Bitcoin, Ethereum, and other blockchain projects with cryptocurrency, because of incentive factors, make participants more closely related to the network, so these blockchain projects will receive more media attention. The non-coin blockchain project obviously does not have such advantages. As the leading Hyperledger project, its development is particularly interesting. So how is its development progress? Romain Tormen, a consultant from PricewaterhouseCoopers, will give the answer in this article.
In the world of blockchain and cryptocurrency, many projects have seen the light, the most famous are Bitcoin and Ethereum, which are promoted by widespread media reports. And there is a project that has achieved great results, but it has not received too much attention from the media. The Hyperledger project launched by the Linux Foundation will try to standardize and democratize the blockchain in the business world. Hyperledger does not allow companies to solve problems on their own, but combines cross-industry knowledge to allow companies to build customized blockchains that can meet specific needs.
Let us take a deeper look at what is Hyperledger.
background
In 2015, the Linux Foundation, a non-profit organization that achieves large-scale innovation through open source, announced cooperation with many industry leaders to promote blockchain technology to achieve enterprise-level transaction goals. Its initial goal was to develop an "open source distributed ledger framework, to build a powerful industry-specific application, platform and hardware system to support commercial-level transactions."
After the project was born, how did it progress?
The first batch of members to join the Hyperledger Alliance are mostly banks, financial service companies or IT companies, but as time goes by, more and more companies have joined the project. As of September 26, the official list shows that there are more than 270 organizations from different fields and regions have joined the Hyperledger project. We can find many well-known giant companies and some startup companies in its list, covering fields from logistics to healthcare, from finance to government organizations. The two largest contributors are IBM and Intel. As of July 2018, Hyperledger has 10 sub-projects involving 3.6 million lines of code, and nearly 28,000 participants have participated in more than 110 related topic gatherings around the world for Hyperledger.
After the launch of the Hyperledger project, Jim Zemlin, executive director of the Linux Foundation, commented: "Distributed ledgers are expected to change all walks of life."
What you have to know is that the Hyperledger project is not a company, it is not a cryptocurrency, and it is not a blockchain. This is a global collaborative effort to open blockchain solutions in a transparent and open manner. The potential for business issues.
Understanding Bitcoin and Ethereum is very easy, because they are very practical, and developers and users have proven their true usefulness, and understanding Hyperledger will be another challenge.
At the beginning of 2016, the Hyperledger Alliance issued a charter, which is a white paper, setting out the rules of the project and the goals it is trying to achieve. Among the four tasks announced, we can see:
1. Create an enterprise-level, open source distributed ledger framework and code base;
2. Promote the participation of key members of the ecosystem;
What does that mean?
What you need to know is that the content behind these languages ​​is: The Linux Foundation, through its Hyperledger project, hopes to create an environment where software developers and company communities meet and coordinate to build a blockchain framework. Therefore, it is an infrastructure where you can find blockchain projects related to various industries. And all related projects are non-currency, industry-level applications. This is a very important point. You will not see any Hyperledger currency, because this project does not intend to issue its own cryptocurrency like Ethereum.
"By not issuing a currency, we avoid many of the political challenges of maintaining a globally consistent currency," said Brian Behlendorf, executive director of Hyperledger.
Therefore, we have a global movement initiated by the Linux Foundation and organized by multiple projects. It is led by celebrities in the world of technology, open source and data with many years of experience, and has received 270 companies dedicated to the development of non-currency Support from companies and organizations for blockchain applications.
Let us delve into these projects.
Hyperledger subproject
Let's start with two already available projects (hyperbook sawtooth (aka Sawtooth Lake) and hyperbook Fabric).
Hyperledger sawtooth is a blockchain mainly developed by Intel. It aims to test the function of a new consensus mechanism called Proof of Elapsed Time (PoeT) and allows enterprises to run distributed systems without a central authority. Ledger.
PoeT is an algorithm that attempts to allocate network mining rights through a fair random system. It aims to eliminate the environmental and energy consumption problems of Bitcoin and other cryptocurrencies using proof-of-work consensus algorithms. This process follows a fair lottery system, rather than rewarding the most powerful nodes. In short, each participating node in the network needs to wait for a randomly selected period of time, and the first node to complete the specified waiting time wins a new block.
In their demo video, Hyperledger demonstrated the potential of Sawtooth in the seafood supply chain. Among them, Sawtooth provided an unalterable record of the source and type of various commodities such as fish. Using sensors that combine the Internet of Things (physically connected devices) and Sawtooth, companies can track the entire process of any fish from the ocean to the dining table.
It is reported that Sawtooth is written in Python and aims to provide a blockchain system that can eventually be applied to the Internet of Things and various financial fields.
The Hyperledger Fabric is a project promoted under the guidance of IBM. What is impressive is that Fabric is the blockchain used by most large companies. In fact, there are restrictions on using the Ethereum platform to build applications. Ethereum has its own protocol, so its flexibility is low. The infrastructure provided by Hyperledger Fabric can build specific blockchain solutions for specific industries.
For beginners, Fabric is not friendly, but it is commendable that Fabric provides design and customization features that can meet precise requirements. As a modular framework, Fabric-based applications can be easily extended to any level. In addition, Fabric intends to provide basic blockchain features such as transparency, decentralization, and security.
In addition to Sawtooth and Fabric, other Hyperledger projects are also worth mentioning.
Hyperledger Burrow is a permissioned smart contract application engine;
Hyperledger Indy is a distributed ledger built for decentralized identity. It provides tools, libraries, and reusable components for creating and using independent digital identities. It does not use a proof-of-work mechanism, and it uses a blockchain-based identity solution.
Hyperledger Iroha is a blockchain framework with simple design and easy integration into infrastructure projects that require distributed ledger technology.
Applications
Let us use the use cases provided in the white paper of Hyperledger to gain insight into the various sub-projects of Hyperledger.
Generally, banks will collect personally identifiable information (PII) of each customer and potential customer in order to assess the relevant risks when inquiring about loans. And this information is a delicious and attractive target for hackers. In addition, loan applicants usually need to share this information with several banks to increase their chances of obtaining loans, but this also increases the chance of misuse of this information. With Hyperledger Indy, applicants only need to share the information needed by the bank to make decisions without placing any personal data. Thanks to a secure blockchain, applicants can confidently disclose assessment information, banks can comply with regulations and rely on this distributed ledger as a source of truth. Most importantly, we can imagine that the Hyperledger Burrow will transform loan applications into smart contracts, attaching identities to loans.
Although most Hyperledger projects are still in the development stage, some companies have begun to use Sawtooth or Fabric as the promoters of their products or services. For example, Everledger, this company will use blockchain technology to track high-value products, and it currently uses the design of Hyperledger Fabric, which allows customers, managers, lawyers, and every intermediary in the diamond supply chain to transparently track diamonds. Record the process. By using digital tracking methods to replace paper-based tracking methods, this can effectively reduce the impact of jewelry fraud.
Everledger is not the only company that sees the potential of the Hyperledger project. Under the leadership of Intel and IBM, their large customer portfolio began to pay attention to the opportunities that private chains can provide.
In any case, the market faced by the Hyperledger project is huge. In this market, the demand for cooperation has never been greater.
With this in mind, Hyperledger announced on October 1 this year that it has established a partnership with its direct competitor, the Ethereum Alliance (EEA). EEA is a global standards organization that promotes enterprise Ethereum solutions. It tries to meet the business needs of various enterprises through a private version of the Ethereum platform. The two major alliance chain organizations are currently associate members of each other and have made common contributions to their development.
In the next few years, the willingness of large-scale cross-industry adoption will result in billions of dollars in economic value that cannot be realized by a single company.
in conclusion
IBM CEO Ginni Rometty declared that “the Internet is to information, and the blockchain is to transactions†(the implication is that the blockchain can make transactions very cheap and easy to verify). For global companies, this is indeed very important.
Regarding blockchain platforms such as Bitcoin and Ethereum, the Linux Foundation also expressed its own views:
1. Bitcoin and Ethereum are difficult to expand, because peer nodes in the network need to find consensus at the same time;
2. Bitcoin and Ethereum do not support private transactions;
Based on this, Hyperledger is trying to find new ways to achieve consensus and establish a private chain to meet business needs.
Finally, whether you are an entrepreneur, project manager, consultant or executive, you must understand which blockchains can meet your needs. Ethereum and other cryptocurrency blockchains are not necessarily the key to solving business problems encountered in the business world. You can also consider using Hyperledger Fabric or Sawtooth, depending on your goals.
Finally, to learn about Brian Behlendorf’s evaluation of blockchain, he said: “Blockchain will change the way business transactions, especially in the fields of finance and healthcare.â€
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