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19 April 2017
The Linux Foundation, a non-profit consortium, has set the tone for establishing common standards for distributed ledger technology by launching the Hyperledger project in December, 2015. According to the Hyperledger’s creators, heart of the project is to develop cross-industry open standards that make it possible to use a blockchain in a variety of spheres.
A billion dollars at stake
The project comprises over 122 big-time players and covers various industries, including finance, healthcare, insurance, property rights, energy, civil contracts, the Internet of things, credit card services, aviation and others. Among the members of Hyperledger, 41% are the US companies, Chinese partners account for 25%, EMEA stand for 20%, and the Asia-Pacific region – 14%.
The project involves both “big boys” of the global financial market, such as London Stock Exchange, CME, Deutsche Boerse, and top IT companies – Intel, IBM, Cisco. The banks and financial institutions, caught the Hyperledger bug, represented by Wells Fargo, BNP Paribas, Australia and New Zealand Banking Group, Moscow Stock Exchange, ABN Amro, SWIFT, BNY Mellon.
Hyperledger projects: unreal reality
Hyperledger and healthcare – concepts compatible. In October last year, Hyperledger knocked the socks off creating Hyperledger Healthcare Working Group, the highlight of which is the development and promotion of the blockchain technology in the healthcare industry. According to Behlendorf, CEO of Hyperledger project, the project is intended to minimize the number of infrastructure components, taking into account the confidentiality of information about patients, the data portability, and so on.
Hyperledger says “Yes!” to Cello. Beginning of the year was marked with “Cello” official activation, which is a toolkit for creating, managing and terminating blockchains. Down the track, Hyperledger Cello will take on the role of supporting mechanism for various Hyperledger projects.
Hyperledger Fabric ready for start-up. The joint efforts of Hyperledger participants bore the fruit and at the end of March, 2017 they announced the release of the first ready-to-use blockchain called “Fabric”. Hyperledger Fabric was assigned an active status and 1.0 version.
Multiple operating features of Hyperledger Fabric make it possible to create commercial applications and to process every second more than a thousand transactions. Other ways of saying, Hyperledger Fabric acts as an ecosystem for distributed ledger platform.
Hyperledger and future of corporate blockchain
Next generation technologies coming soon. Sawtooth Lake is one of the Hyperledger projects in incubation, presented a modular platform for creating, using and running distributed ledgers. To facilitate initial use, the Sawtooth platform offers three built-in “transaction families” (EndPoint Registry, IntegerKey and MarketPlace) that implement the most common use case.
First Hyperledger Blockchain Explorer underway. The co-project of IBM, DTCC and Intel within the Hyperledger, named Hyperledger Blockchain Explorer, will make it possible to “seek an insight into Hyperledger’s heart”, simultaneously protecting all private information, as well as provide access to transaction data, chain codes or transaction families.
Hyperledger: not just a trend? The Iroha project in incubation, announced in 2016, centers around creating easy-to-use applications for mobile devices. Its long-run objective is to create a robust library of reusable components, working with digital ledgers under Hyperledger system. In particular, the Iroha specialists aim to realize reusable components in C ++ taken from other programming languages, such as GO.
Hyperledger Burrow: change coming! Hyperledger plans to implement another blockchain project called “Burrow”, offered by Intel and Monax specialists. As Behlendorf clarifies, the Burrow’s essence is the provision of required infrastructure to Hyperledger’s participants intending to use blockchain-based smart contracts for business transactions.
Distributed ledger system makes a world of difference to the next generation of the Internet technology stack. The Hyperledger project is a radically new approach to the organization of business transactions. As financial experts say, it is an idea of what the future of corporate blockchain might be. The Hyperledger is a rising tide that will lift all the boats.
Exciting articles several times a month