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February 16, 2020 EnHelix Articles and Blogs

WHY HYPERLEDGER BLOCKCHAIN FRAMEWORK IS BETTER FOR ENERGY ENTERPRISE?

As companies around the world seek to find how they can incorporate Blockchain scenarios into their institutions, many studies have been carried out concerning the best framework that can satisfy the needs of big Enterprises in terms of scalability, security, modularity, and analytics.

Over time, we’ve understood that they’re serious debates on this and no final conclusions have been made. But, based on our investigation and conversation with many large enterprises and industrial colleagues, Hyperledger’s frameworks appear to be the best choice for enterprise blockchain use cases as it was designed from ground up for enterprise smart contracts applications. Actually, Hyperledger backs appropriate ledger solutions on permission networks for many enterprises with EnHelix being amongst the first few companies that use Hyperledger to build the first full blockchain network for oil and gas industries.

While Ethereum and Bitcoin cryptocurrencies brought blockchain to the light, this technology has real potential value for enterprises out of the cryptocurrency space. However, many startups began with Ethereum and soon realized that it is not as secure as it seems. As a result of some of these uncertainties, blockchain technology provides features that can lead to business benefits such as higher efficiency, lower costs, and lower risk. This technology really applies strengthened understanding – giving rise to many significant ideas.

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Therefore, what’s Hyperledger?

Hyperledger is an open source framework hosted by the Linux foundation designed to promote cross-industry blockchain technologies. Together with other assistive technologies and systems for “smart contracts”, it can be used to develop a new generation of transactional applications that is based on accountability, transparency, and trust.

As mentioned above, hyperledger blockchain can meet the need for large Enterprises in term of security, scalability, modularity, and analytics. Let’s get down to this.

Hyperledger Blockchain – Security

A wide variety of big enterprises have their processes and data architecture well defined and properly contained. They often get nervous when they hear some of the gaps that have affected public blockchain networks. Hyperledger blockchain is structured for private permission networks, where all members have known identities. With this, they can only access and add to that part of the data they have access to during the business process.

Scalability

Hyperledger framework consists of three important layers

  • Distribute logic processing and agreement
  • Transaction order
  • Transaction commitment and validation

These three layers offer built-in advantages in scalability. Scaling up is often classified into two types (Scaling a single peer and scale the network) which Hyperledger blockchain framework supports more effectively.

Modularity

Hyperledger framework provides a play and plug environment that permits network leads to add their preferred components or desired applications.

Analytics

This simplifies the analytics requirements around blockchain enterprise projects and can work in collaboration with any of the existing analytics tool, thereby, providing much needed analytical support to make a blockchain enterprise project effective.

Think of Hyperledger blockchain framework as an operating system for micro-currencies, data-sharing networks, marketplaces, and decentralized digital communities. It is capable of reducing the complexity and cost of completing tasks in the real world.

Only an open source, combined software development method can guarantee the interoperability, longevity, transparency, and support needed to bring blockchain technologies forward to mainstream commercial adoption. Together with assistive technologies, they can be used to construct a new generation of transactional applications that establish accountability, transparency, and trust at their core.

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