All of us have, at some point in our lives, heard the word ‘databases.’ Digital databases started to gain popularity among businesses and society in general after the computer revolution in the 1950s. As companies demanded more speed and power, technology started evolving and gave birth to distributed databases. A distributed database helps enhance productivity to a large extent.
Enterprise Blockchain – An Introduction
Blockchain has emerged as a relatively new way to solve these problems and create a system which is extremely safe and secure. It is radically transforming the operating models of industries. Blockchain is the new form of a database which is now being used by businesses to protect privacy. So, a decentralized permissioned blockchain came as the perfect solution. An enterprise blockchain is specially equipped to deal with enterprise-level organizational demands. It is a blockchain network which can be integrated and utilized by businesses to boost their impact on consumers.
One such open-source, collaborative effort regarded as the ‘gold standard for corporate blockchain projects’ is the Hyperledger.
Hyperledger- The De-Facto Standard For Enterprises
Hyperledger, an umbrella project hosted by the Linux Foundation, offers a wide range of toolsets and frameworks for developers and businesses. It is a permissioned distributed ledger platform offering versatility and modularity for enterprises through the open governance that it offers. It attempts to transform the manner in which business transactions are conducted at a global level. It aims to enhance productivity, streamline new projects, ensure better quality output by eliminating bugs, and efficiently handle intellectual property.
Enterprises today are using the hyperledger blockchain to boost market share, gain a competitive advantage, and reduce risk of operations. They are looking to work on strategic projects that help solve specific industry-oriented issues.
Hyperledger is based on the belief that blockchain is the perfect open-source platform as it solves trust issues. It ensures a direct approach through peer-to-peer transmission and decentralization. Its extreme security, interoperable nature, modular design, high-end API (Application Programming Interface) support and cryptocurrency-agnostic design architecture are the core reasons for its use across numerous industry verticals such as banking, healthcare, government, supply chain management, media, entertainment, and information technology.
Let’s Now Understand The Benefits Of Hyper Ledger For Enterprise Blockchain.
1. Productivity Enhancement
Hyperledger uses the technique of division of labor to boost project development. It figures out everyone’s strong suits and depending on that, it enables people to work in specific fields. This way, overall productivity skyrockets, and people will excel in whatever they do. It provides more expertise and solid productivity. It eliminates competition among people as each person will be engaged with working on their individual areas.
2. Handling Of Intellectual Property
Hyperledger works as a blockchain greenhouse by bringing together vendors, developers, and users from across the globe under a single platform. They operate on the common goal of learning about blockchain and developing enterprise solutions with it. The greenhouse architecture helps ensure consistent care of the intellectual property. It uses the Creative Commons Attribution 4.0 International license and Apache 2.0 license of code which safeguard intellectual property. It gets rid of the complex nature of contractual agreements, as the legal issues are taken care of.
3. Data On A Need-To-Know Basis
Privacy of data elements can be achieved through data partitioning on the blockchain. It offers physical separation of sensitive data. Channels supported by hyperledger allow distribution of data only to parties that have the need to know. For example, there are cases where financial entities have expressed concern over competitors being able to view even the exact number of transactions that were processed. This eliminates the risk of cryptography breaks which could allow private information to become public.
4. Rich Querying Capability
Each and every update on the distributed ledger has a set of asset key-value pairs associated with it. The file system of hyperledger fabric incorporates LevelDB. It is suitable for query functions. It comprises of a key-value database. CouchDB is also available. It is a document database which stores content as JSON. This enables easy querying on the database. Its data model is compatible with the current key/value programming model. It simplifies the work of producing reports and audit functions. For example, in a supply chain scenario, the JSON document style can be used to outline data specific to goods and transportation entities. One can easily produce asset reports to track the asset’s locations until the asset is delivered to its final destination.
5. Performance, Scalability, And Levels Of Trust
Hyperledger is built on a modular architecture which divides transaction processing into three phases namely distributed knowledge processing and agreement, transaction validation and commitment, and transaction ordering. This decreases the need for verification and enhances trust, thus optimizing network scalability and performance. Only signature read-write sets traverse the network. This helps maintain confidentiality as the transactions can be viewed only by the endorsers and peers committing the transactions.
Currently, more than 260 businesses are working with hyperledger enterprise blockchain. Hyperledger strives to provide a secure, private, and trustworthy environment for enterprises as they deal with massive amounts of data. It aims to promote partnerships through interoperable frameworks. This will pave the way for the blockchain system to attain the peak of its glory. With 10 active working groups, 12 projects, and more than 110 meetups worldwide with more than 28000 participants, the hyper ledger is certainly here to stay.