Among the blockchain and cryptocurrencies world, a lot of projects have seen the light. The most famous being Bitcoin and Ethereum, propelled by wide media coverage. But one project has not made newspapers headlines yet is trying to achieve a tremendous work.
As many blockchains are being built from scratch for lots of different needs all over the world, the Hyperledger Project launched by the Linux Foundation will try to standardize and democratize blockchain within the business world. Instead of letting companies solve their issues on their own, Hyperledger will combine a cross-industry knowledge to allow enterprises to build customized blockchains that would answer specific needs.
Hyperledger Sawtooth is a blockchain mainly developed by Intel that intends to test the functionality of a new consensus mechanism called Proof of Elapsed Time (PoeT) and to allow an enterprise to run distributed ledgers maintained without a central authority.
The PoeT is an algorithm that attempts to distribute network mining rights through a fair random system. It aims to eliminate environmental and energy-consumption issues underlying Proof of Work consensus algorithm used by Bitcoin and other cryptocurrencies. The process follows a fair lottery system instead of rewarding the most powerful node. In short, each participating node in the network is required to wait for a randomly chosen time period, and the first one to complete the designated waiting time wins the new block.
In their presentation video, Hyperledger illustrates the potential of Sawtooth with the seafood supply chain, where Sawtooth provides an immutable record of provenance and lineage of various goods like fish. Thanks to Internet of Things (physical connected devices) and sensors combined with Sawtooth, it is possible to trace any fish’s journey from ocean to the table.
Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies? It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, Internet of Things, supply chains, manufacturing, and Technology.”
his decision strongly shaped the strategic goals of Hyperledger to build industrial applications of blockchain technology and sharply separating it from the get-rich schemes usually evolving from currency-based blockchains. This might be more boring, but also more straightforward to technology.