Hyperledger platform offers incredible support for implementation of blockchain technology. This technology does not assist Bitcoin and other forms of cryptocurrency. Blockchains has an amazing potential to develop a new generation of financial transactional application that builds trust, transparency and accountability at the core level while streamlining legal constraints and business processes. To use Hyperledger for implementing blockchain in your business, it is important to understand its concept, modules and the various project that uses it.
What is Hyperledger technology?
Hyperledger is one of the popular technologies that businesses are using nowadays to implement blockchain technology. It is publicly available and open source technology that is developed to cross industry blockchain technology. It is hosted by “The Linux Foundation” that includes industry giants in finance, web of things, banking, manufacturing, supply chains, and technology. Presently, Hyperledger technology provides an effective list of more than hundred renowned industrial firms.
Hyperledger not just provides software frameworks and technical knowledge but also several other contacts to developers and industries. It creates an enterprise level, code base distributed ledger framework that builds, endorses and maintains an open infrastructure.
By not promoting currency, Hyperledger avoids political challenges of maintaining a global consistent currency. Strategic objectives of Hyperledger develops industrial applications and separates it from “getting rich” schemes that evolve currency based blockchains.
Hyperledger consulting promotes a wide range of business framework, blockchain technologies, interfaces, libraries, and application. It hosts following projects:
- Hyperledger Sawtooth
- Hyperledger Fabric
- Hyperledger Iroha
- Hyperledger Burrow
What is Hyperledger Composer tool?
Beside remarkable framework projects, Hyperledger provides several tools that aim at making the access and development process of blockchains far effective and easier.
This tool is made to develop a user-friendly web application. Hyperledger Explorer helps in viewing, invoking, and deploying transactions, network information, chain codes and other significant data present in the ledger.
This is a tool that builds blockchain business networks. Hyperledger Indy is a collection of libraries, tools, and components that are meant for digital identities rooted on blockchains.
This tool is a blockchain “as-a-service” deployment model.
The dominant attributes of this tool assist both permissionless and permissioned apps and deployments. It uses latest consensus algorithm “Proof of Elapsed Time” for the operation.
With Hyper Fabric, various components of Blockchains such as membership and consensus services can offer “plug and play” functionality. It is made to provide a reliable framework using which enterprise puts together individual blockchain network together to quickly expand to 1,000 transactions/ second.
Fabric permits enterprises to form parts of the blockchain. It enables consortium blockchains with varying degrees of permissions. Hyper Fabric depends on a smart contract functionality referred as Chaincode. In this feature, each and every machine present on the network operates in Docker containers.
Hyperledger showcases a lot of emphasis on building the backbone of high scaling, and non-monetary commercial application of blockchain technology. With several leaders working behind to accomplishing its interesting concepts, it has the potential to bring a radical change in the society.