The international Project Hyperledger is powered by the Linux Foundation. Its main goal is the development of the open distributed ledger technology. This will allow companies operating in various fields create specific systems, platforms and applications necessary for implementation and control of various working operations. The project involves many participants from different areas of society. Its founders did seek to set the principles of blockchain technologies in b2b and b2c relationships. For this purpose, all transactions should be open-source reflected.
6 advantages of the implementation of technology:
- applicability in various fields with specific requirements
- easing maintaining business processes in compliance with the effective legislation
- supporting face recognition feature as well as various privacy-related transactions
- ensuring support of general ledgers and controlled ledgers
- facilitating support of productivity, uniqueness, scaling, privacy, safety
- reduction of the quantity of expensive calculating operations
The project was started in 2015 and is an open-source platform. Its activity is based on non-commercial principles with the goal of fostering cross-industry blockchain technology.
As expected by its creators, Hyperledger can take business transactions to an entirely new level. This includes major global processes as well. Today you can see the biggest representatives of financial market and IT industry on the list of the project participants.
It was the financial field that was the first to employ innovations and test all the advantages of the technology in its activity. It is first of all down to the fact that financial industry is the one in the greatest need of the effective support of database used by a large number of system participants. Creating one chain integrating all parts of a certain financial structure ensures streamlining all processes and enhancing their safety. Besides, applying blockchain principles facilitates higher transparency of conducting any transaction.
According to the founders of Hyperledger, this technology can be employed in virtually any field. For example, the employment of technology in healthcare can facilitate enhancing the use of patients’ personal data and speeding up processing medical records. Protected open-source system can be crucial in enhancing streamlining personal data processing.
Blockchain technology and open ledger technologies have huge potential for taking virtually any industry to a whole new level. The advancement and expansion of technology can be likened to the process of mobile network expansion in developing countries.
Considering that any large industry always tallies a lot of participants that need a shared ledger for a shared control of all the peers’ activity, the prospects of the technology are really vast.
Hyperledger Technology Development
Hyperledger project participants are the bigness of the global scientific research. Basically, this project is unparalleled in terms of the speed of global giants teaming up for the advancement of new technology. All this speaks for the huge potentiality of the project. With globally renowned companies getting into the game, it can be said that the question of development of blockchain technologies is taken up for the long haul.
Consolidation of leading companies from various industries will facilitate successful mainstreaming of the technology. Apart from this and other advantages, combined efforts and resources can uplevel protection and scaling.
Among the participants of the project, IT professionals are in the majority. This is due to the fact that this field is more open to innovations and abundant in startups that get support which will influence the development and implementation of blockchain technologies.
Today, creating universal solutions and standardizing technical concept which can become the blueprint for creating a wide variety of software products are top priority. Hyperledger strives to embrace a maximum number of industries where blockchain technology can be leveraged.