By
Tolu Ajiboye
April 5th, 2024
The combined effort to advance blockchain technology led to the creation of the Hyperledger Blockchain Project. The project helps many entities worldwide to implement DLTs successfully.
Linux-backed blockchain project Hyperledger confirmed on December 12 that it had added 16 more members. This announcement featured in Basel, Switzerland during the Hyperledger Global Forum. The project is an umbrella that comprises of many blockchain frameworks and tools primarily targeting enterprises.
The Hyperledger Project is a combined effort created to develop blockchain technology. It works by identifying and addressing vital features for a cross-industry open standard for distributed ledgers. The members strive relentlessly to transform the methods business transactions executions globally.
Many entities worldwide have already implemented the distributed ledger technologies (DLTs) developed via Hyperledger successfully.
The New Members
Among the new members are big names such as Alibaba Cloud, financial services firm Citigroup, and Deutsche Telekom. Also, the European blockchain trading platform We.Trade joined the ever-growing list of dedicated members. Hyperledger executive director Brian Behlendorf said:
“The growing Hyperledger community reflects the increasing importance of open source efforts to build enterprise blockchain technologies across industries and markets.”
Since the Hyperledger is an open community, it is open to contributions from other communities. Some of the contributors include government agencies, non-profits, and open source projects. All of them are hhonoredwith the status of open members. The latest members joining the community as associate members include Sun Yat-sun University, and Wall Street Blockchain Alliance.
Business School of Hunan University and Association of Blockchain Developers of Saint Petersburg also feature as recognized associate members. Some of the new entrants had good things to say about the community. The leader of the Innovation Network & Emerging Technology unit at Citi Ventures, Beth Devin, said:
“We believe blockchain has the possibility to drive new forms of efficiency and create new markets, and are happy to join the Hyperledger project to advance our exploration.”
Progress
At the beginning of October, the Enterprise Ethereum Alliance (EEA) and Hyperledger made a joint announcement. They informed the media and the general public that they had become significant associate members in each other’s group. This was market-moving news since the two entities operated as great rivals in the blockchain world previously.
Also in October, Deutsche Bundesbank, the central bank of Germany, joined hands with securities marketplace organizer Deutsche Boerse (DB). They completed the trial of a blockchain solution successfully in the settlements area. The transaction speed and volume of a production system were tested extensively on the Hyperledger Fabric framework and Digital Asset.
At the beginning of December, the Hyperledger Technical Steering Committee authorized the development of the Ursa project. The Ursa modular cryptography software library program primarily aims at avoiding wasted work on duplicate projects. The committee said that the software will:
‘Enhance security by simplifying analysis and making it less likely for less experienced people to create their own less secure implementations.’
They eventually aim at interlinking the entire world to ensure that blockchain becomes applicable in people’s daily lives.