Hyperledger Blockchain Development | Everything You Need to Know

Hyperledger Blockchain Development | Everything You Need to Know

Posted by : Mudit Kumar | 09-Jul-2020

  • Hyperledger Development

    Hyperledger isn’t a company, a crypto exchange, a single blockchain, or even an IBM blockchain coin. Hyperledger blockchain app development is more like a hub for the development of open industrial blockchain. solutions.

    What is Hyperledger 

    Hyperledger is an open-source community dedicated to developing a collection of secure, efficient, and stable frameworks, tools, and libraries for enterprise-grade blockchain solutions development. It is a joint initiative organized by The Linux Foundation which encompasses leaders in finance, banking, the Internet of Things, supply chains, manufacturing, technology, and more. As it is built under technical governance and open collaboration, individual creators, service and software providers, policy agencies, business leaders, and end-users are all encouraged to engage in the creation and promotion of this game-changing technology.

    As it is with the Linux Foundation, Hyperledger also has a modular approach for project hosting. The Hyperledger greenhouse hosts the development of blockchain projects, from Hyperledger Labs (seed) to production-ready stable code (fruition). It serves as a neutral home for various distributed ledger frameworks including Hyperledger Fabric, Sawtooth, Indy, as well as tools like Hyperledger Caliper and libraries like Hyperledger Ursa.

    It invites all to contribute to the development of the greenhouse which is essentially jointly augmenting industry goals of technologies like a distributed ledger and smart contracts.

    Also, Read | Advancing Business Blockchain Adoption with Hyperledger Projects

    Why Hyperledger 

    To understand the importance of Hyperledger blockchain app development, let’s look at the key concerns an enterprise might have in blockchain adoption

    Data Privacy and confidentiality

    Enterprises have proprietary data that can not be made available to the public at large even though they need to share it with various agencies. Companies have different agreements with other member organizations, which require knowledge sharing but not necessarily with others like public blockchains.

    Efficient and quick transactions

    Enterprises have a high frequency of transactions but can not afford to commit delays for a transaction due to business reasons.

    Modular design approach

    When it comes to business-ready solutions, one size fits all is not pragmatic. Enterprises also have systems that need to be leveraged. A common example of this is the reuse of LDAP, or other identity management functions that an organization already has.

    Hybrid approach

    As a company, the value chain has key processes that can significantly benefit from the Distributed Ledger Implementation and need to incorporate and co-exist with the other processes within the organization.

    B2B focus

    Some of the main technical problems in large organizations apply to B2B situations or to collaborating with partners. It is mainly due to the technical difference of each of these parties in the ecosystem which makes data sharing and integration difficult and costly.

    Mining and legal restrictions on the location of nodes

    Enterprises also have laws or policies about where the data can reside. Similar laws apply to some sectors in North America, and similar legislation exists in the European Union. Because of these reasons, a publicly mined blockchain is not an option

    HyperLedger responds to many of these business problems and aims to be a solution for each of its use cases.

    Also, Read | Build and Deploy Enterprise Solutions using Hyperledger Technologies

    Hyperledger is a good choice

    Hyperledger is designed and developed with an enterprise-ready view.

    • It’s a Linux based open source platform backed up by major industry companies such as IBM, SAP, and supported by leading businesses. It comprises all the key features of blockchain and more.
    • Hyperledger provides permissioned blockchain solutions with additional features such as a platform for improved data protection and privacy.
    • Enterprise/consortium will determine where the nodes will be and there is no need for support from public miners.
    • The modular design approach enables Hyperledger to plug and play different elements into the stack depending on a company’s unique requirements.
    • Fast integration with other Digital technologies-and demonstrated with IBM Watson integration, SAP Leonardo, and more.

    Hyperledger Projects 

    A modular blockchain framework with a permissioned smart contract interpreter partly built to Ethereum Virtual Machine (EVM) specifications.

    Also, Read | Benefits, Architecture, Tools and Use Cases of Hyperledger Projects

    HYPERLEDGER FABRIC

    A framework with a modular architecture for developing distributed ledger solutions that provide a high degree of confidentiality, accessibility, stability, and scalability. This makes it possible for solutions built with Fabric adaptable by any industry.

    HYPERLEDGER INDY

    A distributed ledger that offers purpose-built tools, libraries, and reusable components for decentralized identity.

    HYPERLEDGER IROHA

    A blockchain system designed to be fast and easy to integrate into projects for enterprises.

    HYPERLEDGER SAWTOOTH

    A modular framework where distributed ledgers are designed, deployed, and run. Sawtooth has a new form of consensus, proof of the time elapsed (PoET) that requires far fewer resources than a proof of work ( PoW).

    Hyperledger Use Cases 

    Also, Read | Industry-Specific Use Cases of Hyperledger Frameworks

    Banking

    ompanyompanyBanking networks aren’t equipped to adequately resist all kinds of cyberattacks.

    Therefore, they need a higher level of defense that would fend off all the attacks. Finding these culprits is a simple breeze, with the aid of the Hyperledger fabric. Even so, the tech provides membership access, and all that happens on the network is on the ledger. Additionally, no one from outside or inside can crash the system due to top-notch protection.

    Financial Services

    Financial services typically have primary needs in transparency, confidentiality, and privacy. A Hyperledger project-based network here can isolate nodes and give them their very own privacy. Thanks to the robust consensus algorithms, replication of the same data is also not possible. Anyhow, financial services may also use Hyperledger fabric for smart contracts. Here, without a fuss, they can start a smart contract and that will get rid of all the complexities of paperwork.

    Trade

    Trading brings plenty of ups and downs. The foreign trade mechanism is not really up to the market since there is no confidence between the two trading partners. As a consequence, many of them suffer from theft, such as failing to supply the items or not paying up even after the products have been purchased. However, with Hyperledger, you can track the whole thing from the platform and use smart contracts to automate the payment when the goods arrive. So, it’s a win-win situation for both parties.

    Healthcare

    The sector suffers from major problems of counterfeiting, fake credentials, and violations of privacy. As the system isn’t well up-to-date, it doesn’t test a physician’s credentials before recruiting them. Also, because there are no adequate surveillance devices, many counterfeit drugs get into the system. A lot of patients suffer badly as a result. On the other side, patients do not want to become a public property with their personal medical history. Yet the program can not guarantee full privacy and this is what the common people are suffering from. However, you can get all the features in one network with the latest tech. It will be much easier to check credentials, track drugs, and protect privacy than to avoid.

    Supply Chain Management

    Supply chain management is truly a fantastic industry where ventures with Hyperledger will shine. This business is one of the most difficult to handle. Every single step in managing this supply chain is complex. It is difficult to trace all the products and production lines to ensure it reaches the customers without being robbed. Even those industries will streamline anything in real-time with Hyperledger projects like Fabric and Sawtooth. It will be an easy call to see if the materials have consistency or to inspect, or even store the manufacturing line properly. The tech also makes sure that no one can steal the items and replace them with falsified products.

    Also, Read | Solving Supply Chain Challenges with Hyperledger Sawtooth

    Automotive

    The automotive industry can deal with security concerns with support from the development of Hyperledger blockchain. Furthermore, it can track a vehicle and provide solutions for micropayment to ride-sharing applications. Tracking parts is also another great plus point in this scenario. Therefore it is fairly exceptional to have a safe drop point for some kind of payments relative to the niche.

    Conclusion

    Blockchain development with Hyperledger goes far beyond being just a repository of blockchain techs, spanning industry as well as industrial worlds. It is intended for high-scaling business applications, offering effective solutions to improve and automate current processes, and creating new ones. It has proven to be a stable network of blockchain companies with huge potential, where any company can profit.


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About Author

Mudit Kumar (Writer)

Mudit has been working with Oodles since 2017. He writes about technologies that not only disrupt the digital space but also influence the physical world. Initially, he explored revolutionary technologies like ERP (Enterprise Resource Planning) and AI (Artificial Intelligence). Now, he focuses on unfolding the elements of blockchain technology, given its potential and edge over others.

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