The Advantages of Hyperledger and Open Source Technologies

Open source technologies have become increasingly popular in the blockchain space, providing various advantages to industries that use them. Among these open source technologies is Hyperledger and its family of projects. In this article, we will delve into the benefits that Hyperledger and open source technologies can bring to enterprise and business networks.

Lower Costs of Software Consumption

Hyperledger projects offer a lower cost of software consumption for enterprise and business networks. While there are still costs associated with deployment, maintenance, management, and support, the overall development costs are significantly reduced. Additionally, the talent pool for Hyperledger frameworks and tools is diverse and growing, enabling enterprise business networks to reduce their governance and compliance costs. This cost reduction is a major consideration for enterprise business networks as their requirements and business networks expand.

Innovation and Extensibility

By using open source technologies, enterprise and business networks are not locked into a particular vendor, but rather have the freedom to choose from the most innovative and involved communities. Hyperledger projects provide the opportunity to take advantage of fast-paced innovation in the blockchain technology space, which can greatly simplify business network operations and governance costs. Furthermore, the wide array of competing and complementary technology sets available provides flexibility in enterprise architecture and design.

Sustainable Development and Innovation Stream

Hyperledger projects are governed by the Linux Foundation (LF), which provides a governance structure to the Hyperledger community. Sustainable development and innovation stream are achieved through peer review and regular software updates by the community that supports it. This creates a vehicle where business networks can enhance their value proposition and create new business models. In many cases, business network participants may also represent the Hyperledger community, leading to a bidirectional stream of innovation, where the business network feeds business innovation-led improvements and requirements, and the technology community accepts and enhances innovation.

Security and Reliability

The Hyperledger community provides a peer-reviewed and collectively accepted technology design and innovation. LF provided governance structure assumes collective responsibility as Hyperledger projects are implemented and maintained by a large community of blockchain specialists who can find and address vulnerabilities much faster than a vendor provided with proprietary software solutions. Additionally, because Hyperledger projects include involvement from their members, who share the costs of development and governance, the Hyperledger framework is reliable, openly governed, and peer-reviewed by the community.

Speeds up Development and Market Adoption

Hyperledger projects have diverse communities and member organizations with common interests and a dedicated talent pool that collectively solve emerging problems. Developers and business networks have the opportunity to contribute and consume software at the pace of innovation. This speed of development and market adoption is critical for many business networks at this stage of rapid technological innovation regarding consensus, blockchain databases, security frameworks, encryption, and tooling.

Conclusion

Hyperledger and open source technologies offer several advantages to enterprise and business networks. These benefits include lower costs of software consumption, innovation and extensibility, sustainable development and innovation stream, security and reliability, and the speed of development and market adoption. By leveraging Hyperledger projects and the open source community, enterprise and business networks can remain competitive and at the forefront of blockchain technology innovation.