Hyperledger and its use case
What is Hyperledger?
Hyperledger is a Distributed Ledger Technology-based open-source technology intending to support enterprise Blockchain development. Hyperledger is a collective effort initiated to accelerate the development of cross-industry open-source Blockchain technologies.
The Linux Foundation hosts Hyperledger, which comprises many leaders in banking, finance, the Web of Things, supply chains, production, and Technology. Hyperledger doesn’t have any sort of cryptocurrency like blockchain platforms and neither they intend to have any plans of having a native cryptocurrency in the future.
Hyperledger works on the policy of encouraging a more collaborative approach to developing various blockchain technologies as part of the Hyperledger network. Rather than focusing on just a single standard platform and due to this, there are multiple projects of Hyperledger each having certain functionality.
Hyperledger Fabric is thought to be the main base for which Hyperledger is known for developing solutions or applications with a modular architecture. The Fabric allows elements, such as consensus and membership service providers, to be plug-and-play compatible. Due to its modular and flexible design, Fabric caters to a wide range of business use cases. Hyperledger Fabric is known for offering an exceptional way of consensus that permits functionality at scale while maintaining privacy.
Features that make Hyperledger a popular technology
- The preferred platform for B2B businesses
- Confidential transactions
- Private and Permissioned Network
- Pluggable Consensus Algorithm
- Chaincode is written in Golang
- No built-in cryptocurrency
Top use cases of Hyperledger in 2023
Healthcare is one of those sectors where Hyperledger is used by utilizing its DLT network to streamline various things. DLD along with blockchain can work wonders for the healthcare industry, as drug manufacturers are expected to supply goods according to set standards in the supply chain, and the information is shared among the stakeholders. This lets them see and track its every move while removing the issue of counterfeit drugs.
Supply chain management
The supply chain serves as the core backbone of our global economy and enterprises worldwide would be at losses without a proper supply mechanism. The existing supply chain needs to be revamped as the e-commerce industry which greatly depends upon logistics and supply chain is growing at a rapid pace at around 246.15%. The real-time tracking and transparency of the supply chain can be ensured by the integration of blockchain technology.
Currently, IBM has been utilizing Hyperledger Fabric to develop a platform that can be used by different food vendors across the world. The project is about tracking food items from their origin to 25 suppliers across the world, and further, it would lead more retailers to collaborate with it.
The energy sector is yet another place where Hyperledger blockchain solution is making inroads, as in 2017 itself IBM decided to create a smart energy utility management project. Under the project, IBM collaborated with Vandebron, Sonnen, and TenneT for the creation of a database to help manage the electricity grid in Germany and the Netherlands. This mechanism works to address the deficiencies of a certain area and helps provide them with much-needed energy.
Apart from conventional energy needs, this project also intends to fulfill energy requirements like batteries, and eclectic cars, and improve the overall energy development and consumption process of energy.
Trade and Finance
A Hyperledger ecosystem can offer a lot of advantages to the trade and finance sector, as it can reduce the processing time for institutions. Recently, IBM has partnered with Japan’s Mizuho Financial Group and Mizuho Bank to develop a platform to empower different financial entities and remove intermediaries whenever necessary. This would lead to more transparency, less deal processing time, document digitization and reduce operating costs.
Currently, the insurance process deals with lots of paper works and manual roles, which makes reimbursement a very slow and tedious process. Hyperledger can completely revamp the insurance sector by maintaining a ledger and automating the insurance claim processes, which will in turn also put curbs on the rising number of insurance fraud and scams apart from speeding up the claims process. Blockchain technology is already doing some of the great initiatives in the insurance sector and Hyperledger development will only simplify them.
Hyperledger already has an impressive collection of over a hundred members working in the same tandem with its implementation across different industries. Although the Hyperledger Fabric is the most important framework and is widely used by large and medium-sized businesses but other frameworks too are revolutionizing networks, as quoted by a Hyperledger developer at Rejolut.
The popularity of Hyperledger can be gauged from the fact that many well knows business leaders from around the globe have vouched for it due to its unmatched adaptability, scalability, and strength.