The size of the global blockchain technology market is assumed reach $ 72 billion over the next five years. To ensure this growth, blockchain solution providers must continue to make progress and innovate.
For example, the use of blockchain for public companies has become a continuing trend this year, as companies like ConsenSys are striving for. encourage adoption for open networks without authorization. On the other hand, it is important to emphasize that private blockchains are still used by businesses and will continue to be used as innovation continues.
Advances in open blockchain networks with authorization
The latest computer giant IBM announced that it has much of its open source Hyperledger Fabric code to help increase acceptance for enterprise blockchain use cases.
Kareem Yusuf, general manager of AI and blockchain applications at IBM, told Cointelegraph that it was one of IBM’s biggest contributions to open-source code. He further noted that the company is unveiling a new offer of Hyperledger Fabric support along with donating code that supports token exchange in the Hyperledger Fabric, known as the Fabric Token SDK. Yusuf said:
“Our intent is to ensure that we have a vibrant and active Hyperledger community.” To support this, we have announced two key steps. One is donating our management console code capabilities that were on our IBM Blockchain Platform to the world of Hyperledger Labs. Another is to make the support offer available to those who want to use Hyperledger Fabric with full product support from IBM. “
According to Yusuf, a significant contribution from IBM from IBM will make it easier for Hyperledger users to use Fabric, which is distributed platform business platform which suits different uses in the company. The IBM blockchain platform is powered by Hyperledger Fabric technology.
It is also worth noting that Hyperledger was launched in 2015 by the Linux Foundation in an effort to open-source the development of advanced blockchain technologies across industries. Hyperledger hosts a number of corporate blockchain projects, such as Fabric.
Brian Behlendorf, CEO of Hyperledger, told Cointelegraph that the new IBM contributions will specifically make it easier for any developer to build and manage a Fabric blockchain network. He further noted that these new efforts are organized as “Laboratories”, which are separate projects from Fabric but are used to build on the Fabric framework.
For example, Behlendorf pointed out that Fabric’s “Token SDK” would help formalize a token management approach over Fabric. It was always possible to build chips on Hyperledger because Metacoin (MTC) was the first cryptocurrency built on Hyperledger to reach mainnet status in 2018. Although a feature offered to developers, Behlendorf noted that it used to take a lot of do-it-yourself efforts. “Now it gets a better supported approach,” he said.
Behlendorf added that another laboratory, the “Fabric Smart Console”, facilitates the monitoring and management of the Fabric cluster cluster in the network. Both of these labs should be made more accessible to developers when full IBM support is available in the Red Hat Marketplace sometime this fall. The offering will include access to IBM-certified images, code security scanning and 24/7 customer support. Yusuf added:
“The ability to manage Hyperledger Fabric has been challenging.” It is important to consider support here. If all support costs are invested in a single project, it cannot be monetized across other projects and will be more expensive. However, a standardized offer of support can be very well structured to suit different use cases. “
Specifically, Arun SM – a contributor to Hyperledger, a leader in Hyperledger India and a member of the Hyperledger Technical Steering Committee – told Cointelegraph that the announcement of Fabric Smart Console, a key aspect of the IBM Blockchain Platform, was a surprise and that the secret sauce was now revealed:
“Within Hyperledger (including labs), there are projects that can deploy a network, help visualize and monitor deployed networks, including performing operations to varying degrees. The latest announcement brings excitement that the IBM Blockchain platform is used in many production applications. It is ripe and spicy. Having a self-service management portal with an intuitive user interface that can hide complexity and reduce network management is a blessing in disguise for many. “
Finally, Yusuf explained that these new offerings will help increase acceptance for corporate blockchain applications that want to use eligible networks. In addition, Yusuf noted that open-source Fabric code will help reduce costs, which was a primary challenge for SMEs seeking the use of authorized networks.
This is important for many reasons. For example, although one industry report shows that the adoption of a public blockchain exists emerged As a market leader, Yusuf said that enterprise use cases that use a shared authorized blockchain are still critical – especially for use cases such as supply chain management:
“By definition, a supply chain is a network that involves sharing information between suppliers and different parties, so you need a blockchain infrastructure to help you address inventory visibility, origin, responsible sourcing, and more.”
By enabling the opening of the Hyperledger Fabric foundation, Yusuf believes it will encourage more people to engage and collaborate through legitimate networks.
The hyperledger community is expected to grow
In addition to progress in deploying enterprise blockchain through open, authorized networks, IBM contributions can attract more developers to the Hyperledger community.
According to Behlendorf, the impact of IBM’s open-source offering will bring more developers to the Hyperledger Fabric and the community as a whole. “Hopefully, this will be more inspiring for the transition to contributors and lead managers,” he said.
Businesses as such using Hyperledger Fabric technology are likely to grow. For example, recently the Filecoin Foundation announced that she became a member of the Hyperledger community. Marta Belcher, Chair of the Board of Directors of the Filecoin Foundation, said that the possibilities of the decentralized Filecoin repository (FIL) have huge potential in the corporate space. “We are excited to join Hyperledger, a leader in enterprise blockchain technology, to explore these possibilities,” she said.
It is also noteworthy that IBM’s contributions to Hyperledger Fabric demonstrate the company’s commitment to developing an enterprise blockchain. This is the key to recognition, as it was previously said that the IBM Blockchain team is “dissolving.”
Yusuf noted that he focuses mainly on the scale and adoption that is moving forward. “From IBM’s perspective, you can expect use cases that use blockchain to bring real ultimate value to our customers.”