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Hyperledger

Jun 10
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10 Things to Know about the Hyperledger Summer Mentorship Program

By Blog, Hyperledger Summer Mentorship Program

Last week, we kicked off the 2020 Hyperledger Summer Mentorship Program. This year we have a cohort of 18 mentees working on a diverse array of projects. As they join the ranks of active contributors to the Hyperledger and open source community, it’s a good moment to look at how this program actively contributes to the open source blockchain ecosystem. 

Here are 10 things to know about how this program has grown in size and impact:

  1. The Hyperledger Summer Mentorship Program is its 4th year.
  2. With this year’s cohort, 52 mentees have been accepted into the program since its inceptions. Over 700 students have applied.
  3. More than 70 mentors, including ones from ConsenSys, Oracle, State Street and Wipro and as well as from IEEE, the Linux Foundation and Técnico Lisboa, have designed and managed summer projects.
  4. Mentees have participated from 20 different countries, namely Brazil, Canada, China, Cyprus, France, Hungary, Italy, India, Iran, Mexico, Pakistan, Portugal, Romania, Russia, Singapore, South Korea, Sri Lanka, Sweden, Taiwan and the United States.
  5. They have contributed to 12 of the Hyperledger Projects and Labs. 
  6. Three of our mentees have become mentors.
  7. 13 mentors have participated two or more years.
  8. 20 mentees have traveled to present at Hyperledger events. 
  9. Mentees have gone on to get jobs at a range of companies, including effx, DFINITY, Facebook, Provectus, Red Hat, Salesforce, SAP, Wavestone and White Metrix, while others are pursuing advanced studies in computer science. A couple have founded their own startups.
  10. Hyperledger is committed to growing this program:

“Hyperledger and the whole Linux Foundation are big believers in the value of mentorship in growing community and driving development and adoption of open source innovation,” said Brian Behlendorf, executive director of Hyperledger. “Our goal is to keep expanding our summer mentorship program to help ensure there is a growing and diverse development community with the skills and connections to advance their careers and enterprise blockchain. The demand for open source and blockchain developers will only accelerate from here, and we want to open as many doors as we can, especially for those from underrepresented communities.”

Jun 05
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Weekend Update: This Week’s Round-up of Remote Blockchain Learning Resources

By Blog, Weekend Update

Happy Friday. Welcome to the Weekend Update. Our goal with this weekly post is to share quick updates about online education, networking and collaboration opportunities and resources for the open source enterprise blockchain community. 

If you have suggestions for resources or events that we should spotlight in a future Weekend Update, let us know here using #HLWeekendUpdate.

Blockchain Stories 2020 – Chapter II

Hear from Chainyard, Oracle Blockchain Platform, Febdep, Pyse and others in this second discussion focused on what businesses in Asia Pacific are building using Hyperledger projects. This virtual event will be hosted by the Hyperledger India Chapter on Saturday, June 6, at 10 a.m. India Standard Time. 

Register here.

DCI Working Group Discussion: The value of activating the male majority to advance diversity & inclusion

Intel’s Jim Gordon will talk about tactics to advance diversity & inclusion as a guest speaker at Hyperledger’s DCI WG meeting. All are welcome to the call and to help make the Hyperledger community more inclusive. 

The event is June 10th at 10 a.m. PDT. More details and login information are here. 

Telecom SIG Discussion: 5G, Edge & Blockchain

Join Mathews Thomas and Amandeep Singh of IBM for a discussion of the application of blockchain to improve deployment and management of 5G networks and edge solutions. They will include a demonstration of on-boarding and service creation using a CI/CD process, deployment of a 5G network slice and integrating the service with the edge application layer all using technologies covered in the session.

The event is June 11th at 9 AM pacific / 16:00 UTC. More details and login information are here. 

BlockJakarta Digital – June 11, staring at 11am Jakarta time, GMT +7

This one day event, Indonesia’s Blockchain Capability Conference, will include a talk by Hyperledger’s Marta Piekarska-Geater on “Leveraging Blockchain Technology for Business.” 

Get more details here.

Virtual Meetups

See the full Virtual Meetup schedule here. 

Jun 02
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Hyperledger Goes Virtual at Consensus Distributed 2020

By Blog, Events
Hyperledger members, staff, and booth visitors spanning Brazil, US, UK, and Russia during our virtual Consensus booth

Consensus and NY Blockchain Week is usually one of the busiest weeks of the year in the blockchain industry. Multiple evening talks and events, sandwiched with Mother’s Day, and a deluge of big industry announcements means that you are guaranteed to run into friends and colleagues from around the world–everyone comes here.

This year, however, with the Covid-19 pandemic epicenter in New York City, the event had to shift to a virtual format…and fast. We have been present at every Consensus since Hyperledger was launched, and this year wasn’t going to be any different. Hyperledger sponsored a virtual booth with the added feature of a live Zoom room each day, where the public could hop in and chat with booth representatives, just like at a physical conference. Attendees came by to say hello, share what they’re working on, and learn directly from our member companies about the exciting projects our community is building–much like passing by our booth at the Hilton Hotel (although without the shaking of hands). Conversations dug deep into visitors’ interests: “It was great to connect with other Hyperledger members and hone in on the specific questions of booth visitors” Chris Kelly from IntellectEU, a Hyperledger member company, told us after the event.

Visitors had an opportunity to learn about many use cases our members are addressing. Oracle shared use cases on food safety and honey supply chains, while PwC talked about their smart credentials initiative leveraging Hyperledger Indy. We also saw great presentations from IntellectEU on tokenization with Hyperledger Fabric and heard how Soramitsu is tackling the current hot topic of central bank digital currencies in Cambodia using Hyperledger Iroha. Xooa showed how their solution allows users to deploy a network in minutes, and Smart Block Laboratory demoed how interbank payments and cryptoinvestor networks can be built online. BondEvalue presented the world’s first blockchain-based bond exchange. Don’t worry if you didn’t have a chance to be with us. All the member demos are on our YouTube channel.

Also new this year, CoinDesk added a Foundations program to the agenda. As part of this new program, Hyperledger Executive Director Brian Behlendorf and technical leaders from Intel, Accenture, and IBM teamed up on a Changelog presentation covering the latest updates on Hyperledger technologies, including our newest project Hyperledger Cactus. Rafael Figueroa, attorney in New York City, reached out to us after watching the Changelog session, “it was so exciting to see Hyperledger working on so many projects that are at the forefront of these new technologies. I thought the Hyperledger speakers were very knowledgeable about their area of expertise and approachable.”

Here are the videos from Hyperledger’s sessions at Consensus:

“Changelog with Brian Behlendorf of Hyperledger”

Speakers: Arnaud Le Hors, Chair of the Hyperledger Technical Steering Committee (TSC), Dan Middleton, Head of Technology for Intel, Jonathan Hamilton from Accenture, James Wester, Research Director of Worldwide Blockchain Strategies at IDC

Hyperledger Executive Director Brian Behlendorf in:

“Programmable Money and the Future of Enterprise Blockchain”

“First Principles for a Decentralized Future” panel – Hosted by World Economic Forum

It goes without saying  that a virtual format is very different from the experience in New York. There is nothing better than being in an iconic city meeting people as a session wraps up, walking up to speakers to connect, and running into colleagues over buffet lunch. Nevertheless, our meeting schedule was fully booked, and the video conference format allowed us to delve deeper into learning more about each other. There was another surprising effect of going virtual: more global participation in the event. The conference was free and the lack of travel made it more accessible, and thus inclusive, for people who would have never been able to come. Elisa Cardamone from member company Blockforce, which is based in Brazil said, “The experience was amazing! Even virtually, we had the opportunity to learn more about different projects around the world and to establish strong connections with incredible people. In Brazil, the blockchain market is still not so consolidated, so it is very gratifying for us to participate in a global meeting together with the Hyperledger team. It was a time of great learning and networking!”

Randhish Raghavan, a computer architect from member company Mindtree, shared how the connections for partnerships “gave us the opportunity to display our solutions and focus areas to a wider audience.”

Consensus had more than 22,000 registered attendees. Our booth was busy with more than a dozen members signed up for the virtual office hours. As always, it is very important to us that visitors hear about Hyperledger straight from our members. And it pays off: “the networking sessions through the Hyperledger booth [were] very insightful, as it allowed me to better know and understand the mission, purpose and partnership strategy,” summarized Gaston Tchicourel who works with the World Bank.

We cannot wait to see you all in person, shake hands, and have chats over coffee. For now, to make sure the world recovers quickly, we will see you all online at many of Linux Foundation’s  conferences and will welcome our members at our virtual Member Summit in September.  

May 29
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Weekend Update: This Week’s Round-up of Remote Blockchain Learning Resources

By Blog, Weekend Update

Happy Friday. Welcome to the Weekend Update. Our goal with this weekly post is to share quick updates about online education, networking and collaboration opportunities and resources for the open source enterprise blockchain community. 

If you have suggestions for resources or events that we should spotlight in a future Weekend Update, let us know here using #HLWeekendUpdate.

Blockchain Stories 2020

Find out what businesses in Asia Pacific are building using Hyperledger projects at this virtual event hosted by the Hyperledger India Chapter on Saturday, May 30, at 10a.m. India Standard Time. 

Register here.

Webinar: Supplier Digital Passport using Trust Your Supplier

Tune in at 10:00a.m. ET on June 3 to hear Gary Storr of Chainyard provide an overview of the Trust Your Supplier network and discuss the business value to the participants. He will also highlight why blockchain and the selected governance approach makes this solution better for all the participants (buyers, suppliers and third party validators).

Register here

Get added details in this newly released case study that covers key steps in developing and rolling out Trust Your Supplier, from concept to PoC to full production deployment.

New Hyperledger Labs project explained

Donald Thibeau of Hedera presented Hedera Hashgraph and the newly submitted Hyperledger Labs project for providing a plugging into Hyperledger Fabric (and Avalon) at a recent meetup. 

See the presentation here.

Hyperledger Tutorials

Explore our collection of resources for using various Hyperledger projects on the Hyperledger Tutorials page.

Virtual Meetups

See the full Virtual Meetup schedule here. (The schedule for mid June is filling up fast so check here if you want to plan ahead.)

May 28
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Interoperability and Integration Developments in the Hyperledger Community

By Blog, Hyperledger Aries, Hyperledger Besu, Hyperledger Cactus, Hyperledger Fabric, Hyperledger Grid, Hyperledger Indy, Hyperledger Sawtooth

Interoperability and integration are top of mind issues across the blockchain space right now. From new projects to new solutions, the Hyperledger community is taking on the challenges of cross-chain and cross application communication and data flow. 

Here are some of the most recent #HyperledgerInterop developments from across the community.

New Project – Hyperledger Cactus

The newly announced Hyperledger Cactus is a blockchain integration tool designed to allow users to securely integrate different blockchains. This pluggable architecture helps enable the execution of ledger operations across multiple blockchain ledgers, including Hyperledger Besu, Hyperledger Fabric, Corda, and Quorum available today, with the aim of developers continually adding support for new blockchains in the future. 

 Cactus started as a Hyperledger Labs project six months ago and has attracted significant attention and become a locus of collaboration between developers from teams at Accenture and Fujitsu, and dozens of others working on DLT platforms both inside and outside Hyperledger.

Member applications

  • Smart Block Laboratory built the Hyperledger Fabric-powered distributed register Cryptoenter, blockchain infrastructure for digital banking that unites banks into a single digital space for transmitting financial messages and brings a new level of interaction to the financial market. The platform is designed for p2p interaction between consumers of financial services, safe execution of payment transactions with cryptocurrencies, fiat currencies and cryptocurrencies, user interaction within a social network for investors / distributed crowdfunding platform.

    The basis of the platform is the Rubicon Blockchain, a cloud platform for the blockchain economy, built on Hyperledger Fabric. Cryptoenter has a dual security system: at the Hyperledger blockchain network level and at the Rubicon Blockchain (also based on Hyperledger Fabric) network level. The solution uses an SRP authentication system. TLS (transport layer security) protocol based on SSL (Secure Sockets Layer) protocol is also included. This dual security system allows Cryptoenter to authenticate the person who signed the message, control message integrity, protect the message from fakes and prove the authorship of the person who signed the message.

Technical talks from Hyperledger Global Forum

Nathan George from the Sovrin Foundation offers his take on “Standards and Interoperability for Identity”

 Identity platforms have made significant advances leveraging blockchain technology and standards developed at Hyperledger. In his talk, Nathan covers the latest in trusted information flows and the standards being incubated to promote interoperability and create network effects across multiple blockchains and identity platforms.

Key topics include the advancements incubated in Hyperledger Indy, Hyperledger Aries, the W3C Credentials Community Group and at the Decentralized Identity Foundation for Verifiable Credentials, Decentralized Identifiers (DIDs), DID Communications, Identity Hubs, Authentication, and the data models that power them.

Panelists Rich Meszaros and Sarah Banks from Accenture, Melanie Nuce from GS1 US, David Cecchi for Cargill and Patrick Erichsen from Target discuss “Business Interoperability – The Key to Supply Chain Traceability”

Technology such as blockchain has the power to solve complex challenges and achieve improved supply chain traceability. In order to tap into this powerful technology, interoperability, enabled by robust data and transaction standards, are a must! Segments of the supply chain, such as the food industry, have made significant progress leveraging data standards to support food safety and product transparency use cases. The panelists discuss their companies’ work on improved supply chain traceability, the importance of standards and the role business interoperability plays in accelerating the success of new technologies like blockchain. 

Join the conversation about blockchain-based identity technologies and solutions with #HyperledgerInterop this month on social channels.

Cover image by Clker-Free-Vector-Images from Pixabay

May 28
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Trust Your Supplier: a case study in faster, more secure vendor onboarding through blockchain

By Blog, Hyperledger Fabric

While supplier management has garnered particular attention in recent weeks thanks to COVID-19-related demand surges, manufacturing disruptions and quality concerns, vetting and signing news suppliers has long been a challenge. The whole process is slow, costly, and fraught with risks and errors. It creates friction and delay between buyers and sellers.

Chainyard and IBM Blockchain set out to streamline that process with Trust Your Supplier, a network built on Hyperledger Fabric, an open source enterprise blockchain platform. The solution went live in November, 2019, and is gaining steam quickly as a new model for using blockchain as a trust platform for sharing business information securely and efficiently.

Trust Your Supplier creates a unique “digital passport” for each supplier’s identity on the Hyperledger Fabric blockchain. This ID can be shared with any permissioned buyer on the network to save time validating and onboarding a new supplier. Several third-party verifiers are on the network, including Dun & Bradstreet for business data, EcoVadis for sustainability, and RapidRatings for financial risk. These third parties can provide further audit or verification services to create an even more comprehensive picture of any vendor. As a result, buyers and sellers can save time and money and keep their supply chains humming by accessing a single repository with verified accurate data.

To date, 25 major corporate members from Anheuser-Bush InBev to UPS have joined the network. Members cover many major industries including aerospace, consumer packaged goods, electronics, logistics, pharma, tech, and telecom. All told, the members’ suppliers number in the hundreds of thousands. And they’re all committed to modernizing their procurement with the new system. Initial results show:

  • Vendor onboarding cycle time cut from an average of 60 days to 3 days
  • For buyers: 50% less cost to verify and maintain a supplier’s information
  • For sellers: much faster time to first sale

The Hyperledger team has worked closely with Chainyard and IBM Blockchain on a detailed case study about developing and rolling out this network, from concept to PoC to full production deployment. The case study also offers details on the long-term goals of the network and how it could support other key business processes. 

May 26
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Hyperledger Community on Camera: “How To Get Involved” Video Series – Part III

By Blog, Video

While the Hyperledger community was gathered in Phoenix at Hyperledger Global Forum, many members took the time to sit down, on camera, and explain what happens in the array of Hyperledger working groups, special interest groups (SIGs) and technology projects. These videos are great introductions to the community-driven activities in the Hyperledger ecosystem. Geared towards anyone looking to take on a more active role in the effort to advance open source enterprise blockchain, the “How To Get Involved” video series provides an overview of the goals, key initiatives and target use cases each for each group or project. The message in each case is that you are invited to join and all are welcome here.

In our first post in this series, we put the spotlight on work in the identity space and introduced the distributed ledger Hyperledger Indy as well as the libraries Hyperledger Aries and Hyperledger Ursa. Now it’s time to share more about some of our other projects.

Hyperledger incubates and promotes a range of business blockchain technologies, including distributed ledger frameworks. A distributed ledger is a multi-party database with no central trusted authority. The differentiating nuance is that when transactions are processed in blocks according to the ordering of a blockchain, the result is a distributed ledger. Hyperledger hosts a number of distributed ledgers. Below, learn more about getting involved with three of them: Hyperledger Fabric, Hyperledger Iroha and Hyperledger Sawtooth.

Hyperledger also hosts a range of tools, including Hyperledger Caliper, a blockchain benchmark tool, which allows users to measure the performance of a specific blockchain implementation with a set of predefined use cases. Here’s an introduction to this project and community.

May 22
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Weekend Update: This Week’s Round-up of Remote Blockchain Learning Resources

By Blog, Weekend Update

Happy Friday. Welcome to the Weekend Update. Our goal with this weekly post is to share quick updates about online education, networking and collaboration opportunities and resources for the open source enterprise blockchain community. 

If you have suggestions for resources or events that we should spotlight in a future Weekend Update, let us know here using #HLWeekendUpdate.

Learn for free: Blockchain – Understanding its Uses and Implications

Enroll today to take part in a five week Linux Foundation Training class that covers exactly what blockchain is and its impact and potential for change around the world through use cases in technology, business, and enterprise products and institutions.

Go here to sign up. The class is free. 

Also, a quick reminder that there is currently a 30% discount on all Hyperledger training and certifications from Linux Foundation Training. Use code ANYWHERE30. Offer ends May 31. 

Webinar: Africa Perspectives and Economic Recovery

The Blockchain Research Institute is hosting a webinar exploring blockchain initiatives currently taking place in Africa including ones that aim to speed up and increase economic recovery from COVID-19.

Tune in on May 26 at 11:00 a.m. ET. Register here.

Hyperledger Jobs Board

Ready to start a new job or career in enterprise blockchain? The Hyperledger Jobs Board is a great place to start. See openings from members all around the world. 

Virtual Meetups

See the full Virtual Meetup schedule here.

May 20
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Developer Showcase Series: Mark Anthony Morris, Tarantula Technology, Inc

By Blog, Developer Showcase

Back to our Developer Showcase Series to learn what developers in the real world are doing with Hyperledger technologies. Next up is Mark Anthony Morris from Tarantula Technology.

What advice would you offer other technologists or developers interested in getting started working on blockchain?

Focus on Hyperledger projects because Hyperledger is all about blockchain in the enterprise. The interest and use of enterprise blockchain is rapidly growing. In the next couple of years, skills in enterprise blockchain will be in great demand.

Give a bit of background on what you’re working on, and let us know what was it that made you want to get into blockchain?

My work in blockchain is multifaceted. I enjoy lecturing on, writing about, training on, hosting meetups for, designing, and developing blockchain technology. Currently, I am working on launching a blockchain-based startup company, which is developing a SaaS for enterprise and government solutions. I am co-authoring a book for O’Reilly Media titled, “Hands-on Smart Contract Development with Hyperledger Fabric V2,” and author and conduct a 90-minutes to Hyperledger Fabric online training through O’Reilly Media. I host monthly Hyperledger meetups and consult for select clients in need of expertise and guidance on blockchain technology, as well as cybersecurity and advanced enterprise and cloud computing.

I became enthralled with blockchain on a quiet Saturday in early 2015 when I downloaded and began reading the C/C++ source code for Bitcoin. I was not excited about the cryptocurrency use case, Bitcoin, because I had already invented a peer-to-peer funds exchange solution. When I reached the blockchain code, everything changed. I immediately saw the potential use in enterprise and government. I realized it had the capability for ushering in a transformational change to process and collaboration. From that moment I could not get blockchain out of my head. I began reading, studying, learning everything I could find on blockchain, including the use case cryptocurrency, which I see as evolutionary for token use, and eventually a replacement for fiat, manifesting the epoch in the historical evolution of money. I armed myself with the knowledge I needed to design, develop, invent, consult, and teach blockchain technology, which I vigorously continue to pursue.

What project in Hyperledger are you working on? Any new developments to share? Can you sum up your experience with Hyperledger?

I design and develop enterprise and government SaaS solutions powered by Hyperledger Fabric and Hyperledger Sawtooth. I am currently developing Fabric and Sawtooth interoperability software while integrating a suite of enterprise applications, like ERP, CRM, CMS, ECOMM, HR, and MRP, as well as AI, AR, IoT, and robotics. My aim is to build a complete enterprise and government SaaS solution targeting complex, diverse, and simple supply chains and marketplaces.

The future for large-scale Hyperledger blockchain technology is bright. I see great interest in the type of SaaS blockchain platform I am developing. For example, I am in early talks and beginning to work with two governments. In one case, the discussions are around a blockchain solution for ecommerce and tax collection. In the other, the focus is on industrial hemp regulation, an agricultural co-op for industrial hemp processing, and a Class 1 railroad consulting company for rail automation. The use cases for blockchain are very diverse, and interest for blockchain solutions will only grow as more and more solutions demonstrate a profitable ROI with a production status.

My experience with Hyperledger began in 2016 when the Linux Foundation first created the project. I immediately founded a meetup I called Austin Hyperledger. It was renamed Hyperledger Austin six months later when the Hyperledger Foundation reached out to me, asking me if I would be interested in running one of the first official Hyperledger Meetups in the world. I graciously accepted, and we now have 750+ members. I was ready because, in 2015 shortly after founding the meetup called Austin Blockchain Technology (2,200+ members), I publicly predicted IBM would announce its formation of an enterprise blockchain initiative within a year or sooner. It was my gut instinct, garnered from a career as independent hired-gun for IBM, Sun Microsystems, Oracle, and the Big 6. Since 2016, I have been lecturing, presenting, developing, consulting, and educating audiences, companies, and entrepreneurs on Hyperledger technology and projects with a strong focus on using Hyperledger Fabric and Hyperledger Sawtooth in the enterprise and government.

What are the main differences between teaching Hyperledger to students and developing Hyperledger applications?

While teaching, I often get lots of questions from students that help me in looking at blockchain development differently. The differences between teaching Hyperledger and developing Hyperledger are contextual. Teaching Hyperledger is all about the fundamentals of blockchain with a focus on how to use blockchain technology in the context of enterprise solutions. Developing Hyperledger is all about applying those fundamentals and extending them to solve problems that only surface in the context of developing real world enterprise solutions. This requires moving far beyond the fundamental and extending the technologies to meet the demands and expectations of stakeholders that will use the Hyperledger solutions.

What do you think is most important for Hyperledger to focus on in the next year?

I think Hyperledger should continue doing a great job promoting enterprise and government blockchain visibility and benefits to the world.

As Hyperledger’s incubated projects start maturing and hit 1.0s and beyond, what are the most interesting technologies, apps, or use cases coming out as a result from your perspective?

I think blockchain interoperability is the most interesting and important work incubating in Hyperledger because we are at a stage of maturity where it is vital for continued growth that blockchain platforms develop the capability to interoperate.

What’s the one issue or problem you hope blockchain can solve?

I hope the promise of blockchain brings transparency, provenance, and trust to our government at the local, state, and national level.

Where do you hope to see Hyperledger and/or blockchain in 5 years?

I hope blockchain becomes ubiquitous like the Internet, a network of networks, and is demanded and utilized by all enterprises and governments across the world.

What is the best piece of developer advice you’ve ever received?

The best developer advice I ever received was from my first mentor, who told me, “write software that reads like a novel. The reader should never have to turn back to a page. Keep your methods, functions, and routines to no more than one page, two pages maximum.”

What technology could you not live without?

I am a software developer and architect, so I could not live without software languages. I need at least one software language, but the more the merry to live the life I enjoy, which is designing and developing software and systems solutions for enterprises and governments.

Added note from Mark: I would love to hear your feedback. If you want to share your questions or comments with me, you can reach me directly via Linkedin at https://www.linkedin.com/in/markmorrissupergeek/

May 19
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Uniting financial market participants: Hyperledger Fabric’s role in creating blockchain infrastructure for digital banking

By Blog, Hyperledger Fabric

In 2020, Smart Block Laboratory, a Linux Foundation Silver Member, Hyperledger General Member and business partner of IBM, developed a payment solution based on Hyperledger Fabric that allows banks and users to conduct cross-border transfers in real time with low commissions, use cryptocurrency in settlement operations and instantly exchange Fiat for cryptocurrency. The functionality also includes a social network for investors. The solution is a blockchain infrastructure for digital banking called Cryptoenter.

The challenges to a common digital banking infrastructure

Rapid digitalization of the banking sector and distributed ledger technologies have put forward new requirements for banking services. However, there is still no single digital space between individual banking solutions. There are a number of hurdles:

  • Most of the current back office systems are not able to provide complete data describing the client’s activities between digital interactions.
  • Most often, banks use digital solutions of third parties, thereby risking losing control over their customers’ data.
  • IT infrastructure costs are high.
  • Implementing new banking tools and training employees is expensive and difficult for companies.
  • There is competition, often encouraged by regulators, between banks and Fintech  companies operating in areas such as private equity management and lending.
  • Territorial expansion and attracting new users are both complex and costly.
  • Likewise, opening and operating branches is expensive, and those in remote and sparsely populated areas don’t deliver much in the way of profits. 

 Turning to blockchain

We believe that anyone anywhere in the world should have access to quality banking services. Transfers between banks/users should be instant, and the world needs a single payment solution for cryptocurrency and Fiat. To deliver on those ideas, many banks have already started integrating the blockchain and accepting cryptocurrency.

We decided to use Hyperledger Fabric to build a common infrastructure solution. We opted for Fabric for its performance, scalability and trust. The main feature of Hyperledger Fabric is its focus on corporate applications. The platform has been designed to ensure high transaction speed and low cost.

In Cryptoenter, Hyperledger Fabric is used as a distributed database.It processes information quickly regardless of network load. It allows each user to make instant payments for goods and services using cryptocurrency.

Second, Hyperledger Fabric provides a high degree of privacy: due to competition and laws protecting and regulating personal data privacy, organizations dictate the confidentiality of certain data elements, which can be achieved by dividing data into a blockchain. The channels supported in Hyperledger Fabric allow users to transmit data only to the parties that need to use it. In Cryptoenter, Hyperledger Fabric allows users interact with each other both within one bank and within several banks

By using Hyperledger Fabric as the basis of the infrastructure for digital banking, Cryptoenter allows all users of banking services to remain customers of banks, while their data is protected by banking security systems, which increases the level of confidence customers have in our payment service. Therefore banks are validators in the network, acting as guarantors of transactions.

And the use of Hyperledger Fabric made it possible to create a P2P lending mechanism, which allows users to issue loans to each other at favorable interest rates with or without collateral.

Conclusion

Hyperledger Fabric allowed the Smart Block Laboratory team to create a unique infrastructure solution that is relevant for all financial market participants, which will not only bring the level of interaction between participants to a new level, but also create new economic ties.