- First version of production ready blockchain code released by The Hyperledger Project
The code is designed to be strong and secure enough to be used by enterprises for business applications.
As part of an official announcement on Tuesday, July 11, the first bit of blockchain code developed by The Hyperledger Project to be used to build softwares was released to the market.
Led by the Linux Foundation, the group currently has over 120 incredibly prominent members, including the likes of International Business Machines Corp, Cisco Systems Inc, the Bank of England and JPMorgan Chase & Co. According to the group, the first version of the Hyperledger Fabric, which is what the code is known as, is a kind of distributed ledger code developed to be strong and safe enough for enterprises to use to create blockchain-based business applications. The project had over 150 engineers from 29 organizations working on it.
Blockchain initially started as the system on which the cryptocurrency bitcoin was developed, and is a way of maintaining and sharing data within a network of computers which does not need the information to be verified by a third party. Since then, several organisations, including banks, have been heavily investing in the technology to make several operational processes like settling of securities trades cheaper and less complicated.
Several organisations have already entered into mergers and joined industry groups in order to speed up the development of the technology. While some of the largest banks in the world have invested around $100 million in blockchain consortium R3, JPMorgan, Microsoft Corp, Intel Corp, and a number of other companies teamed up to form the Ethereum Enterprise Alliance earlier this year.
However, sceptics are still unsure about the full extent of the benefits of the technology, with blockchain having still not been deployed in a large scale project by any large company. For instance, Hyperledger Fabric isn’t yet capable of handling as many transactions per second as payment networks of major credit card companies, and the technology is still in its early developmental stage.