Hyperledger Blockchain Technology and Its Use Cases :
Hyperledger Blockchain Technology and Its Use Cases
Blockchain technology has risen to prominence with the rapid adoption of cryptocurrencies and NFTs. As anticipated, this has opened the door for applications in various industries. Nevertheless, beyond digital assets, many blockchain-related technologies are not well understood by many. This is despite the fact many of these technologies are integral to the broad application of blockchain. One example of this is Hyperledger blockchain technology.
Thus, in this article, we will explore what Hyperledger blockchain technology is and its use cases.
What is Hyperledger?
Hyperledger is an open-source blockchain-focused project. The project was launched to support the development of blockchain-based distributed ledgers. Hyperledger involves concerted efforts to develop the required frameworks, standards, tools, and libraries to build blockchain platforms and blockchain-based applications. It is a global enterprise that allows for the development of blockchain solutions for deployment in various industries.
Notably, Hyperledger’s projects include several enterprise-ready permissioned blockchain platforms. On these platforms, network participants are known to one another and have a vested interest in the consensus-making process. In essence, many parties collaborate to form a consensus on these blockchain platforms.
Furthermore, under the Hyperledger project, there are several modular blockchain solutions and services that businesses can deploy. These solutions could help significantly improve the performance and efficiency of business operations.
History of Hyperledger
The California-based Linux Foundation created Hyperledger in 2016. However, since then, the project has had contributions from organizations like Samsung, JP Morgan, DaimlerAmerican Express, Intel, IBM, Microsoft, Visa, and a host of blockchain startups. The Hyperledger project started with a total of 30 members firms. However, the project now has over 120 companies as members. The Hyperledger project has received inputs from various fields such as finance, supply chain management, technology, the Internet of Things, manufacturing, and production.
Notable Hyperledger Frameworks and Use Cases
Fabric is a platform that enables the development of blockchain-based and business-focused products, solutions, and applications. It is one of the most popular sub-projects under the Hyperledger umbrella. The platform provides a modular architecture that defines roles between nodes. In addition, it governs the execution of smart contracts.
This framework was made for use in electronic accounting. It uses the Proof of Elapsed Time (PoET) consensus algorithm. The permissioned modular blockchain platform was contributed by Intel. Sawtooth is typically used to deploy, run and build distributed ledgers.
Iroha is a framework that integrates blockchain solutions into existing IT infrastructure. Hyperledger Iroha is also commonly used in mobile applications.
This is a set of developer tools used to create public blockchain networks. The framework features self-sovereignty, which allows the secure storage of identity-based documentation.
This dashboard utility tool is designed to allow users to monitor search and maintain blockchain developments and related data.
This is a benchmark tool that is used to evaluate the performance of blockchain implementations.
This is a blockchain-as-a-service framework that is typically used to create, terminate and manage blockchain services.
This framework is used to deploy an exclusive blockchain that handles transactions and executes smart contracts in the Ethereum Virtual Machine.
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