When we're talking about the latest technological advancements causing disruption and reforming entities, Blockchain tops the list. It is a technology that has more applications than we can think of, and we haven't yet scratched the surface. Many projects, at their core, utilize blockchain technology, like Ethereum, Bitcoin, and Hyperledger.
In a nutshell, Hyperledger doesn't refer to the implementation of another blockchain but is a collaborative evolution of an apparatus of specifications about how a blockchain-based shared database should perform actions in a trusted network. It was created and designed by the Linux Foundation.
Hyperledger is an open-source, collaborative project. The primary objective of it is to enable cross-industry collaborations to enhance and uplift performance as well as reliability.
Read more about Hyperledger Frameworks, here.
How Hyperledger Blockchain Revamps Industries
Now, let's move on to the topic we're discussing today. Today, we'll be understanding how Hyperledger is helping Blockchain in reinventing various industries.
There are various challenges in payment processes around the world such as separate records for a separate transaction that is unusual in nature, prone to errors, and paper-intensive. Then, there are the middlemen who need to be paid. To fix all these roadblocks, a global team of expert developers has built a POC using the foundation of Hyperledger Fabric. It's designed to enhance payment transactions, native assets, transaction details, foreign exchange, and verifications.
Hyperledger blockchain has the potential to completely revamp the healthcare industry, it can enhance the sectors where the traditional industry has fallen short. Distribution of a patient's data records to another organization was not done for securing and making it anonymous. However, for numerous reasons, patient data sharing has become important. For this, Hyperledger Composer provides a group of APIs, a programming model, and a modeling language to install networks that enable the exchange of assets and transactions of the patient's information within healthcare organizations.
Hyperledger Fabric is the central source of power for a wide type of diamond supply chain applications. It helps in facilitating the monitoring and tracking from mine to market. The transparency Hyperledger Fabric brings can initiate the certification of diamonds after it has been processed through the audit. Thus, restricting the blood diamond from entering the supply chain. Every diamond entering the supply chain will have a registered ID so that it can provide the stakeholders with reliability. Then, they can question a diamond's integrity and it can be proven immediately.
The music industry can experience notable changes if it incorporates the use of blockchain technology. With blockchain Hyperledger use, people can choose to pay for downloading or listening to a song using a cryptocurrency of their choice. By executing a smart contract in Hyperledger, it's possible to split the generated revenue between artists and their collaborators. Then, we can imagine improved music industry processes that will greatly benefit the artist, such as by eliminating the use of middlemen along with forming a shared global ledger so there is no issue related to Intellectual Property being mixed up.
Hyperledger blockchain is being looked upon as a reliable technology for various industries. If you're an entrepreneur or a startup who thinks it can benefit from Hyperledger, your search ends here at Oodles Technology. We can develop Hyperledger blockchain solutions using framework tailored to match your business needs.