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What is Hyperledger?

What is Hyperledger?
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What is Hyperledger?

Are you willing to create blockchain based mobile apps or web application? Willing to utilize the potential of powerful blockchain technology in your business? Definitely yes! Who hates his business growing at a faster pace! but, what is hyperledger?

But, Which frameworks to use for creating blockchain-based applications for your business? Blockchain technology is in its nascent stage, very few people know about this technology accurately. There are different blockchain frameworks suitable for creating mobile apps or web apps for different kind of industries.   

In this blog, I will tell you about various frameworks of blockchain that can create mobile/web applications for different industries. Let’s start with the definition of the blockchain.


Also Read: Top Mobile App Development Company in India & US for 2019


Hyperledger- A Permissioned Blockchain 

The blockchain is a distributed ledger/database that is shared consensual and synchronized at multiple sites. Cryptocurrencies like Bitcoin and Altcoin are public blockchain networks. In these networks, anyone can create a legal account and can start trading for cryptocurrencies of their choice.

But for industries like healthcare, logistics, finance and shipping, public blockchain networks cannot work. So, in such cases, a framework that creates a permissioned blockchain network, Hyperledger can make blockchain based mobile apps or web apps.  

In other words, Hyperledger is a framework that one can use to create its own personalized blockchain service. Hyperledger network is completely different from the publicly distributed ledger network. This is because public blockchain networks are not suitable for the industry as data is also available to the people who do not really want it.


 

 

In a hyperledger based network, the peers in direct-affiliation with the deal are connected. And only their ledgers get the information about the deal. Third parties that help in performing the transaction only get to know the exact amount of information they require.   


Modular Architecture of Hyperledger

Furthermore, All of this happened just because of Hyperledger’s modular architecture that makes properties such as consensus a plug-and-play feature. Peers of the hyperledger network show the most noticeable changes. These peers are classified into two different runtimes and three different roles.

 

Hyperledger- A permissioned blockchain network

 

Three different roles are committer, endorser, and consenters.

Committer notes down validated transactions that are returned from the consensus mechanism to the respective ledgers.  

Committer nodes can act as Endorsers on networks that have fewer limitations. But, as limitations increase, this condition is completely avoided.

An endorser is responsible for imitating transactions that are specific to their network and avoid non-deterministic and undependable transactions.    

Consenters are accountable for operating the consensus of the network. They operate on an entirely different runtime which is quite different from endorsers and committer that operate on the same run time. These are accountable for validating transactions and deciding to which ledger will the transaction be committed.


  

Hyperledger- An Umbrella Project

There are various projects under Hyperledger. These include:

Hyperledger- A permissioned blockchain network

— Hyperledger Fabric has broad application in supply-chain networks.

— Another one is Hyperledger Sawtooth that tracks the journey of the fishes in the fishing industry.

— Next one is Hyperledger Burrow that has the application of executing Ethereum smart contracts in a Hyperledger network.

— Hyperledger Iroha has its application in the optimization of the mobile application with the help of blockchain.

— And the last one is Hyperledger Indy that acts as a decentralized identity database service for businesses.

Besides, Hyperledger is a permissioned ledger that can create blockchain based apps for industries like healthcare, logistics, medicines, and shipping.

In healthcare, hyperledger network can be quite helpful. For instance, the reports and records of a patient are in the shared ledger of the doctor and his patient.

Other parties like the nurse, laboratory person and guard have required and permissioned information.

Hyperledger network is better here as in case of a public blockchain network, all the information will be updated in the ledger of all of them. Which is of no use as a nurse, guard and lab person should know only what the doctor wants them to know.

Moreover, a guard need not know about which medicines doctor prescribed for a specific patient. So, industries prefer Hyperledger based permission network.


How Hyperlegder Can Help Your Business Grow? 

Hyperledger supports the growth of your business by enabling trust, transparency, and accountability in every transaction within your network. 

Hyperledger Benefits in Finance Industry:

  • Quick settlements
  • Efficient payment processing
  • Better optimization of capital
  • Diminished counterparty prospects
  • Removed Error handling and reconciliation 
  • Improved regulatory reporting

Hyperledger Benefits in Media Industry:

  • Author-managed content rights
  • Diminished promotional fraud
  • Almost real-time allocation of nobility payments
  • Transparent and monetizable C2C and P2P content sharing
  • Reimbursed content subscriptions without national/regional restrictions
  • Improvised anti-piracy and copyright violation measures

Hyperledger Benefits in Healthcare Industry:

  • Trackable drug and medical supply chains
  • Practical Electronic Health Records for patients
  • Easy billing
  • Single and longitudinal patient health records
  • Safe health information exchange between providers, insurers, and payers
  • Smooth claims arbitration

Hyperledger Benefits in Insurance Industry:

  • Decreased turnaround time
  • Better KYC compliance
  • Diminished identity theft prospects
  • Improved fraud prevention
  • Better multi-party contracts
  • Effective risk contract efficiency

Conclusion

As I have explained Hyperledger, I hope you get a clear idea about versatile and trusted Hyperledger after reading this blog.

Moreover, If you want to create a blockchain based mobile/web application, you can hire blockchain developers in order to create applications that can make your business boom with exponential growth.

Also, If you have suggestions or feedback, you can comment me in the comment box.  

 

  

 

  

 

  

            

Varun Bhagat is a technology geek and works with PixelCrayons as a Sr. Technology Consultant. He possesses in-depth knowledge of different web development technology and helps our clients to choose the best technology as per their needs.

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