Hyperledger-Blockchain Technologies: Overview

The major periods in world history, it includes broad global eras, such as the Stone Age, Bronze Age, Iron Age and Golden Age. Then what’s next? ~ Ladies and gentlemen welcome to the Crypto Era!

In this article, I want to explain what is the hyperledger fabric platform: benefits and examples.

Hyperledger Fabric is the best framework for developing applications and specialized blockchain-based business solutions. Blockchain technology is used not only in cryptocurrency networks, it is a whole decentralized ecosystem. The practical application of blockchain technology in business can reduce the cost and time to solve many of the problems associated with the integration and automation of processes. With the choice of a revolutionary technology, you take on a huge responsibility for choosing the structure on which you will create your blockchain project. Blockchain technology is radically transforming modern concepts of various industries of our life. One of the most popular options when developing a blockchain project is Hyperledger Fabric. Hyperledger Fabric is the best framework for developing applications and specialized blockchain-based business solutions.

While researching the Hyperledger blockchain and integrating them into software products, I have realized several basic solutions:

• Confirmation of Decision (Proof of Decision) — You can configure the system so that decision makers have to confirm certain actions. At the same time, you can make sure that everything you need is available to launch and if something is missing, do not sign.
• Data security (Information Security) — Blockchain allows you to create a document filing system in which all data will be stored.
• Fulfillment of obligations under transactions and transfer of ownership.

Hyperledger is a technology that was created to accelerate blockchain adoption to the next level.

Now let’s take a look at what the Hyperledger platform offers:

• There is no need for mining. Checking nodes independently notify each other about operations, reach consensus and create new blocks.
• Large selection of available programming languages: C ++, JavaScript, Python, Golang, Java.
• Flexible configuration of access rights to the network, the ability to create private systems to obtain access units — outsiders will not be able to receive data from them.
• Confidential transactions are only viewable by selected users who have the required encryption keys.
• Hyperledger allows you to create a private blockchain, not a public network.

Hyperledger can be used to build a general purpose blockchain, while competing project solutions are designed for specific tasks. There the following:

• Ethereum — creating a virtual machine EVM to use smart contracts.
• Ripple is an organization of payment systems.
• R3 CEV — Traditional Transactions and Agreements.

Business experiences: Large companies use Hyperledger successfully in their products.

• Visa payment processor uses Hyperledger Fabric to serve B2B Connect enterprise transactions to prevent fraud and speed up transactions.
• Japanese tech giant Hitachi has unveiled Hyperledger-based payment and coupon activation method. The distributed ledger also verifies such transactions.
• Oracle leverages the power of Hyperledger Fabric’s distributed ledger for supply chain management.
• IBM Watson IoT Service provides developers with the tools to build IoT applications.

The number of projects for medium and small businesses is growing every day and this technology finds its practical application in various fields: economics, logistics, medicine, retail trade and construction.