I am writing to you: How Hyperledger Drives the Business Interest of Blockchains

As new blockchain technologies thrive, companies and developers now have as many options as possible to provide solutions for their business needs, and choosing the right solution is as difficult as cracking a maze process. Amazon Web Services, IBM and Oracle and other industry giants have approved Hyperledger as their Blockchain as a Service (BaaS) product, so familiarity with this project is an enlightened move.

I am writing to you: How Hyperledger Drives the Business Interest of Blockchains

Blockchain technology brings together a unique combination of three computer concepts: peer-to-peer networks, public key cryptosystems, and distributed consensus mechanisms.

In many applications, blockchains are distributed across several communities of interest. The first community focused on specific projects such as Bitcoin to provide completely open technology for anyone on the network who wants to test, build and use alternative digital currencies on an open blockchain.

A second community, including decentralized applications (dApps), was built by solidity developers on the Ethereum Virtual Machine (EVM), providing unlicensed technology for developing smart contracts; providing absolute openness and privacy to almost every participant protection. If you want to build a dApp on Ethereum, you need to be proficient in specific skills, such as programming in the Solidity language.

Then, there are the third batch of blockchain innovators trying to overcome the usual problems of unrestricted decentralization. Their goal is to develop a “decentralized bottleneck solution” where business partners will work together to create and communicate trust based on the KYC (know-your-customer) concept. The Linux Foundation's hyperledger belongs to the third community. If you are thinking about building a basic client on the Hyperledger that uses blockchains in real business applications, then your Solidity development skills may be a good start, however, this skill is not enough because of this A platform has its own programming code system called Chaincode.

How Hyperledger creates a business community

Hyperledger has an unprecedented advantage. It is based on the concept of open source coding, where blockchain developers meet industry experts and business customers to build a neutral community. The community discovers and promotes creative results based on distributed ledger technology discussions. Hyperledger's enterprise blockchain infrastructure welcomes three-tiered members who can contribute as much as possible to their will and capabilities, which in turn will benefit from enhancing and strengthening their business with others.

Although it is criticized to set up some small centers on the decentralized digital value exchange (blockchain core), it is not difficult to understand the business logic behind the authorized blockchain or distributed ledger. Using unlicensed distributed ledgers takes longer to develop because they require consensus across all nodes, which means that everyone on the network must confirm the changes to the facts. Imagine a manager who needs to ask all branch managers (or employees) around the world whether they agree to a 10% reduction in transportation subsidies for a branch; how much time is required to confirm this fact in an unlicensed fully distributed ledger Not cost effective.

As a general rule, entrepreneurs use vested interests to build businesses and communities. It is impossible for them to treat everyone on the same level. In addition, the implementation mechanism uses the familiar computer language that most participants in the industry trust, which can be very beneficial while reducing unnecessary work time and costs. The Hyperledger project runs by balancing authorized and unlicensed nodes, and those nodes are selected from the best distributed nodes in the shared network and the worst scalability and anonymous nodes.

Hyperledger: can only be invited, no cryptocurrency

Hyperledger establishes an authorized distributed ledger based on the invitation. In this way, it is not much different from traditional commodity and service trading models, managing identity through previously accumulated credit records.

This reduces the time it takes to complete a transaction because it does not require every node in the network to monitor and confirm changes. Unlike blockchain anonymity and lack of confidentiality, Hyperledger uses a secure modular software architecture. It provides a simple API that companies can transform and use to improve a particular operation. Code modules built on the Hyperledger project are interoperable, unlike the Ethereum code developed on solidity. Perhaps the most striking difference between Hyperledger and Bitcoin and Ethereum is that it does not have cryptocurrency.

What is the process of Hyperledger?

• It uses a consensus-as-a-service mechanism – a key attribute of a distributed ledger system – where most participants in the network need to agree on a set of unchanging factors that were previously agreed upon to form rules and standards.

• There are three types of transactions in the Hyperledger architecture for performing operations: deployment, invocation, and query. Blockchain developers are more interested in understanding the endorsement principles of Hyperledger.

• Transactions must be recognized by nodes in the network. They must confirm the appropriateness of the form of the proposal that has not been used in the past and review the legality of the signature and the proposal agent.

• The transaction will only be executed if the verification process is successful and confirmed by the authorized node.

in conclusion

The key value of Hyperledger is its confidentiality, in other words, sharing transaction information only with participating network participants. However, unlike Ethereum, it lacks the option of using workload proof as a public mechanism and does not have its own cryptocurrency.

While most blockchain developers still face the dilemma of development skills (Hyperledger's Go Chaincode or Ethereum's Solidity development hacks), the Hyperledger project has been put into the hands of several industry players in the financial, healthcare, retail, education and logistics industries. practice. While it is difficult to make a clear judgment about the long-term potential of the technology, it is clearly replacing many of the processes we currently use and challenging our existing business model.

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