks without the focus on creating its own separate cryptocurrency. The blockchain serves as a peer-to-peer marketplace of data, transactions, smart contracts, and a decentralized framework. Maintaining transparency, interoperability, and simplicity of use becomes necessary to bring forward blockchain technologies on a commercial scale. This is exactly what hyperledger is all about. It serves as a platform where developers and organizations can develop and agree upon frameworks that maintain the integrity of the blockchain network.
Various projects are undertaken by the hyperledger community to develop and promote blockchain technology. Some of these include:
● Hyperledger Fabric
The hyperledger fabric project is led by IBM. Fabric provides the base for blockchain-based solutions with modular architecture. The different components of blockchain, such as membership services and consensus, can become plug-and-play. With fabric, enterprises can put together their individual blockchain network that can carry out more than 1,000 transactions per second.
● Hyperledger Sawtooth
Hyperledger Sawtooth is the brainchild of Intel. It is a modular blockchain suite and can be used from IoTs to finances. The prominent characteristic of Sawtooth is that it supports permissioned as well as non-permissioned applications. Sawtooth has already seen applications in the fisheries industry. It is used to record the journey of seafood from the ocean to our tables and using IoT sensors; it can track the ownership, possession, and shipping parameters throughout the supply chain. Any member of the blockchain can track the details and this provides a transparent record of the entire process.
● Hyperledger Explorer
Hyperledger Explorer is a blockchain module designed to create a widely accessible application. It can view, invoke, deploy or query blocks and other relevant information stored in the blockchain framework. Hyperledger Explorer was initially contributed by Intel, IBM, and DTCC.
While most blockchain technologies focus on creating their own versions of cryptocurrencies, the projects associated with hyperledger focus on building the backbone of blockchain technology and increasing its adoption on an enterprise as well as individual level. With strong concepts and the support of top leaders in the industries spanning various domains, hyperledger could very well become the key player in making blockchain mainstream.