The way business is being done around the world will likely change for the better with the implementation of Hyperledger, a blockchain technology project which was initiated in December, 2015 backed by the Linux foundation in collaboration with 55 other companies.
Hyperledger is an open source collaborative effort of global leaders across industries such as finance, healthcare, internet of things, supply chains, manufacturing and technology to advance cross-industry blockchain technologies. One of the major aim of this project is to advance blockchain technology for recording and verifying business transactions with the intent to create industry standards in the industries involved.
This means that Hyperledger is an open source platform that will be used to get collaborative effort from different industries using blockchain technology to advance the ways by which businesses record and verify their transactions with the industries standards not being compromised.
Blockchain, which is known to be a peer to peer distributed ledger, together with the hyperledger project will see different applications springing up to make business transactions in industries other than finance to be fast and accurate, just as the transfer of Bitcoin which is also backed by this same blockchain technology.
With the Hyperledger project, there will be no need for the numerous middlemen being active in various industries, which will in turn eliminate expenditures incurred by dealing with middlemen in business transactions.
Currently, there are four projects in incubator under the Hyperledger known as the Blockchain Explorer, Hyperledger Fabric, Hyperledger Iroha and the Sawtooth Lake. All these project are required to bring in different solutions but to make business transactions across industries to be trustless, fast and accurate, which is why contributions to the making of these Hyperledger projects are invited from all corners of the world.
Following the blockchain technology by its tail into fulfillment, we can see that the financial industry is joyous during the past year till date, due to the advantages of streamlining operations and constraint thereby reducing cost and stress in the long run. The Hyperledger, combined with blockchain technology will likely go this direction in other industries, by streamlining operations and constraints which are very present in these industries.
Trustworthiness is one factor that currently determines if a business transaction will take place or not, especially international trade, when there is no trust, there is no business, due to this factor, middlemen had to come in and this made for an increase in expenses. Hperledger, with the aid of blockchain technology, tends to solve the issue of mistrust in business transactions, not only on finance but in other industries, creating a “trustless” system where all the actors in an agreement do not need to be relied on to do their part as it is automated.
This is because, anyone who wants to do business, using any of the Hyperledger applications, will be indirectly connected to the blockchain network and all transactions will be open to everyone on the network, so there cannot be any form of denial for payment of services or delivery. Although, there may be some limitation in this aspect, but it will go a long way in building trust in business transactions.
But critically looking at the Hyperledger blockchain project, one can say that it is capable of causing global mass unemployment due to the applications on the blockchain network that will perform tasks such as record keeping and others that will definitely reduce cost.
From another perspective, the hyperledger blockchain project tends to present so many opportunities to smart individuals in the nearest future to offer value such as electricity (green and solar energy), real estate and housing , e.t.c This will be easily carried out due to the fast, accurate and trustworthiness in business transactions that the Hyperledger blockchain project tend to exhibit through the blockchain network.
Reference – Hyperledger, https://www.hyperledger.org/about