Hyperledger: Next Big Thing in Blockchain Ecosystem?
The Blockchain ecosystem has been recently stirred up with the advent of a whole new concept. We are talking about the Hyperledger and how it has affected crypto users. If the general opinion is to be believe, it is exactly the kind of technology central banks should be looking at to replace their ancient payments networks.In real time,Hyperledger is a game-changing idea. The current implementation could be lacking, but we are evaluating the idea itself. Decentralised networks are less fragile, easier and cheaper to setup and maintain and don’t sit as a single point of failure for the whole payments system.To summarise, the benefits of distributed ledger technology go beyond the many features of systems like Bitcoin that make bankers nervous.
Hyperledger abstracts away all powerful properties of Bitcoin:
Bitcoin is an open public decentralized cryptographic ledger tracking a new currency. Hyperledger is purely the ledger, and can be used represent anything – shares, phone units, currency etc.
Whenever you encounter a cool idea with Bitcoin; for example IBM’s plan to combine it with Internet of Things; visualize that Hyperledger will eventually enable that cool idea for fiat money, shares etc.
By un-bundling currency from ledger, it opens the door to all assets and political ideologies. It does not matter if the user is communist, socialist or libertarian, Hyperledger is pure technology.
Hyperledger is designed to be fast and scalable
Why does it matter?
Look at Overstock’s plan to make a decentralized stock market called Medici. Building on top of Counterparty, each trade will have a latency of minimum 10 minutes. This is directly as a result of Bitcoin block time. It is good enough for some use cases, but there are drawbacks. Trades with high latency make market making and price discovery inefficient.
Enter Hyperledger. Can one build a decentralized exchange protocol with it? Theoretically, yes. Although the exact plan is far from sight as yet, but a fast decentralized stock exchange will find a market.
There are multiple similar applications that are hard with Bitcoin due to speed. These are an open niche for Hyperledger to occupy.