Talking about Hyperledger Fabric, it came up in the year 2015. Hyperledger was built by Linux Foundation along with the involvement of IBM. It is often referred to as the backbone of many blockchain enterprise systems. The aim of creating Hyperledger was to increase efficiency among multiple businesses. It consists of several strategies such as the umbrella strategy, with the help of which, promotion of several blockchain technologies along with other frameworks, libraries and applications can be done as well.
Advantages and business use cases of Hyperledger Fabric
Hyperledger has several advantages such as permissioned membership, performance and security of data. Let’s run through business use cases of hyperledger fabric.
Below mentioned are some of the important use cases For Pharmaceuticals. In April 2017, IBM announced that a number of new blockchain enterprise system will be built on Hyperledger Fabric. For pharmaceuticals, partnership was done with Chinese conglomerate Sichuan Heija. Security of the finance is quite difficult for the small and middle-sized retailers as the credit system is not much developed. Also, credit evaluation is not established. The payments are often late around 60-90 days after the pharmaceuticals have been delivered.
However, with the help of Hyperledger tracking of drugs can be done easily that too all the way through the supply chain thereby encrypting trading records. With this, the payment period will be reduced and also the credit risk will be lowered too.
A platform was created for trade financing in the same month of April 2017, with partnership of IBM and Japan’s Mizuho Financial Group and Mizuho bank. With the help of this, there was a reduction in the time of deal processing from a couple of days to a couple of hours. Over and above, there was a noticeable reduction in cost of labour. Further, it provided more transparency to the process.
Education and Training
For the improvement of education for the students in t in April 2017, IBM partnered with National University of Singapore for the development of the module on financial technology. It was implemented in the year 2018. And, the main aim of the module is to make students know the technologies behind the distributed ledgers and various cases where they are used.
Smart Energy Management
This project was announced in May 2017 along with the partnership of IBM with Tenne T, Sonnen and Vandebron. Here, a database is being developed to manage the electricity grid in Germany and Netherlands. With the help of this, the areas that are lacking in electricity will be identified. Also, with the help of other electric resources the power gap will be filled. The sources include electric cars, batteries etc.
In the past years, global commerce has shown exponential growth with around 246.15% increase. By 2021 it is expected that it will reach $4.5 trillion. In December 2017 IBM partnered with Walmart to track food staples from supplier to shelf. The supply chain is quite larger. And, due to this technology only, the proper supply is being made. Due to this more retailers are wishing to collaborate and are showing interest in Hyperledger.
Hyperledger is not just only about blockchain, it goes far beyond that, extending in both business and manufacturing worlds.
The main purpose of hyperledger fabric is for high-scaling business applications, creating and delivering structured solutions for enhancing and making the most effective use of existing processes, as well as establishing new ones. Research has proven it to be a secure blockchain enterprise network with huge potential, where every business can benefit from.