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Hyperledger is a name that not many blockchain enthusiasts are familiar with. In 2015, the Linux Foundation developed this open-source architecture so that a wide variety of industrial and enterprise-grade applications, records and industry solutions can be built on it.
Enterprise blockchain development can be assuredly designed now thanks to Hyperledger’s resilient and flexible structure. It exists to make blockchain user-friendly for business use. However, it is more than that. So, is Hyperledger the blockchain technology of choice for the future?
Launched in 2016, the design philosophy of all Hyperledger’s multi-project technologies are modular, highly secure, interoperable, cryptocurrency-agnostic and complete with APIs. In Forbes 2019’s inaugural Blockchain 50 list, half of the listed companies are using Hyperledger.
Hyperledger Fabric (HLF), one of its best known products, is considered the industry standard for enterprise blockchain. HLF is an enterprise-grade, distributed ledger technology (DLT) solution on permissioned networks that offers modularity and versatility for a wide range of industries.
In Hyperledger, a blockchain network is comprised primarily of a set of peer nodes. These peer nodes or peers, are fundamental to the network because they host ledgers and smart contracts – and the ledger is a key concept in HLF as it is the actual ‘blockchain’.
Hyperledger’s modular architecture maximises the confidentiality, resilience, and flexibility of blockchain solutions. ‘Modular’ here means the system’s ability to be customised, broken down into components which can be separated and recombined, making it extremely versatile.
A modular blockchain framework acts as a foundation for developing blockchain-based products and applications using plug-and-play components. It is therefore very ideal for the private sector, created to advance cross-industry blockchain technologies.
Modular brings scalability. It is not constrained by having to handle all functions, and can be realised without sacrificing security or decentralisation. Modularity enables the separation of resources, more specialisation and better efficiency which will allow for sustainable blockchain scalability.
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