- January 9, 2020
Unveiling The All-in-One Blockchain Solution Center
It’s been almost 12 years since Blockchain made its debut and has been growing tremendously ever since. The last decade, however, has been dubious regarding its adoption but as we enter 2020 we can be sure that Blockchain will continue to grow even further. In my previous blog, I mentioned some of the Blockchain use-cases all over the world which are adequate to confirm that Blockchain is going to become an essential part of businesses across all domains.
While blockchain is gaining traction, frameworks and platforms leveraging the concept of Blockchain are evolving constantly to equip us with the best features.
One major player in this revolution is Linux foundation’s Hyperledger.
Ever since the year 2000 when it was founded, the Linux Foundation has blessed us with numerous projects and has now entered the Blockchain domain with Hyperledger. So the question arises,
What is Hyperledger?
On its official website Hyperledger explains:
Hyperledger is an open-source collaborative effort created to advance cross-industry blockchain technologies.
Simply put, it is a hub for open industrial blockchain development comprising of different projects, libraries and tools. Due to the open industrial development, major IT players have collaborated with the Linux Foundation and developed top-notch business blockchain solutions via community process encouraging a collaborative approach, with intellectual property rights.
There are currently 6 Hyperledger projects and I am going to elaborate each one in succession.
- Hyperledger Fabric
People who say Distributed ledgers are too transparent please meet Hyperledger Fabric, Private and Permissioned Blockchain system. It offers a blend of trust, flexibility and transparency. Trust through a membership service provider(MSP) which governs the enrollment of new members to the network, flexibility through a pluggable consensus structure as well as different MSP options and transparency through the core Blockchain architecture.
Hosted by the Linux Foundation it is a collaborative cross-industry venture of IBM and digital asset.
To Understand it further, let’s go back a few years. Imagine you are taking admission in a school. You will be given an admission number after your enrollment through which you become a part of that school. After that, you are assigned a roll number to associate you with a particular class and section.
This classroom is a channel in Fabric and School is the Fabric network. With pluggable components, we can configure the affiliation of the school, the age barriers, the class size and all the other possible factors and thus Fabric gives us the liberty to modify the channel according to our business logic due to which it becomes an ideal solution for diversified blockchain adoption.
2. Hyperledger Sawtooth
With parallel execution of transactions, high scalability and modular architecture, Sawtooth is the choice for production supply chains. To the developers, it gives the liberty to code in a language they are comfortable with.
Additionally, the concept of transaction families also aids to sawtooth’s growing popularity. With a custom transaction family for each application, we can separate the application level from the core level meaning you can apply all the logic you want, use it in whichever way you want but the underlying blockchain core will remain untouched.
3. Hyperledger Indy
Proving your identity has never been easy let alone keeping it safe. We have all lost some kind of identification once in our life and then went through a sluggish process to get it reissued or remade. Don’t get me started on Identity fraud! What’s the point of so much advancement if we can’t even prove who we are without these proofs. Well, Hyperledger Indy is here to solve just that. Decentralized Identity on Hyperledger Indy lets us store our identity digitally without being void of security. With tools and libraries provided in Indy, we can create identity solutions that are inter-operable across jurisdictions and agencies and hence this can be used as a single system of identification to ease up the processes such as health care, insurance etc.
On the ledger, the identity name is converted into a unique identity key called DID (decentralized identifiers). Different individual or organization can communicate with each other using these DIDs.
It has 3 components:
a. Indy Node : Provides a self-sovereign identity ecosystem
b. Indy Agent: Controlling identities and creating connection across industries.
c. Indy Ledger: Python-based ledger to store the required data.
4. Hyperledger Iroha
The official documentation elaborates Iroha quite nicely,
“Hyperledger Iroha is designed to be simple and easy to incorporate into infrastructural or IoT projects requiring distributed ledger technology. Hyperledger Iroha features a simple construction, modular, domain-driven C++ design, emphasis on client application development and a new, crash fault tolerant consensus algorithm, called YAC.”
Initially contributed by Soramitsut, it provides role-based access control for asset and identity management. Hyperledger Iroha allows users to use prebuilt functions for common purposes, such as creating and transferring digital assets. The YAC consensus adds uniqueness to Iroha as it finalizes transactions with low latency resulting in high-performance. Moreover, Iroha is the only ledger granting permission on all commands making it a sturdy network.
5. Hyperledger Burrow
Smart contracts have gained almost equal traction with blockchain. They aim to negate the need for paper-based or verbal contracts with digital contracts together with the decentralized secure system provided by Blockchain.
Burrow was originally designed by Monax and has been co-sponsored by Intel. It aims to execute such smart contracts in a secure way. It expects to support smart contract life-cycle management, identity management, inter-blockchain communication and much more.
The consensus engine, the permission Ethereum virtual machine and the RPC gateway are the three components of Burrow enabling it to execute smart contracts hence we can say that Burrow acts as a smart contract processing engine.
6. Hyperledger Besu
Formerly known as Pantheon and initiated by ConsenSys, Besu has joined the Hyperledger projects and is the first one with functionalities involving public Blockchain. It works as an Ethereum client and facilitates us in dapp and smart contract development as well as ether mining. Besu implements Proof of Work and Proof of Authority consensus mechanisms. It can be run on Ethereum public network, private permissioned networks and test networks such as Rinkeby and lets us create enterprise applications embedded with high security and processing power.
These projects are the major league players however there are some exceptionally innovative libraries, tools and domain-specific solutions which are a part of the Hyperledger league and a contributor to it’s increasing popularity. You can learn more about them here. 2019 has seen many PoCs in Hyperledger shift to development phase and 2020 will probably see them launch into production.
We at Webmob Software Solutions are keeping constant tabs on these projects to determine which Blockchain platform prevails in the industry. Being a part of the R&D team at Webmob I also enjoy the liberty to explore the latest Blockchain trends and assert their suitability for specific business needs as well as illustrate them in an uncomplicated way.
That’s all from my side. I would love to hear your views on Hyperledger and Blockchain in general , in the comment section.
Don’t forget to clap.
See you next time and I wish a very happy new year to you and your family.