What You Should Know About Hyperledger?

In the crypto-sphere, we often only hear about the volatile crypto market, and utility within the landscape that is coming soon. However, many are often oblivious to the real-world utility already coming from blockchain technology and how it’s helping shape the world for better solving the age-old problem humans have had; Trust.

Meet Hypelder – a foundation bringing real-world utility through blockchain technology that are actually fulfilling their promises.

Created in 2015, Hyperledger is an open-source blockchain foundation helping to bring together the best blockchain software projects, built by some of the best developers across organizations, start ups and singular developers themselves.

Hosted by the wider Linux Foundation, they have created a truly global effort in pushing forward enterprise blockchains to create a trustless environment for some of the biggest companies in the world: Microsoft, American Express and Samsung as only a few examples!

Hyperledger does not have a native token or their own blockchain. Its service is in providing a hub for the blockchain projects inside its ecosystem to utilize the infrastructure and standards they have set in place.

Essentially, Hyperledger provides new blockchain projects with the skeletal background required for growth, management and security enabling the developers to focus on the blockchain technology.

What Is A Hyperledger?

The different projects surrounding the hyperledger ecosystem are curated to be enterprise-ready permissioned platforms. Unlike a permissionless blockchain, permissioned blockchain projects mean all participants are aware of the other users, creating an ideal validation process knowing you all share the same interests.

Although the projects are open-source, meaning anyone can examine the code behind the project, permissioned blockchains mean only those granted access can participate.

Hyperledger is unique as a cryptocurrency project as all its hyperledger developers are working on open-source at permissioned blockchain projects.

Understanding The Ecosystem

Within the Hyperledger ecosystem several different open-source software projects are readily available, built by Hyperledger developers, to be used in new blockchain projects.

Currently there are six graduated Hyperledger projects within the ecosystem and nine more being incubated.

Aries: Aries is not a platform or an application, it’s a library suite that offers tools for creating, storing and transmissing digital credentials and identity. It is blockchain-agnostic

Besu: An Ethereum client for use on private and public networks. Among others Besu’s features include Ethereum Virtual Machine, Proof of Authority and Proof of Work consensus mechanisms, P2P networking, node and network performance monitoring.

Fabric: Hyperledger Fabric is what most people instantly think of when they hear “Hyperledger”, though as you can see the Fabric is just a part of a bigger picture. It is a foundation for projects using modular architecture, with ready-to-use consensus and membership applications. Hyperledger Fabric is so prominent due to the fact that it contains most of the tools for solving complex tasks and is applicable to almost any industry.

Indy: An interoperable project for digital identities, aimed to decentralize identity. Hyperledger Indy is mostly associated with the Internet of Things. What’s important is that it is interoperable with other blockchains which can be a problem for some other projects. The benefits of Hyperledger Indy is that the users have control over their information and it is publicly visible to all. However, disclosure of any documentation is limited. Indy can be used for digital documents, passwordless authentication, employment and education verification.

Iroha: Project designed for Internet of Things to provide distributed ledger technology. Also, Iroha is most known for its use in banking and logistics as it provides high-level security to vulnerable information and documents, allowing access only to those people who have special permissions.

Sawtooth: A permissioned blockchain utilizing the unique Proof of Elapsed Time Consensus method. Sawtooth is used for creating secure smart contracts. Moreover, it is compatible with the Ethereum-based smart contracts.

The Biggest Hyperledger Projects

To join the Hyperledger foundation as a member, companies must also be a corporate member of the Linux Foundation. Membership can reach as high as $250,000 for premier membership status.

Some of the biggest hyperledger projects include:

Walmart & DLT Labs: Using Hyperledger Fabric, Walmart Canada who partnered with DLT Labs was able to bring all their carrier partners together under one architecture without sacrificing the individual private relationships between Walmart and their partners. To ensure privacy, Fabrics channels feature was used to enable each organization to have their own conversation with Walmart.

British Columbia: Using Hyperledger Indy to reduce the $10bn Canadian currently being spent on unnecessary ‘red tape’ surrounding worker regulations. Indy helped BC create an open-source software to create trusted digital relationships between businesses, governments and individuals.

Ledger Leopard: Enlisting Hyperledger Besu to reduce the friction when tracking returnable transport items. Ledger Leopard is a BaaS (Blockchain-as-a-Service) company. To move towards their goal, Ledger Leopard utilized Besu to create their own RSI (Returnable Transport Items) Dashboard which drastically reduces tracking for users. RSIs are how almost all items are transported across the world.

How Are Smart Contracts Utilized?

Essential to blockchain technology, Hyperledger Smart Contracts is the logic behind any transactions which are being executed within the blockchain.

A smart contract within these permissioned blockchains create the trustless environment which businesses and organizations are turning to Hyperledger for. When using a blockchain, you are trusting the smart contracts, not the people, unlike a traditional database that has been used in the past.

Conclusion

The Hyperledger Foundation is clearly providing some of the best blockchain services and infrastructure in the industry, being utilized by over half of the companies listed on the Forbes Blockchain 50 and backed by massive players in the industry.

As Hyperledger developers continue to openly build and tweak new software for the ecosystem, it will be exciting to see the development of Hyperledger influence in the blockchain landscape and what the future holds.