Not all blockchain projects are created equal. Although we have seen a wide range of cryptocurrencies and blockchain-based projects, Hyperledger is a little different. It is not a cryptocurrency, a company or a blockchain.
Instead, Hyperledger is more like a collaborative hub for some of the world’s biggest companies looking to explore blockchain-based solutions to a variety of major problems.
What is Hyperledger?
Hyperledger is a project launched by the Linux Foundation to help developers and companies work together to build collaborative blockchain projects. It’s a set of open source blockchains and tools that anyone can use to create their own distributed ledger.
The idea is to create cross-industry collaboration, allowing blockchain-based projects to interact with each other. Meanwhile, the ledger of most current cryptocurrencies cannot do this.
Like Linux’s operating system, Hyperledger is open source, allowing others to freely build on it. It is this that has encouraged some of the largest companies in the world to create many different types of projects.
– Hyperledger Sawtooth: A modular blockchain suite developed by Intel.
– Hyperledger Iroha: A joint venture project of Japanese companies focusing on deploying Hyperledger for mobile.
– Hyperledger Fabric: The project is run under the guidance of IBM supporting widely used coding languages such as Java.
– Hyperledger Indy: The project is specifically designed for different projects depending on its own characteristics.
– Hyperledger Besu: An open source Ethereum client that can be used to develop decentralized applications and smart contracts.
Do you know?
During the initial development of the project, people wondered if Hyperledger should create its own coin? However, the project’s executive director said:
“You will never see Hyperledger coins. That way, we avoid a lot of the political challenges of maintaining a globally consistent currency.”
Who invented the Hyperledger?
The Linux Foundation first announced the platform in December 2015.
December 2016: Launched with 30 founding members.
April 2017: Co-founder of the Apache Software Foundation, Brian Behlendor, is named the project’s executive director.
September 2017: Hyperledger describes itself as a “business blockchain umbrella”.
December 2017: Nearly 200 members of enterprises and affiliated companies registered to participate in the project.
January 2018: Hyperledger becomes the fastest growing project the Linux Project has ever introduced.
October 2018: Hyperledger becomes an Associate Member of the Enterprise Ethereum Alliance (and vice versa).
November 2019: Hyperledger announces the Certified Service Provider (HCSP) program, which helps organizations help with enterprise adoption. Members include the likes of Accenture, Hitachi, IBM, Tencent and Ant Financial.
January 2020: Launch of Hyperledger Fabric 2.0.
What’s so special about Hyperledger?
There are more than 240 organizations actively supporting the development of Hyperledger. The project takes a very different approach than most blockchain products built to date.
Among those institutions are large technology enterprises such as Fujitsu, Huawei and Samsung as well as financial institutions such as American Express and JP Morgan.
On top of that, the Linux Foundation has created a completely free toolkit with Hyperledger to help others.
Hyperledger Caliper: Allows users to measure the performance of a blockchain.
– Hyperledger Cello: A blockchain used as a service engine.
– Hyperledger Composer: Tool to build blockchain business network.
Do you know?
Hyperledger has its own charter that sets the direction of the project. “Creating an enterprise-grade open source distributed ledger code base and framework.”
How does Hyperledger work?
Hyperledger’s goal is to be flexible and able to adapt to the needs of different businesses so it is modular in its design. That allows different teams to take different approaches.
Currently, there are a bunch of different consensus protocols being used on Hyperledger projects. Teams can link together and build their own custom blockchain using the tools provided.
This is a very different approach from the consensus approach of networks like Ethereum and Bitcoin, which must be agreed upon by the entire community on changes.
Do you know?
Approximately 159 engineers from 27 organizations contributed to the design and development of Hyperledger Fabric v1.0.
What can you do with Hyperledger?
Thanks to its modular design, a lot of projects and businesses use Hyperledger for different purposes.
– Walmart: The food giant has partnered with IBM to trace food through their supply chain using Hyperledger, including greens, pork and mangoes.
– Honeywell: The aerospace company that created GoDirectTrade (an online marketplace for selling used components) that uses Hyperledger Fabric to record transactions.
– The National Bank of Cambodia: The central bank of Cambodia has launched Project Bakong, an electronic payment system using Hyperledger Iroha, in partnership with Japanese blockchain company Soramitsu.
– MiPasa: The Open Data Blockchain Center has launched a certified Corona virus data storage platform built on Hyperledger Fabric, in conjunction with the IBM Blockchain Platform.
– eThaler: Built on Hyperledger Besu, eThaler is an open source central bank digital currency (CBDC) pilot program with contributions from consulting firms Accenture, InfoSys and Itau Bank. in Brazil.
Chain Integration Project: Using Hyperledger and RFID, this project aims to tackle counterfeiting in the retail industry, with partners like Nike, Macy’s and Kohl’s.
The Hyperledger project has attracted dozens of developers and community members to the open source blockchain. At the 2020 Global Forum alone, the platform announced 14 new members and service providers, including retail giant Walmart.
It shows that there are many companies that see a blockchain-based future and are working together to make it a reality.
But the platform also has challenges to deal with. For example, competition is fierce with other enterprise-grade blockchain solutions such as R3, EOS, and Ethereum. However, Hyperledger still holds its position. In January 2020, Hyperledger Fabric surpassed R3 Corda in developer activity.
Time will tell whether Hyperledger’s open source approach will bring blockchain to the world.
According to Decrypt
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