What is Hyperledger? Everything you need to know
Hyperledger is a project under the LINUX foundation; it is not a blockchain, not a cryptocurrency or a company. In other words, Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration including leaders in banking, finance, Internet of Things, manufacturing, supply chains, and technology. In this article we are going to explore concepts and components related to it. Starting with, what is Hyperledger? How does it work?, history of hyperledger and also we will understand the goals and the layers and organizational architecture of it.
What is hyperledger?
Hyperledger is an open source application like ethereum which was developed by Linux foundation. The idea was to build open source blockchain and related applications for use across various industries the Linux foundation hosts this global collaboration. As it is an open source platform so anyone can freely use this by entering into the specific website and working on it.
For example, like bitcoin and ethereum which are permissionless, where anyone can enter and can hide their identity. But when we talk about any enterprises, companies or organization they don’t want any unwanted identity to enter their network. In order to maintain an identity and privacy, hyperledger was invented. It is a cross industry application, involving financial industry, banking industry and IoT. In the technology sector, it helps to reduce unfavourable tendencies and speed up the running processes.
How does hyperledger work?
Since, it is a permissioned network of the blockchain with an intention to achieve a specific task or goal made up of two or more companies or organizations. In the blockchain network each member of the organization is responsible for squint participation in the network. Members of the organization acquire invocation transaction requests from the client. Clients use it to interact with the hyperledger technology network. Every client maintains their own ledger as per channels.
For eg: if your bank account details such as, account number, account balance etc, all were publicly visible on blockchain. So, it is very important to have utmost security of blockchain but we don’t want to mess with our privacy. In such a case an open source software called hyperledger used to create a private blockchain.
Features of Hyperledger
Hyperledger is an open source application like ethereum which was developed by Linux foundation. It focuses on developing suitable frameworks tools and libraries and enterprise grade blockchain deployment.
Hyperledger is a permissioned network of the blockchain. Its intention is to achieve a specific task or goal for companies or organizations. In the blockchain network each member of the organization is responsible for squint participation in the network.
Hyperledger improves the running processes in the network by enhancing traceability and transparency of the process within the network.
History of hyperledger
It was first launched in 2016 with 30 initial founding corporate members in the governing board of Haifa ledger which is headed by Brian Behlendorf and 21 other members and is partnered with the Linux foundation. It has several projects organized under their Eiffel ledger as an organization. Hyperledger is a private and permissioned consortium blockchain. Additionally it allows you to create block genes that are kind of soiled within your organization or within the business network. It is very important because many of the blockchain frameworks are not exactly compatible with an existing IT infrastructure. Well, hyperledger fabric is really at a lot of different places. It helps to plug in parts of your existing systems and not have to reinvent the wheel within your organization.
Notable hyperledger frameworks
There are mainly two notable frameworks:
Hyperledger fabric is the most famous project under hyperledger. Also, known as permissioned blockchain. Its infrastructure is used in manufacturing blockchain based software, products and applications.
Hyperledger saw tooth is also a permissioned platform of blockchain. Mainly, saw tooth used to run, deploy and build distributed ledgers.
Hyperledger technology supports distributed ledger solutions on permissioned networks for a wide range of industries. It maximises the confidentiality, flexibility and resilience of blockchain solutions. It enables permissioned membership among the entire network together with scalability and level of trust. In conclusion, It is an immutable digital ledger with a high level of privacy.
Read about Distributed Ledger Technology!