Hyperledger: Things You Need to Know

By Abhishek Amin Oct 29, 2021, 1:54:41 PM , In Offshore Development
Hyperledger: Things You Need to Know

Hyperledger is an open-source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation to support the collaborative development of blockchain-based distributed ledgers.

The objective of deploying Hyperledger is to advance cross-industry collaboration by developing blockchains and distributed ledgers. Hyperledger will integrate independent open protocols and standards by means of a framework for use-specific modules, including blockchains and storage routines, as well as services for identity, access control, and smart contracts.

Why Hyperledger is Needed?- Its Role

A collaborative software development approach can ensure the transparency, longevity, interoperability, and support required to bring blockchain technologies forward to mainstream commercial adoption. Hyperledger is the technology that will bridge a gap with its unique communities of software developers building blockchain frameworks and platforms.

A combination of Hyperledger and Blockchain can be used to build a new generation of transactional applications that establishes trust, accountability, and transparency at their core while streamlining business processes and legal constraints.

It serves as an operating system for marketplaces, data-sharing networks, micro-currencies, and decentralized digital communities. Hyperledger is aimed to vastly reduce the cost and complexity of getting things done in the real world. 

Possible Industry-grade Use cases of Hyperledger

Blockchain allows multiple different parties to securely interact with the same universal source of truth. The on the run ledger industry is moving rapidly from pilots to product development and deployment. Hyperledger, along with Blockchain, is focused on improving performance by supporting global business transactions in industries like technological, financial, healthcare, and supply chain. 

Let’s sneak into it without wasting time, shall we?

Healthcare

The databases of the healthcare companies have has an ever-expanding list of ordered data. Each data can’t be changed, deleted, or modified manually every time. The Healthcare industry would be a prominent use case for Hyperledger to efficiently increase data flow and liquidity, reduce costs and improve patient experience and outcomes. Its open and decentralized nature could lend itself well to managing health records and proving identity ensuring data security.

Finance

Money is been transferred in a vast amount all across the globe and it is done all the time of the day. This creates major accountability to reconcile those transactions. Audit and compliance require a record of all transactions over a reporting period, even though financial data in a large organization is dispersed throughout many divisions and countries. Hyperledger provides streamlined settlement, improved liquidity, and increased transparency.

Supply Chain

Traceability and transparency are some of the most important foundations of the supply chain. Leveraging Hyperledger in the supply chain process will effectively track parts and service provenance, ensure the authenticity of goods, block counterfeits, and reduce conflicts. It will enable equal visibility of activities and reveal where an asset is at any point in time, who owns it, and what condition it is in.

Blockchain leveraging Hyperledger Framework

Burrow

Hyperledger Burrow provides a modular blockchain client with a permitted smart contract interpreter partially developed to the specification of the Ethereum Virtual Machine (EVM).

Sawtooth

Hyperledger Sawtooth is a modular blockchain suite designed for versatility and scalability. It is contributed by Intel.

Fabric

Hyperledger Fabric is an implementation of blockchain technology that is intended as a foundation for developing blockchain applications or solutions. It is contributed by IBM.

Indy

Hyperledger Indy provides tools, libraries, and reusable components for interoperable digital identities rooted on blockchains or other distributed ledgers.

Iroha

Hyperledger Iroha is a distributed ledger project that is designed to be simple and easy to incorporate into infrastructural projects requiring distributed ledger technology. It is contributed by Soramitsu.

Top Companies using Hyperledger

IBM

The International Business Machines Corporation (IBM) recently launched a commercial blockchain platform for enterprises to develop, deploy and test their business applications in a distributed ledger environment.

Thomson Reuters

Thomson Reuters partnered with the Hyperledger Project to accelerate deeper collaboration and a shared vision for the evolving blockchain technology and its applications in financial services, government, and enterprises.

Our take on Hyperledger

Hyperledger breaks the old paradigm of centralized consensus and introduces decentralized consensus. New flows of value can be created based on this consensus which sets new legal and regulatory frameworks.

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Who We Are?

We are the “IndiaNIC Family” growing bigger as well stronger in the domain of software development using the most innovative technologies to deliver excellence globally.

IndiaNIC is a renowned blockchain applications development company that has been helping global clients with end-to-end things related to blockchain consultation, development, and deployment. Our developed blockchain solutions are industry-proven, secure, and scalable.

Hire blockchain developers from IndiaNIC who have technical proficiency to develop cutting-edge solutions leveraging some of the most popular platforms like Ethereum, Hyperledger, BaaS, EOS, Coinbase, etc. We also have experience in Cryptocurrency software application development services.

There’s a lot we can show and tell. If that interests you, it would certainly be great to connect. 

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