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Blockchain Technology is a revolution that ha more application than we can think of, and it's the surface that we've scratched yet. Numerous Blockchain projects at its core such as Ethereum, Hyperledger, and Bitcoin.
In simple words, created and designed by Linux Foundation, Hyperledger isn't an implementation of the blockchain, but, merely a collaborative development of a group of applications on how blockchain's distributed databases should work within a trusted network.
It is an open source, collaborative project. Its core objective is to enable cross-industry collaboration with an aim to enhance the reliability and performance of the systems.
Read More: How Hyperledger Fabric Cultivates Business Interest In Blockchain
There are several versions of Hyperledger Implementations.
- Hyperledger fabric is created and executed from IBM
- Sawtooth Lake, from Intel
- Corda, from R3 Consortium
-Iroha from SoramistuFrameworks:
Fabric:
Intends to develop a solution or application with Modular architecture at its core. It enables the characteristics of the said architecture to be more influencing like membership services, plug-and-play, and much more.
Iroha:
It's a business blockchain framework created to be simple to incorporate into projects that ask for DLT (distributed ledger technology).
Sawtooth:
It's a platform intended for developing, executing and running distributed ledgers along with a consensus method and Proof-of- Elapsed Time.
Burrow:
It's a permissible Smart Contract generator to enable the Smart Contracts to be written using the specifications of EVM (Ethereum Virtual Machine).
Indy:
It offers tools, components, and libraries to provide with digital identities on shared databases.
Benefits of using Hyperledger in Modular Projects:
-Easy modification of components present in the ledger
- Extreme reuse of components or building blocks
- Rapid Experimentation
- Open source code base
- Cross-Border PaymentsRead this blog for knowing Hyperledger Use Cases In various industries.
Although cryptocurrency payments are gaining traction, fiat currency payments are still working as the engine for the banking sector.
There are various concerns in payment processing such as separate records for separate transactions, along with being prone to errors and paper-intensive including the need for a middleman.
For fixing all these issues, a global team has come forward to enhance cross-border payments. They have built a PoC using the foundation of Hyperledger Fabric, that's designed to improve and optimize payment instructions, native assets, transaction history and details, foreign exchange and verification onto a single integrated network.
