The size of the global blockchain technology market is an estimate To reach $72 billion in the next five years. However, to ensure this growth, blockchain solution providers must continue to advance and innovate.
For example, the use of public enterprise blockchains has become a trend this year as companies like ConsenSys aim to Promote adoption for open, permissionless networks. On the other hand, it is important to point out that private blockchains are still being leveraged by enterprises and will continue to be used as innovation continues.
Advancing open, permissioned blockchain networks
Recently, computing giant IBM announced It has open-sourced a large portion of its Hyperledger Fabric code to help increase adoption rates for enterprise blockchain use cases.
Karim Yusuf, general manager of AI and blockchain applications at IBM, told Cointelegraph that it is one of IBM’s biggest contributions to open-source code. He further added that the company is offering a new Hyperledger Fabric support offering known as the Fabric Token SDK, along with donating code that supports token exchanges on Hyperledger Fabric. Yusuf said:
“Our intention is to ensure that we have a vibrant and active Hyperledger community. To support this, we have announced two major steps. One is the donation of our Management Console code capabilities to Hyperledger in our IBM blockchain platform. World of Labs. Another is providing a support offering from IBM for those looking to use Hyperledger Fabric with full-product support.”
According to Joseph, IBM’s significant code contribution will make it easier for Hyperledger users to use Fabric, which is a Enterprise-grade distributed ledger platform Which caters to a variety of enterprise use cases. IBM’s blockchain platform is powered by Hyperledger Fabric.
It is also notable that Hyperledger was launched in 2015 by the Linux Foundation as an open-source collaborative effort to advance cross-industry blockchain technology. Hyperledger hosts a number of enterprise blockchain projects such as Fabric.
Hyperledger executive director Brian Behldorf told Cointelegraph that IBM’s new contribution will specifically make it easier for every developer to build and manage on top of the Fabric blockchain network. He further said that these are new efforts. organised As in “Labs”, which are separate projects from Fabric but used to build on the Fabric framework.
For example, Behldorf noted that Fabric’s “Token SDK” will help formalize the approach to managing tokens on top of Fabric. It has always been possible to build tokens on top of Hyperledger, as Metacoin (MTC) was. Cryptocurrency the first cryptocurrency built on Hyperledger To achieve mainnet status in 2018. While it’s a feature offered to developers, Behlendorf said it required a lot of “do it yourself” effort at first. “Now that gets a better supported approach,” he remarked.
Behlendorf said another lab, the “Fabric Smart Console,” makes it even easier to manage and monitor clusters of Fabric nodes across the network. These two labs should be more accessible to developers once IBM’s full-support offering is available in the Red Hat Marketplace this fall. The offering will include access to IBM-certified images, scan code security and round-the-clock customer support. Yusuf continued:
“Being able to manage Hyperledger Fabric has been challenging. A key thing to consider here is support. If all the costs of support are contained in a single project, it cannot be monetized across other projects, and it will be more tends to be expensive. A standardized support offering, however, may be very well structured to fit multiple use cases.”
Speaking exclusively, Arun SM – Hyperledger Contributor, Leader at Hyperledger India Chapter and member of the Hyperledger Technical Steering Committee – told Cointelegraph that the announcement of the Fabric Smart Console, part of the operations of the IBM blockchain platform, came as a surprise. . That the secret sauce has now been revealed:
“There are projects within Hyperledger (including labs) that can help visualize and monitor a deployed network, including operations to varying degrees. that the IBM Blockchain platform is used in many production applications. It is mature and experienced. Having a self-hosted management portal with intuitive UI that can hide complexities and reduce network administration, many A boon to the people.”
Ultimately, Yusuf explained that these new products will help the adoption of enterprise blockchain use cases to take advantage of the permissioned network. In addition, Yusuf said that open-sourcing the Fabric code would help reduce costs, which have been a primary challenge for small to medium-sized companies. want to use allowed network.
This is important for several reasons. For example, even though an industry report shows that the adoption of public blockchains emerged As a key market segment, Yusuf noted that enterprise use cases that leverage a shared, permissioned blockchain are still important – especially for use cases such as supply chain management:
“By definition, a supply chain is a network that involves the sharing of information between suppliers and different parties, so you need a blockchain infrastructure to deal with inventory visibility, provenance, responsible sourcing, and more.”
By allowing Hyperledger Fabric’s Base Foundation to remain open, Yusuf believes it will encourage more people to use the permissioned network and collaborate.
Hyperledger community expected to grow
In addition to driving enterprise blockchain adoption using an open, permissioned network, IBM’s contribution could attract more developers to the Hyperledger community.
According to Behlendorf, the impact of IBM’s open-source offerings will bring more developers to Hyperledger Fabric and the community as a whole. “It will hopefully inspire more to become contributors and core maintainers,” he remarked.
Therefore, enterprises leveraging Hyperledger Fabric are likely to grow. For example, the Filecoin Foundation recently announced That it has become a member of the Hyperledger community. Filecoin Foundation Board President Marta Belcher commented that Filecoin (FIL) decentralized storage capabilities have tremendous potential in the enterprise space. “We are thrilled to join Hyperledger, a leader in enterprise blockchain technology, to explore these possibilities,” she said.
It is also notable that IBM’s contribution to Hyperledger Fabric demonstrates the company’s commitment to advancing enterprise blockchain. This is key to recognition, as it was previously rumored that the IBM Blockchain team was “disintegrated”.
Yusuf commented that he is particularly focused on growing and adopting. “From IBM’s perspective, you can expect to see use cases leveraging blockchain to bring true ultimate value to our customers.”