What is Hyperledger Blockchain

Hyperledger | The blockchain for companies

Cryptocurrencies are based on the innovative Blockchain technologythat may change the course of transactions forever. The economic use The blockchain is currently only open to a few companies. It mostly fails because of the offers, but because of the knowledge about the blockchain and suitable software for its use. Hyperledger is intended to close these gaps and enable a large number of companies to use the blockchain.

What is Hyperledger?

Hyperledger is a platform for blockchain applications Open source basis. With the technology, so-called distributed ledgers can be created on the basis of a blockchain, which meet the high requirements of operational use. The Hyperledger project enables companies to create own frameworks, which represent a basic structure for the business use of the blockchain. Hyperledger makes this framework much easier to produce compared to old methods, which means that the market in Towards medium and small businesses that do not have the financial capabilities of large corporations in terms of blockchain technology.

What is a distributed ledger

Distributed ledger is a special form of electronic data processing and information storage. It is a decentralized database that provides network users with a joint viewing or writing authorization admits. There is no need for a central institution, as new data is entered, verified and saved through a peer-to-peer network. A special form of this distributed ledger technology is the blockchain, on which cryptocurrencies, among other things, are based.

Who is behind Hyperledger

Hyperledger was launched in 2015 and has been continuously developed since then. The project was founded by the Linux Foundation and had the far-reaching goal of creating a simple and straightforward system for Distributed Ledgers to accomplish. The start-up Digital Asset Holdings designed the name of the project and made it available to the Linux Foundation.

The project's community is growing day by day, so that over one hundred well-known companies are currently participating in the open source project. Among them are the large corporations IBM, SAP, Daimler and Airbus. In principle, however, anyone can participate in the project. For companies there is paid membershipsto finance the project on a long-term basis. Participation in the Hyperledger project is, however, necessarily linked to membership of the Linux Foundation.

Hyperledger's direction is set by a stakeholder committee that includes some major investors. This committee already decided on an important goal at the beginning of 2016: It should be used to develop a uniform Hyperledger source codes come from two pieces of code that were brought together during a "hackathon" in New York. Since then, Hyperledger has been in the incubation phase, during which a number of projects are being worked on.

What is the long-term goal of the project

The common mission of the developers of the Hyperledger project is to better understand the blockchain and to try out first applications based on the technology. The project should also show that it will be worthwhile for companies to bundle resources and competencies for innovative projects in one area. Ultimately, all participants in the project will benefit from the results and may be miles ahead of their competitors.

Which development projects are currently in progress?

In the incubation phase of Hyperledger, a number of projects are currently being carried out, two of which are particularly important. The Blockchain Explorer is a simple and extremely user-friendly web application that allows you to search the distributed ledger. All information, transactions and even entire blocks can be found this way. Fabric is a basic blockchain construct that can be used to create different applications and solutions based on the blockchain. Due to the modular structure, various components can be added relatively easily.

Benefits of Hyperledger

  • Fast building of blockchain applications
  • Community participation free of charge
  • Large corporations work together on a project
  • Companies are given access to the blockchain