Hyperledger is an open-source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration with leaders in finance, banking, the Internet of Things, supply chains, manufacturing, and technology who are looking for ways to improve transactional transparency while maintaining confidentiality and security.
What does this mean for your business? Well, for starters, Hyperledger provides a foundation for building applications that can be used to improve everything from finance to supply chains to healthcare records management.
If your company wants a more efficient way to send payments or process transactions while ensuring privacy, you should opt for Hyperledger.
This blog post sheds light on various frameworks of blockchain that can create mobile/web applications for different industries. Let’s start with the definition of blockchain.
Table of Contents
Hyperledger- A Permissioned Blockchain
The blockchain is a distributed ledger/database that is shared consensually and synchronized at multiple sites. Cryptocurrencies like Bitcoin and Altcoin are public blockchain networks. In these networks, anyone can create a legal account and start trading for their chosen cryptocurrencies.
But for industries like healthcare, logistics, finance, and shipping, public blockchain networks cannot work. So, in such cases, Hyperledger, a framework that creates a permissioned blockchain network, can be used to create 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. It is a global collaboration hosted by The Linux Foundation, including leaders in finance, banking, the Internet of Things, supply chains, manufacturing, and technology.
Hyperledger network is completely different from publicly distributed ledger network because public blockchain networks are not suitable for the industry as data is also available to people who do not really want it. It was created to address the need for speed, scalability, and confidentiality required by enterprise applications.
In a hyperledger-based network, the peers indirect affiliation with the deal is 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
The modular architecture of HyperLedger makes it flexible enough to meet the needs of different sectors, such as finance and transportation, making it easier for businesses to build interoperable applications with different blockchain technologies.
Peers of the hyperledger network show the most noticeable changes. These peers are classified into two different runtimes and three different roles.
Three different roles are committer, endorser, and consenter
Committer notes 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 avoiding 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 committers that operate on the same run time. These are accountable for validating transactions and deciding to which ledger the transaction will be committed.
Also Read: Blockchain Trends 2024: In-Depth Industry & Ecosystem Analysis
Hyperledger- An Umbrella Project
There are various projects under Hyperledger. These include:
— The Hyperledger Fabric is a permissioned blockchain framework for developing enterprise-grade distributed ledgers. It simplifies the development process of creating blockchains with features like automatic peer discovery, pluggable consensus mechanisms, and pre-configured network components.
— Sawtooth is a modular platform for building, deploying, and running distributed ledgers. It includes everything necessary to construct private blockchains with the same features as public blockchains.
— Next one is Hyperledger Burrow, which 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.
— Hyperledger Indy is designed to make it easier for developers to create decentralized peer-to-peer applications.
Besides, Hyperledger is a permissioned ledger that can create blockchain-based apps for industries like healthcare, logistics, medicines, and shipping.
In a healthcare context, the blockchain can help with everything from managing patient records to billing and payments. For example, if a particular treatment plan is not working as it should, it would send an alert that something needs to change before things get worse. The blockchain would then automatically alter treatments accordingly so that patients get instant medical care while hospitals save money.
Hyperledger could also be used in conjunction with AI to detect anomalies in treatment plans.
To get access to the information, permission is required by other parties, such as the nurse, laboratory person, and guard.
A Hyperledger network is better here as in the case of a public blockchain network; all the information will be updated in the ledger of all of them.
Also, you will be able to share patient information with other doctors who need access to it while maintaining the privacy of the data, reducing costs, and improving efficiency. Therefore, the healthcare industry prefers Hyperledger-based permission networks.
How Can Hyperlegder Help Your Business Grow?
Hyperledger supports the growth of your business by enabling trust, transparency, and accountability in every transaction within your network. No matter what kind of business you’re in, here’s how Hyperledger can help you grow.
Hyperledger Benefits in Finance Industry
- Quick settlements
- Efficient payment processing
- Data management and security
- 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
- Maintains transparency
- Single and longitudinal patient health records
- Better interoperability between providers and insurers.
- Smooth claims arbitration
- Reduced costs for processing transactions
Hyperledger Benefits in Insurance Industry
- Decreased turnaround time
- Better KYC compliance
- Diminished identity theft prospects
- Improved fraud prevention
- Reduced operational costs
- Peer-to-peer transactions
- Better multi-party contracts
- Effective risk contract efficiency
Conclusion
We hope you have a clear idea about Hyperledger technology and its application after reading this article.
Moreover, If you want to create a blockchain-based mobile/web application, you can hire hyperledger developers to create applications that can make your business boom with exponential growth.
Also, If you have suggestions or feedback, you can drop a comment in the comment box.
