During times of financial turmoil such as we are seeing in the markets at the moment, it’s pretty easy to forget that blockchain technology is about more than just cryptocurrency. The blockchain itself is a wizard, one that promises to not only reinvent the way we live, but it promises to give us all access to far better and more democratic systems, be those financial, political or even physical.
The link up between the blockchain and the theoretic world of cryptographic and public businesses is a hot topic, simply because when normal businesses start to integrate with the blockchain, their customers will too. Therefore, it’s pretty exciting to see that the Ethereum based hyperledger community have approved a new code base for public businesses and enterprises. According to Forbes:
“The Hyperledger consortium dedicated to bringing blockchain to enterprises has accepted its first code that links businesses directly to a public blockchain, in this case, ethereum. Called Hyperledger Besu, the open-source codebase is almost identical to another ethereum enterprise solution, called Pantheon, developed by ethereum startup ConsenSys and running since April of this year. After some heated debate over whether Hyperledger was designed to expand by adding new code bases, or converge into a more unified offering, the vote was approved unanimously.”
Whilst the science behind this might get a little complicated, the true reach and scope of the project is that it could see blockchain technology become more integrated within the operations of major companies such as IBM, and Huawei, allowing these companies to communicate via the blockchain, with other firms. Note that IBM and Huawei already have their own hyperledger based tools:
“The biggest difference between these tools and Besu is that while the current solutions only let networks of invited companies that already trust each other streamline work processes by using a shared, distributed ledger, Besu is also able to integrate with the public ethereum blockchain, which lets groups of strangers form permissionless networks on the main ethereum blockchain. Besu was built by a team of 26 full-time employees at Brooklyn-based ConsenSys. Together, the team, and about 30 other employees go by the name PegaSys and operate somewhat like an independent startup. As is typical for projects incubated within Hyperledger, Besu was co-sponsored by other consortium members, in this case, ethereum co-founder and ConsenSys CEO Joe Lubin, JP Morgan engineering lead, Samer Marwah, and Red Hat senior engineer Mark Wagner.”
This could be the start of a development of a huge blockchain based network that allows major companies and smaller companies to finally start working together. This may well inspire a large roll out of blockchain technologies across a huge number of mainstream firms and companies – now wouldn’t that be exciting?