Blockchain was invented by Satoshi Nakamoto in 2008 to “serve as the public transaction ledger of the Cryptocurrency Bitcoin.” While the Blockchain technology was initially utilized for financial transactions, it is now gaining application across different industries such as finance, insurance and many more.
Blockchain technology was initially utilized for financial transactions, but can be applied to a variety of industries such as e-commerce, healthcare, and supply chain management. A digital ledger, Blockchain is a decentralized currency and payment system in which transactions made in Bitcoin or another Cryptocurrency are recorded chronologically and publicly. Blockchain development solutions are gaining popularity for making secure transactions.
Initially founded by Vitalik Buterin with a goal of building decentralized applications, Ethereum is a decentralized platform that runs smart contracts applications. It is an open platform that effectively utilizes Blockchain technology to facilitate smart contracts and Cryptocurrency trading securely without a third party. The increase in Ethereum blockchain has given rise to the crowdfunding phenomenon like ICO (Initial Coin Offering).
Advantages of Ethereum
Ethereum platform gains benefits from all the properties of the Blockchain technology that it functions on. It is protected to any third-party interventions, which means all the decentralized apps and DAOs deployed within the network cannot be controlled by anyone else.
Decentralized platform: This effectively means there is no possibility of single point of failure and as a result, apps stay online without switching off.
Decentralized nature and cryptographic security: Ethereum network provides protection against possible hacking attacks and fraudulent activities.
Here are some quick features:
- Open for public use
- Multiple language applications such as Python, C++
- Proof-of-work based
- Large digital support community available
Defined as “an open source collaborative effort created to advance cross-industry blockchain technologies”, the Hyperledger model is provides the option to organizations to build and run industry-specific Blockchain apps, platforms, and hardware systems to support their own business transactions.
One of the Hyperledger projects hosted by The Linux Foundation is Hyperledger Fabric which is intended to function as a foundation for developing applications or solutions with a modular architecture. Initially contributed by Digital Asset and IBM, as a result of the first hackathon, Hyperledger Fabric effectively leverages container technology to host smart contracts called “chaincode” that comprise the application logic of the system.
This innovative blockchain framework aims to resolve business problems associated with data privacy, security, and information sharing among others.
Stability and Predictability
Several companies like IBM, Intel and Cisco are backing Hyperledger, making this platform of choice of large enterprise companies. Considering the heavy influence of large companies in the development, this platform provides much needed stability and predictability in the future of Blockchain.
Like Ethereum, Fabric allows for smart contracts, called “chaincode.”
Fabric’s distributed ledger and smart contract platform allows for private channels where in a blockchain network you can share data with certain parties and create a private channel with just those participants.
Considering its modular architecture, this Blockchain framework provides enterprise solutions, allowing plug-and-play components around consensus and membership services. It announced the release of Hyperledger Fabric 1.0 which claims to be production-ready for enterprises.
Openchain is an open source distributed ledger technology highly suitable for organizations seeking to manage digital assets in a robust, secure and scalable way. With customized permissions on various levels, the system is rising in popularity level.
The possible use case scenario includes securities, commodities, as well as currencies like the Dollar or even Bitcoin; Titles of ownership or software licensing; gift cards and loyalty points.
- Smart contract modules
- Unified API
- Multiple levels of control.
- Hierarchical account system allowing setting permissions at any level.
- Multiple Openchain instances replicating from each other.
The blockchain technology is becoming a key element of Enterprise IT & Technology Services offering additional new features, and new releases, while dynamic and growing enterprises are eager to stay ahead of the curve with its disruptive potential.