Technology and cryptocurrency are coming together in various endeavors, the latest of which is the addition of the Ethereum Foundation and Microsoft to Hyperledger, which is hosted by the Linux Foundation.
Multiple projects which are still in the pilot program are being built, which include supply chain management and identification operations. Members of Hyperledger are more focused on developing a decentralized environment in building projects. This trend instills the idea that blockchain technology will disrupt the business industry throughout the world.
Salesforce is one of the eight new members of Hyperledger, along with Microsoft and the Ethereum Foundation. These companies have shown support of blockchain technology and already have several projects which are DLT or distributed ledger technology based.
Microsoft is not new to blockchain technology. The company is currently developing an idea for using blockchain as a service or BaaS as part of Azure. Azure competes with Oracle and other offerings, which allow businesses to develop DLT systems for their operations. They save money because they don’t need to develop the applications from the ground up.
The Ethereum Foundation hosts the most DApps with 2505 of the 2667 decentralized apps on the platform. IBM and Walmart are other notable names to be added with Hypberledger, and they have a significant number of patents based on blockchain, which shows how much of research and development have been focused towards this arena.
Hyperledger brings together developers, academic organizations, nonprofits and others who want to build and utilize blockchain technology as a solution. Many projects around the world are in process and use the Hyperledger framework. Developers are able to learn from each other in this open-source environment. The goal is to make blockchain more tangible in the real world.
Blockchain is moving from financial industries to nonfinancial areas, including health care and other areas which require the utilization of trust networks. The appeal of blockchain technology lies with trustless networks which don’t need authentication from third parties.