In this blog you will get to know why there is The Hype over Hyperledger and Everything about Hyperledger. There is a lot of confusion about Hyperledger in the blockchain community, so to make this clear let me tell you what is not a hyperledger. It is definitely not a cryptocurrency or a blockchain and also it is not a company. So what is actually a Hyperledger and why is it so famous among the blockchain community? Also if you want to grow your business with Hyperledger development then visit the page. Let now dig into the blog…
Table of Contents
What is Hyperledger?
It is a project under the Linux Foundation. It is an open source development project where people from all over the world can come and help hyperledger develop as a software or as a platform. In simple language Hyperledger can be thought of as a software which everyone can use to create one’s own personalized blockchain service.
Types of Hyperledger frameworks
There are various types of Hyperledger frameworks but in this blog we will discuss the most notable frameworks:
- Hyperledger Fabric: Among all the different types of frameworks, Hyperledger Fabric is the best framework for blockchain. The definition of Hyperledger Fabric, it is a private blockchain and it has a feature of getting subnets and we call them as channels. The benefit of Fabric is that companies can put together their individual blockchain network which can perform more than one thousand transactions per second.
- Hyperledger Sawtooth: Sawtooth blockchain technology can be used for a wide range of applications from international trade to capital market. The internet of things(Iot) has the physical world to the digital world with sawtooth recording the generated data in a way that all parties trust its accuracy and completeness. This can be used to track down perishable goods like raw materials. These sensors can track many key parameters like location, under what temperature it was stored and how much it took to reach. The data on the sawtooth is safe, secure and tamper resistant with blockchain technology.
- Hyperledger Iroha: It is a permission blockchain framework design for simple and easy use digital asset management. Iroha help bring greater trust and reliability to the business. It only grants access to participants authorized to access the network, can join the network, query data or execute any changes in the network. The Iroha system ensures that all interactions with the system are safe and controlled. you can create applications for the end users with the help of Iroha features.
- Hyperledger explorer: It provides a dashboard that gives an overall view of the blockchain network. It also provide a clear view of the activity on the network. With explorer users can identify troubleshooting and quickly resolve production issues.
How does it work?
There are lots of steps behind how Hyperledger comes into the business. Let find out:
- Step 1: Seller wants to sell its product to customers.
- Step 2: In the app query, the seller looks up the app for customer details like his address on the network.
- Step 3: The app looks up a membership service validating the customer membership.
- Step 4: In this step verification will be done. Both parties generate a result which is sent to the consensus cloud to be ordered and verified.
- Step 5: This is the final step where the customer will receive the order from the seller. Once the consensus cloud validates the transaction, the customer receives the product and the transaction is committed to the ledger.
Why do we need Hyperledger?
Following are the few points on why do we need:
- To create an open-source distributed ledger frameworks
- To built blockchain shared ledger and technical communities
- To promote our community by utilizing a toolkit approach
- To provide impartial and community driven infrastructure
- To educate people on the blockchain technology market potential.
Example of Hyperledger
Let’s take an example of Tom and Jerry. Tom is the seller who wants to sell his product to his customer Jerry at a very generous discount of 50%. But Tom also sells his products to other markets at the standard rate. Tom wants to keep his and Jerry’s deal private and confidential but on a public blockchain every ledger will be updated about Tom and Jerry’s special deal and confidentiality of the deal become public.
This is where Hyperledger comes into play. On a hyperledger based network the parties directly affiliated with the deal are connected. Only Tom and Jerry get updates about the special deal on the ledger. As a result, the confidentiality of the special deal between Tom and Jerry is kept private and confidential.