Hyperledger in the Blockchain World. What Makes It Different From Other Solutions?
Surely, everyone has heard the words Ethereum and Bitcoin. Being part of the blockchain world, they have captured the world’s attention through widespread media coverage. Generally, blockchain technology has gained business interest due to its decentralized, immutable and transparent nature. Among other noteworthy 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 cross-industry blockchain technologies. Hyperledger doesn’t support cryptocurrencies and doesn’t represent a cryptocurrency network or a traditional blockchain system.
So what is Hyperledger for? The project intends to ease developers’ and enterprises’ work regarding the adoption of blockchain. It provides the necessary standards and infrastructure to develop and implement 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 a foundation, and modular frameworks right 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 apps or solutions with a modular architecture.
Hyperledger Besu is an Ethereum client designed for corporate use for both public and private use cases of permission 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. One more easy-to-use modular distributed platform is named Hyperledger Iroha. The framework contains a role-based permission model and multi-signature support. Iroha is tailored for digital asset management systems and is used to manage identity and serialized data. As a part of a Hyperledger system, there is also no cryptocurrency presence.
The digital ledger Hyperledger Sawtooth 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 it simplifies the deployment and maintenance of the final software.
Hyperledger applications compared to other corporate solutions
Let’s have a look at the differences between traditional web portals and blockchain-based solutions. The first ones lack speed, security, and traceability, while blockchain offers high speed of transactions 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 permissioned Hyperledger apps, 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 are impossible to alter.
Hyperledger applications are both public and private systems where workflows are overseen by regulators. Hyperledger app participants are real and identifiable, transaction identities are trackable as well.
Altogether, Hyperledger guarantees tamper-proof data exchange and cryptographic validation of contract terms and operations. A toolkit is rich with platforms and frameworks which can be chosen according to the business specifications. In the end, the solution implementation will help consolidate databases, enhance performance and scalability, minimize fraud risks, protect sensitive data and streamline ROI.
Industries ready for Hyperledger adoption
Hyperledger has already entered multiple spheres, such as supply chain management, retail, healthcare, FinTech, IoT, banking, and manufacturing. Among companies using the technology are Walmart, Amazon, Nestle, Visa, Maersk, Postal Savings Bank of China, and others.
To start your enterprise innovation through Hyperledger adoption you need to choose a competent Hyperledger development company that will design a custom solution to tackle your business challenges.