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Show Source |    | About   «  16.11. Other Cryptocurrencies   ::   Contents   ::   16.13. Permissionless Consensus Algorithms  »

16.12. Permissioned Consensus Algorithms

Permissioned blockchains provide an additional level of security over typical blockchain systems like Bitcoin, as they require an access control layer. These blockchains are favored by individuals who require security, identity, and role definition within the blockchain. This is different than unpermissioned blockchains where any user has the ability to access the blockchain and affect the blockchain. Consensus algorithms prevent malicious actions from taking hold and promote its growth with things such as stake. Hyperledger, a permissioned blockchain design, focuses on permissioned blockchains because internal business use would find access restriction favorable in sharing sensitive data.

16.12.1. What is Hyperledger?

Hyperledger is a permissioned blockchain development hub. The project is an umbrella project of open source blockchains founded in December 2015 by The Linux Foundation. The goal is to promote global collaboration and cross-industry blockchain technologies. Think of it as an operating system for marketplaces, data-sharing networks, micro-currencies, and decentralized digital communities. It has the potential to vastly reduce the cost and complexity of getting things done in the real world.

16.12.2. Hyperledger Design Philosophy

The design philosophy of all hyperledger frameworks is characterized by modularity, interoperability, high security, being cryptocurrency-agnostic, and accessible through APIs.

  • Modularity allows developers to use the combination of different modular components to best satisfy unique problem requirements.

  • Interoperability refers to the end-goal of sharing data between networks to facilitate communication and promote use.

  • High security is necessary to establish trust between business and client.

  • Hyperledger is cryptocurrency-agnostic because Hyperledger exists to create blockchain software for enterprises, not to administer any cryptocurrency. However, the design philosophy includes the capability to create a token used to manage digital objects. APIs ease communication between networks as well as simplify access to distributed ledgers.

16.12.3. The Importance of Hyperledger

Hyperledger follows a community model where frameworks can build off of the foundational implementation of a permissioned blockchain developed by the open source community. In a new industry like blockchain, contributing developers are better off developing in parallel so that progression is faster given that efforts are not duplicated. In unison with leaders of finance, banking, IoT, supply chain, manufacturing and technology, frameworks off the umbrella aim to heavily advance the introduction and use of distributed ledgers in global business.

The most valuable role the Hyperledger Project can play is to serve as a trusted source of innovative, quality-driven open source software development community, creating modular, open source components and platforms. The optimal focus of Hyperledger is to advance industry goals of distributed ledger and smart contracts.

“Hyperledger will forge a brand that will be seen widely to reflect the accepted default “safe” deployment platform for enterprise teams, and be seen as a great home for active collaboration around new technologies, only then our mission will be accomplished.”

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