Hyperledger as an alternative blockchain platform: what is the core of Linux Foundation and IBM

Hyperledger as an alternative blockchain platform: what is the core of Linux Foundation and IBM

Hyperledger is one of the global flagship blockchain projects. It can become an alternative of Bitcoin and Ethereum, as well as a developer’s encyclopedia. At least, that’s what project participants, such as IBM, Intel, J.P. Morgan, say.

The core of the project, initiated by Linux Foundation in late 2015, is to allow companies from different spheres to optimize processes with the help of block chain and agree on common standards for its usage.

The platform represents a system of smart contracts allowing companies to work within a single network. The main task is to provide companies with an opportunity to build custom services on the base of distributed ledger.

Authors describe the project as an alternative blockchain system and library of a developer. Under the alternative something different from Bitcoin and Ethereum blockchain is meant.

Hyperledger’s executives state that the project focuses on both –blockchains with access rights, and open source blockchains. These concepts must not conflict, believes the executive director of Hyperledger Project Brian Behlendorf.

Project participants – cryptocurrency and blockchain companies, representatives of IT and consultancy business, mass media, companies specializing in intellectual property protection. The full list of participants would occupy too much space, that’s why we will mention only the major ones: IBM, CISCO, Intel, Red Hat, J.P. Morgan, SWIFT, Blockstream, Bloq, itBit, Ribbit.me, Thomson Reuters.

The main business areas for implementing distributed ledger technology, according to Hyperledger, are banking system, manufacturing, insurance and Internet of Things. As an implementation example we can mention the electronic voting system of bondholders, e-proxy voting, from the National Settlement Depository (the RF).

“By creating a cross-industry open standard for distributed ledgers, virtually any digital exchange with value, such as real estate contracts, energy trades, marriage licenses, can securely and cost-effectively be tracked and traded”, - the press release of the project says.

There are no Ukrainian companies on the list of participants, but there is some great news: this autumn the project will be introduced in Kyiv.

Leading engineer from IBM Karolyna Martsantovych will tell about Hyperledger’s architecture and its key components at Blockchain & Bitcoin Conference Kiev within the section called Pro. Representatives of Ukrainian business in the sphere of IT and finance will learn more about what problems Hyperledger solves and how it differs from Ethereum and Bitcoin.

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