When it comes to blockchain, the technology is quite popular.
This is not only because of its implementation in cryptocurrencies, but also in other sectors. And if you follow blockchain news, you’d come across the term hyperledger.
While it might seem a bit confusing at first, when you understand the underlying technology, it is one of the best applications of blockchain. It is great for non – currency based and industrial applications.
What is Hyperledger?
It is a hub for industrial blockchain development. It is open source, meaning it is free to use, and developers can change it based on requirements.
One of the key distinguishing factor of the technology is that it is not related to cryptocurrency but is based on blockchain technology. In fact, the Executive Director of Hyperledger Brian Behlendorf said that there will be no monetary unit with this project.
“You’ll never see a Hyperledger coin,” noted Behlendorf. “By not pushing a currency, we avoid so many political challenges of having to maintain a globally consistent currency.”
There are different Hyperledger projects or modules, which have become popular recently. Presently Hyperledger hosts the following projects
- Sawtooth – A modular Blockchain suite developed by Intel
- Iroha – An effort by Japanese companies to incorporate a framework in Blockchain
- Fabric – A project by IBM
- Hyperledger Burrow – A project that allows smart contract machine using concepts of Ethereum
Of all the projects, Hyperledger Fabric needs special mention. Rather than a single Blockchain, Fabric by IBM uses a modular architecture. With the help of Fabric, several components of Blockchain like membership services can become plug-and -play.
Fabric provides an individual framework for enterprises who want to put together their own blockchain network. Enterprises can use it to scale up to more than 1000 transactions per second.
One of the advantages of this program is that it can make segments permissioned. This means without proper authorizations, certain part of the Blockchain cannot be accessed. Users will need to register and acquire permission to issue a transaction or join the network to vet it.
In order to allow better and efficient use of resources, Fabric has fewer nodes compared to public chain. The program also computes data in parallel in a massive quantity, which makes it a more scaleable option than public Blockchains. Additionally, the architecture of Fabric supports better confidentiality, and provides the members with more privacy than can be found in a public Blockchain.
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