Hyperledger Fabric for the Enterprise – Privacy & Security Strategies

Hyperledger Fabric (HLF) blockchain’s architecture was designed from the ground up to be highly extensible with plug and play modules in order to meet most business cases. The many permuatations of these modules, also make it hard to decide what to use and how to configure them properly. In most cases this is not well documented, nor are the best practices easy to find, and hence seldom followed. This results in unsafe, buggy, and slow systems not worthy of what one expects of any enterprise application, blockchain nonewithstanding!

In this session, we will address the challenges of privacy and security by presenting the best patterns and methodologies, of how to implement enterprise grade HLF blockchain implementations. Further more we will cite real world examples – illustrated with diagrams, code-patterns and in some cases short demos or video segments.

If you attend this session, you can expect to:

* Obtain a deep understanding of the privacy mechanisms in the current HLF version 1.4

* Learn about the security aspects of HLF and IBM Blockchain platform with respect to choosing the right mix of pluggable modules, configuration as well as cloud topology. Get a good feel of how important it is to consider the impact of hardware choices on security for your particular blockchain use case.

* Find out what kind of businesses and verticals that are adopting some or all of these privacy and security mechanisms in the real world today.

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Hyperledger Blockchain ID Platform Launched For The Brazilian Banks

CIP, the Brazilian banking and financial infrastructure with IBM have collaboratively launched a new Blockchain ID platform that will be used by the country. This Blockchain ID platform is backed up by the Hyperledger Fabric Technology and will be called the Device ID.

The work was in progress and the implementation of this new standardised identity solution was reported on June 2. However, the official announcement of the launch was made on June 12th. The Identity Device ID will be used by the nine banks within Brazil and also it will be used in the Brazilian Payment System(SPB), the domestic clearing system according to the official announcement.

Blockchain ID platform use case

The new technology mainly aims to secure and authenticate digital signatures with the aid of their mobile devices. And the other detailed information of the device is still awaited.

The Director of Febraban, Brazil’s national banking association, Joaquim Kiyoshi Kavakama said, “Brazilian banks have been studying blockchain technology applications for a long time, but they weren’t all together. So we decided to create a group and unify all actions, which is very important to achieve standardization to all banks,” He has also added, “We are now in the forefront when it comes to blockchain.

Hyperledger is an umbrella project or a hub of open source blockchain and related tools, which was started in December 2015 by the Linux Foundation and are supported by big industries such as IBM, Intel, and SAP for the collaborative development of blockchain based distributed ledgers. Instead of companies solving their own issues, Hyperledger combines the cross-industry knowledge that allows the various enterprises to build the customised blockchain for their specific needs.

Brazilian banks have not been very supportive to the cryptocurrencies so far. However, the bank seems to be adopting digital era’s new technologies and in coming future it seems that the Brazilian banks will accept the cryptocurrencies.

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IBM encounters blockchain headwinds as Hyperledger forges ahead

Highlights

  • IBM’s first live blockchain we.trade takes tech work in-house
  • IBM cuts blockchain staff
  • Head of IBM blockchain financial services departs abruptly
  • Hyperledger’s success previously closely tied to IBM
  • Hyperledger adds Microsoft, Salesforce, Ethereum Foundation, GS1, Nornickel

In the last couple of months, IBM has encountered several blockchain setbacks. It has laid off staff. Its head of financial services has left. And one of its highest-profile clients, trade finance blockchain we.trade is taking work in-house. To date, the fortunes of Hyperledger, the open source blockchain community that’s part of the Linux Foundation, has been perceived as tied to IBM. But just last week it announced a slew of high profile new members.

The IBM setbacks

Before delving into IBM’s misfortunes, they need to be viewed in context. Last year when Juniper Research asked respondents to rank enterprise blockchain technology and services providers, 65% ranked IBM first. Microsoft was second at 7%. That was an enviable position for IBM to be in, and one that wasn’t likely to be sustained to that degree.

Plus last month, IBM’s TradeLens project landed two of the world’s biggest container shipping companies who are competitors of co-founder Maersk. Many said that was impossible.

Compared to the size of its success, the recent setbacks are relatively small. And as markets mature so does competition.

As a sign of that maturity, we.trade, the trade finance blockchain, plans to take most of its development in-house. We.trade was the first IBM blockchain to go into production, albeit a soft launch. The trade finance company is owned by 13 major banks and is initially offering open account trade finance to European SMEs. Nordea has started to actively promote it to clients.

Two months ago we.trade announced that COO Roberto Mancone was departing and General Manager Ciaran McGowan was joining. McGowan has a background as a CTO and was hired to build a technical team in Dublin. In the last couple of months, various we.trade representatives confirmed to Ledger Insights that IBM’s role will be reduced. But it will continue to play a part with SaaS hosting and some professional services.

Layoffs and departures

The layoffs at IBM may be another sign of maturity and competition. Multiple sources have confirmed retrenchment on the consulting (not technology) side of blockchain. But the numbers quoted varied from the teens up to a hundred or so. IBM doesn’t talk about lay off figures, and this is part of broader ranging cuts that CNBC reported at roughly 1,700 employees.

IBM has stated that the cuts relate to repositioning to focus on high-value segments. But blockchain is one of those segments.

Another team loss was Jesse Lund, as CoinDesk first reported. Apart from being responsible for blockchain financial services, he was also in charge of IBM World Wire, the cross border payments system that leverages Stellar technology. In mid-May, Stellar encountered a technical problem that caused it to go down for two hours. News about Lund’s departure appeared less than two weeks later.

Technology

Stellar was the third blockchain technology that IBM associated with. First and foremost, IBM is identified with enterprise blockchain Hyperledger Fabric. The platform is used in most of its blockchain client engagements and in its two owned solutions, IBM Food Trust and TradeLens, which is a joint initiative with Maersk. Although Fabric has developed a significant open source community beyond IBM, Big Blue is one of Fabric’s main contributors.

Given Fabric’s success, the progress of Hyperledger as an organization has been perceived as tightly aligned with IBM. That’s compounded by IBM’s adoption of Hyperledger Indy, the identity software that underpins the Sovrin network.

Hyperledger and IBM

As demonstrated by adoption, Hyperledger’s most promising technologies after Fabric appear to be Indy (and its sibling Aries) and Hyperledger Sawtooth (and its sibling Grid). Two of those three are associated with IBM.

In December Hyperledger ran it’s Global Forum in Switzerland. One might expect that IBM had a major footprint. However, not only was there no keynote from IBM, but over two days there was only one IBM presentation, from its blockchain CTO Gari Singh.

The reason for IBM’s low-key presence is open to interpretation. One takeaway is that perhaps Hyperledger needs to try to unhook the perception of itself and its success as being closely tied to IBM. And as a good community participant, IBM complied. But IBM’s contribution to Hyperledger is undoubtedly recognized.

“Hyperledger Fabric would not have happened without their [IBM’s] involvement and continued investment, and thanks to that it is today the most widely supported and widely used enterprise blockchain framework,” Hyperledger’s Executive Director, Brian Behlendorf told Ledger Insights via email.

But he was keen to emphasize other member contributions. “Both Hyperledger and IBM are really happy to see other companies realizing value from Hyperledger Fabric, such as every major cloud provider who deploys it as a managed service, from big clouds like Microsoft to specialized clouds like Blockdaemon, who are both also members of Hyperledger and also contribute code into Fabric.”

IBM’s Singh noted that numerous startups contributed to Fabric, but expressed a little frustration that there weren’t more enterprise contributions than currently.

Hyperledger forges ahead

Back at Hyperledger’s Global Forum, there was a keynote from Intel, which is one of the main contributors to Hyperledger Sawtooth. Intel announced a new Sawtooth-based supply chain tools initiative Hyperledger Grid in collaboration with the world’s largest agribusiness, Cargill.

Both of these projects are showing significant promise. U.S. retailer Target says it’s working with Grid. And the highest profile adopter of Sawtooth is Salesforce which is basing its blockchain offering on the technology.

Salesforce was also one of a several high profile new Hyperledger members announced last week. The others include the China Academy of Information and Communications Technology (CAICT), the Ethereum Foundation, standards body GS1, Microsoft, and huge Russian metals company Nornickel, which is adopting Fabric. CAICT is the thinktank from China’s Ministry of Industry and IT.

While Hyperledger gradually cuts the umbilical cord to IBM, it’s not ignoring Big Blue’s contribution. Behlendorf acknowledged: “Their [IBM’s] commitment to Hyperledger has been unwavering.”


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Microsoft and Ethereum Foundation Swell the Hyperledger Ranks Amid Growing Cross-Industry …

United States tech giant Microsoft and the Ethereum Foundation are among the latest companies to join the ranks of the Hyperledger greenhouse hosted by the Linux Foundation. Many notable names in the tech and wider business fields today are developing enterprise-grade solutions based on the expanding set of tools built on Hyperledger.

These institutional blockchain projects cut across both financial and nonfinancial distributed ledger technology (DLT) utilization. Presently, there are pilot projects geared toward identification systems, supply chain management (SCM) and provenance, to mention a few.

On the whole, members of Hyperledger appear to be at the forefront of a renaissance in open-source project development, facilitating a more decentralized approach to project building. Such a trend evinces a return to a more decentralized internet with blockchain technology living up to the hype of being a disruptor of the global business process.

There are, however, some drawbacks to the emerging open-source project building trend, especially for startups that have yet to earn significant pedigree within the industry. Also, while DLT constitutes a technological breakthrough, kinks such as scaling need to be worked out before DLT-based systems can realistically upstage their mainstream centralized counterparts.

New members join Hyperledger

Microsoft, Salesforce and the Ethereum Foundation are among eight new members of Hyperledger, as announced on June 18. These companies already have a history of blockchain adoption, with several DLT-based projects across diverse business processes.

There are now more than 270 members of Hyperledger developing their own enterprise-grade blockchain solutions. Commenting on the collaboration with Hyperledger, Marley Gray, Microsoft’s principal blockchain engineering architect, declared:

“Our journey in the blockchain ecosystem has brought us a long way, and now is the time for us to join the Hyperledger community. We are proud of our contributions to such a diverse blockchain ecosystem, from our Azure service offerings and developer toolkits to our leadership in driving open specifications.”

Microsoft is by no means a new entrant to the blockchain arena, with the company already developing an ecosystem for blockchain as a service (BaaS) on the Azure cloud computing service.

In the BaaS arena, Azure competes with other offerings by the likes of Oracle and AWS. These platforms allow businesses to create bespoke DLT-frameworks to fit their operating purposes without having to navigate the skill, knowledge and cost barriers associated with building decentralized apps (DApps) from scratch.

Related: Decentralized Identity: How Microsoft (and Others) Plan to Empower Users to Own and Control Personal Data

Teams working on the Azure BaaS infrastructure get access to preconfigured modular networks that simplify the process from conception to deployment of their DLT-based solutions. By joining Hyperledger, Microsoft Azure now offers three different enterprise blockchain development environments, with the other two being Corda and Ethereum.

The Ethereum Foundation joins the Ethereum Enterprise Alliance (EEA) as a partner of Hyperledger. For Hyperledger CEO Brian Behlendorf, the decision of the Ethereum Foundation to join the expanding Hyperledger enterprise blockchain greenhouse will be a positive one for blockchain developers in the industry.

Data from StateOfTheDApps — a platform that tracks decentralized apps — shows that Ethereum hosts the highest number of DApps. Of the total 2,667 DApps tracked by the platform, 2,505 run on the Ethereum blockchain.

Apart from the newly announced members, others include notable tech giants like IBM and Oracle. IBM, Walmart and Alibaba are among the companies with a significantly high number of blockchain-based patents, which is indicative of their activity in research and development (R&D) efforts in DLT-related enterprises.

Hyperledger projects supporting enterprise blockchain development

Hyperledger, for its part, is a collaboration between enterprises and the open-source community facilitated by the Linux Foundation. The Hyperledger greenhouse acts as a bridge that connects developers, nonprofit organizations, academia and all other stakeholders interested in developing and implementing enterprise-grade blockchain technology solutions.

Cointelegraph spoke with Marta Piekarska, director of the Hyperledger ecosystem at the Linux Foundation, about how the partnership works. According to Piekarska, Hyperledger doesn’t develop code or provide consulting services. Explaining further, Piekarska said:

“We support them in terms of PR and marketing for their projects. Not all of the developers creating solutions using Hyperledger tools are members of Hyperledger. You don’t have to be a Hyperledger member to use our technology, participate in our special interest groups, or to download and use the code. There is no technological barrier to using Hyperledger frameworks and tools.”

There are numerous projects around the world based on specific Hyperledger frameworks, such as Hyperledger Fabric and Hyperledger Iroha, to mention a few. Back in May 2019, Cointelegraph reported on the partnership between Iran’s central bank and Tehran-based blockchain firm Areatak to create a DLT platform for the country’s banking and finance markets using Hyperledger Fabric. According to the report, the Borna blockchain platform, when fully realized, should help revamp Iran’s outdated banking sector.

Matt Milligan of Milligan Partners — a blockchain-based startup focusing on toll interoperability and one of the newest members of Hyperledger — highlighted the benefits of joining a vast collaborative effort like Hyperledger. Milligan, the managing partner at the company, said:

“Joining Hyperledger is tremendously valuable to us as we develop blockchain solutions for Mobility as a Service. By working in this diverse open source community, we can be more creative and more innovative than we could ever be on our own.”

The fact that Hyperledger is open-source, means developers can learn from one another, trading ideas in an environment increasingly being populated by teams working on cutting-edge DLT protocols. This collaboration serves to achieve Hyperledger’s aim of fostering cross-industry blockchain development.

By so doing, stakeholders at Hyperledger are hoping that blockchain technology can move away from the realm of being a marketing buzzword to more tangible utility cases. In an interview during the Brainstorm 2019 conference organized by Fortune, Ripple CEO Brad Garlinghouse drew attention to the existence of too many economically inviable projects with the term “blockchain” slapped on them. According to Garlinghouse, “There is a lot of noise in the blockchain industry.”

Focus on nonfinancial DLT utilization

Apart from financial products, many of the blockchain protocols being built using Hyperledger tools involve nonfinancial use cases. This trend reinforces the narrative that DLT is a disruptive technology capable of affecting several facets of the global business process.

From a nonfinancial perspective, blockchain technology seems to be getting a great deal of adoption in protocols that require trust networks and provenance. Together, these two broad application cases cover much of the mainstream business arena — from SCM to health care and identity management.

Cointelegraph asked Piekarska about the major nonfinancial enterprise blockchain solutions being developed using the different Hyperledger framework tools, to which the director responded:

“There are quite a few markets that we are seeing as very big and potential markets. We are currently seeing a lot of interest in blockchain technology from stakeholders in supply chain management. We have the food trust project for IBM and Maersk. We have Everledger which is a blockchain project based on Hyperledger Fabric to track the provenance of diamonds and now also wine. There are at least 200 live networks based on Hyperledger Fabric alone. Digital identity is another space where we see a lot of interest. This is mostly as a result of Hyperledger Indy which is our framework for building digital identity solutions using zero-knowledge proofs. One of the main contributors here is Sovereign Foundation. They have the largest running network that is based on Hyperledger Indy.”

Right here for the taking

The combination of immutable data record-keeping and the ability to create trustless networks that do not require expensive third-party authenticators continues to be a pivotal aspect of the blockchain appeal. However, these projects still need to scale for them to be able to provide robust functionality on enterprise-level protocols.

Blockchain technology also seems to be having a material impact on open-source project development for both notable tech firms and smaller startups. According to Piekarska, there has been a noticeable increase in the number of projects listed on GitHub since the emergence of blockchain technology.

It isn’t inconceivable to imagine that DLT is creating easier avenues for open-source collaboration among development teams across the globe. Piekarska said:

“I think the coming of blockchain has caused a renaissance in open source project development especially for enterprise-grade software. It is changing the way enterprises see open-source project development which is reflected in the influx of notable tech giants like IBM and Microsoft into the Hyperledger environment. All projects in Hyperledger are under Apache license. It also lowers the barriers for small companies that can now take the code and build useful protocols.”

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Deploying and Calling Ethereum Smart Contracts on Hyperledger Burrow

  • Deploy Smart Contracts on Hyperledger Burrow

    Execute the following steps to deploy and run smart contract:

    1. Define the Burrow deploy configuration file for the Solidity contract. The deploy file for the BasicContract.sol sample contract is the basiccontractdeploy.yaml file. It specifies the job as deploy and the Solidity contract file as follows:

    jobs:

    name: BasicContract deploy:

     

    contract: BasicContract.sol

    2. Deploy the Solidity contract. After both the BasicContract.sol contract file and the basiccontractdeploy.yaml deploy file are written, the contract can be deployed to the Burrow validator with the burrow deploy command:

    burrow deploy –address=54EF1517D97E7A653D5FA5B05060A82A8856515D -f basiccontractdeploy.yaml

    The output should be as follows:

    ubuntu@ip-172-31-90-67:~/burrow/example/basic$ burrow deploy — address=54EF1517D97E7A653D5FA5B05060A82A8856515D -f basiccontractdeploy.yaml

    *****Executing Job***

    Job Name => defaultAddr

    *****Executing Job***

    Job Name => BasicContract

    Deploying Contract name => BasicContract

    addr => 5486CD7F1453396A1C9E4B24CC07AA507C4CD88A

    Saving Binary =>

    /home/ubuntu/burrow/example/basic/bin/BasicContract.bin

    Writing [basiccontractdeploy.output.json] to current directory

    The deployed contract address is in the preceding output. For our contract, it’s 5486CD7F1453396A1C9E4B24CC07AA507C4CD88A, which will be used when calling this contract.

    3. Call the contract. To call the deposit function in the sample contract, specify the Burrow deploy configure file, basiccontractdeposit.yaml, as follows:

    jobs:

    name: deposit call:

     

    destination: 5486CD7F1453396A1C9E4B24CC07AA507C4CD88A

    function: deposit data:

    1000

     

    4. Run the Burrow CLI command:

    burrow deploy –address=54EF1517D97E7A653D5FA5B05060A82A8856515D -f basiccontractdeposit.yaml

    5. To call the withdraw function in the sample contract, specify the Burrow deploy configure file, basiccontractwithdraw.yaml, as follows:

    jobs:

    name: withdraw call:

     

    destination: 5486CD7F1453396A1C9E4B24CC07AA507C4CD88A

    function: withdraw data:

    200

    6. Run the Burrow CLI command:

    burrow deploy –address=54EF1517D97E7A653D5FA5B05060A82A8856515D -f basiccontractwithdraw.yaml

    7. To call the getBalance function in the sample contract, specify the Burrow deploy configure file, as follows:

    jobs:

    name: getBalance query-contract: 

    destination: 5486CD7F1453396A1C9E4B24CC07AA507C4CD88A

    function: getBalance

    name: getAddress query-contract: 

    destination: 5486CD7F1453396A1C9E4B24CC07AA507C4CD88A

    function: getAddress

    8. Run the Burrow CLI command:

    burrow deploy –address=54EF1517D97E7A653D5FA5B05060A82A8856515D -f basiccontractquery.yaml

    The output for the query should look as follows:

    ubuntu@ip-172-31-90-67:~/burrow/example/basic$ burrow deploy

    –address=54EF1517D97E7A653D5FA5B05060A82A8856515D -f

    basiccontractquery.yaml

    *****Executing Job***

    Job Name => defaultAddr

    *****Executing Job***

    Job Name => getBalance

    Return Value => 800

    *****Executing Job***

    Job Name => getAddress

    Return Value => 54EF1517D97E7A653D5FA5B05060A82A8856515D Writing [basiccontractquery.output.json] to current directory

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    Building Transaction Handler and Processor for Hyperledger Sawtooth with Python SDK

  • Put Things Together

    We will illustrate each of the preceding steps using the code snippet for the marketplace sample:

    1. Decode the transaction payload: The transaction header has the signer public key, which identifies the person who submits the transaction. The payload is the encoded transaction data in the client application. For the marketplace sample, we encode the data as a comma-delimited CSV, so the payload will look like (house, action, owner) and the decode function looks as follows:

    def _unpack_transaction(transaction):

    header = transaction.header

    The transaction signer is the player signer = header.signer_public_key try:

    The payload is csv utf-8 encoded string house, action, owner =

    transaction.payload.decode().split(“,”)

    except ValueError:

    raise InvalidTransaction(“Invalid payload serialization”)

    2. Get the current state from the context: You often need to get the current state for existing assets, which is stored in the global state. You can access this based on the address through the context. The address is the 70-character address, and it includes the 6 characters for the namespace prefix; the remaining 64 characters are for the asset following the scheme that you design for the transaction family. The address for the marketplace example is as follows:

    def _make_mkt_address(namespace_prefix, house):

    return namespace_prefix +

    hashlib.sha512(house.encode(‘utf-8’)).hexdigest()[:64]

    The current state is stored as a multi-house record, each of which is separated by |. Each house and owner is a comma-delimited string:

    def _get_state_data(context, namespace_prefix, house):

    Get data from address state_entries =

     

    context.get_state([_make_mkt_address(namespace_prefix,house)])

    context.get_state() returns a list. If no data has been stored yet

    at the given address, it will be empty.

    if state_entries:

    try:

    state_data = state_entries[0].data

    _display(“state_data {}

    n”.format(state_data.decode()))

    house_list = { dbhouse: (dbowner) for dbhouse, dbowner

    in

    1. dbhouseowner.split(‘,’) for dbhouseowner in state_data.decode().split(‘|’) ] }

     

    _display(“house list in db {} n”.format(house_list))

    dbowner = house_list[house]

    _display(“db house {} db owner n”.format(house,dbowner))

    except ValueError:

    raise InternalError(“Failed to deserialize game data.”)

    else:

    house_list = {}

    dbowner = None

    return dbowner, house_list

     

    3. Validate the transaction: Like the normal logic, before you update the current state based on the new action, the transaction data should be validated based on your business rules:

    def _validate_house_data(action, owner, signer, dbowner):

    if action == ‘create’:

    if dbowner is not None:

    raise InvalidTransaction(‘Invalid action: house already

    exists.’)

    elif action == ‘transfer’:

    if dbowner is None:

    raise InvalidTransaction(

    ‘Invalid action: transfer requires an existing house.’)

    4. Enforce resource entitlement using access control lists (ACLs): Since the signer public key is available as the header, you can enforce resource entitlement to the asset using ACLs before applying the transaction, based on who submitted the transaction. Authorization and resource access can be implemented to keep the data safe.

    5. Apply the transaction: Once both the transaction and the current state are available, you are ready to apply your business rules, based on the commands and instructions in the transaction. The rules and computation can be applied to the current state to generate a new state.

    6. Store the new state back in the context: We need to commit the new state back into the global state via the context. This is the same as getting the current state. The new state needs to be encoded to update the global state based on the address:

    def _store_state_data(context, house_list, namespace_prefix, house, owner):

    house_list[house] = (owner)

    state_data = ‘|’.join(sorted([

    ‘,’.join([house, owner]) for house, (owner) in house_list.items() ])).encode()

    addresses = context.set_state(

    {_make_mkt_address(namespace_prefix, house): state_data})

    if len(addresses) < 1:

    raise InternalError(“State Error”)

    So far you learned how to configure Hyperledger Sawtooth (Validator and REST API), design namespace and address for Hyperledger Sawtooth transaction family and build transaction handler and processor for Hyperledger Sawtooth. The next and final step is to Build Transaction Processor Service and Python Egg for Hyperledger Sawtooth.

    This recipe is written in collaboration with Brian Wu who is a senior Hyperledger instructor at Coding Bootcamps school in Washington DC.

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    World’s Largest Palladium Miner Launches Blockchain Platform

    While cryptocurrency enthusiasts are waiting for mass adoption, blockchain-based solutions are quietly penetrating the industrial and manufacturing sectors.

    Norilsk Nickel (Nornickel), the world’s largest palladium producer, has joined the ranks of global corporations that seek to integrate blockchain technology into their business processes.

    nornickel

    Partnership With Hyperledger

    The company has recently joined the Hyperledger project — along with such big names as Microsoft, Salesforce, Gloscad, and Milligan Partners. This open-source global initiative hosted by the Linux Foundation promotes the integration of blockchain technologies across various industries.

    Nornickel is currently working on a distributed ledger technology based on Byzantine Fault Tolerance (BFT). It is a consensus algorithm that allows for the creation of public blockchains based on Hyperledger Fabric, which is considered to be is one of the fastest and the most efficient consensus algorithm for public blockchains to date.

    “Hyperledger is our core technology,” Sergey Batekhin, Senior Vice President on Sales, Procurement, and Innovation of Nornickel, commented. He continued:

    “By joining Hyperledger, we plan to share our expertise and knowledge to improve blockchain technology. Our company has formed a considerable pool of ideas, concepts, and initiatives that can be offered to other industry players. By joining the e Hyperledger community, we are making our inventions accessible to interested parties around the world.”

    hyperledger

    Tokenizing Commodities

    The company plans to implement Hyperledger Fabric technology.

    The platform will go live in a test mode within this year. Developed in partnership with the leading IT companies, it will be used to tokenize Nornickel’s products — including multi-billion dollar palladium contracts.

    The key idea behind the Nornickel’s platform is to streamline business processes and attract new investors to the company. Eventually, this will lead to reduced funding costs and help to free up turnover capital.

    palladium

    Palladium-Backed Stablecoin

    An idea of stablecoins backed by commodities is not new. Venezuela tried to tokenize its gold reserves, while Russia was contemplating an oil-backed digital coin.

    In that context, tokens backed by precious metals might become an interesting investment tool for serious market players, according to Nornickel CEO Vladimir Potanin.

    Speaking on the sidelines of the Saint Petersburg International Economic Forum, the head of Nornickel said that the company plans to launch is stablecoin backed by palladium contracts in autumn 2019. The pilot project will be launched in a test mode and support only a limited number of Nornickel’s contracts.

    Would you be interested in palladium-backed stablecoin? What does this pivot to blockchain mean to the global economy? Let us know what you think in the comments below.


    Images courtesy of Shutterstock.

    As a trusted news outlet in the blockchain and cryptocurrency industry, BeInCryptoalways strives for the highest journalistic standards and adheres to a strict setof editorial policies. BeInCrypto is an independent website with authors and managementthat may personally invest in cryptocurrencies or blockchain startups.

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    Microsoft And Salesforce Join Hyperleder

    Jun 20, 2019 15:23&nbspUTC

    | Updated:

    Jun 20, 2019 at 18:29&nbspUTC

    By&nbspRishma Banerjee

    Technology giants Microsoft and Salesforce joined blockchain consortium, Hyperledger this week.

    They are a part of eight new enterprises to be consolidated under Hyperledger. The recruits also include Norilsk Nickel (Nornickel), a Russian metal company; Gloscad, a Polish tech company developing solutions for the agriculture industry; and Milligan Partners, a U.S.-based consulting firm focused on tech solutions for supply-chain management.

    These member companies will pay dues based on their respective sizes to Hyperledger, an umbrella project for various business blockchains run by the Linux Foundation, and will build applications using the technology.

    Microsoft has been increasingly inclined towards the blockchain space, and have been pushing the boundaries with their offerings by associating with the Coco framework or by offering services like Azure to the community. Infact Microsoft has also been involved with the World Wide Web Consortium (W3C) as well as the Decentralized Identity Foundation (DIF). Marley Gray, principal architect for blockchain engineering at Microsoft, said in the press release,

    “Our journey in the blockchain ecosystem has brought us a long way, and now is the time for us to join the Hyperledger community.”

    In comparison, Salesforce is new to the blockchain world. It recently accounted its own Salesforce Blockchain which is built on Hypeledger Sawtooth Platform. Salesforce’s entry into the blockchain market recently came when they announced their Salesforce Blockchain, interestingly built on the Hyperledger Sawtooth platform.

    They announced in April that they had joined the Blockchain Research Institute (BRI), the global blockchain think tank with participants like Microsoft, IBM, the Bank of Canada, PepsiCo, Raiffeisen Bank, Polymath, and others. The reason why Hyperledger is growing into such blockchain is the dual nature of its benefits. Companies coming aboard are required to pay their dues and contribute to the advancement of the technology – which is reaching new heights in terms of use cases. Hyperledger has turned into a dominant force in the blockchain sector. In being a part of this consortium, the enterprises are on top of all the aspects of the overall development of the sector.

    Rishma Banerjee

    Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.

    Software Giants Microsoft and Salesforce Flock To Hyperledger Blockchain Consortium

    Pedestrians pass in front of the Salesforce Tower in New York, U.S. Photographer: Victor J. Blue/Bloomberg

    © 2019 Bloomberg Finance LP

    Hyperledger, from the Linux Foundation, is gathering more steam after welcoming two of the world’s largest top-10 enterprise software companies by revenue to the blockchain consortium.

    This week it was announced that eight new large enterprises would be cementing their blockchain journey by joining Hyperledger. Other than Microsoft and Salesforce, both already heavily invested in blockchain, the intake included a U.S.-based supply chain consulting firm, a Russian metal company, and a Polish tech company, among others.

    It is an important announcement as it demonstrates the growing snowball effect from enterprises and their interest in blockchain. Hyperledger is an open source collaborative project created to advance cross-industry blockchain technologies. It is boosting not only its members but improving the technology too.

    More than a passing interest

    Microsoft is no stranger to the blockchain space, and have been pushing the boundaries with their offerings, such as the Coco framework, which is an open-source system that enables high-scale, confidential blockchain networks that meet all essential enterprise requirements.

    Moreover, on Azure, a cloud computing service from Microsoft, the software giant offers a blockchain workbench to help create and deploy blockchain applications for businesses.

    Hyperledger is not even the first consortium they have joined. The company is looking into developing a decentralized identity system on the blockchain and is involved with the standard-setting organization the World Wide Web Consortium (W3C) as well as the Decentralized Identity Foundation (DIF)

    However, by joining they Hyperledger consortium, Microsoft is taking more significant steps into an ecosystem that is starting to go beyond just face-value experimenting.

    “Our relations with Microsoft and Salesforce go back a year, so it’s a nice culmination of it,” Hyperledger executive director Brian Behlendorf told CoinDesk. “Now it’s not an academic interest from their side anymore, it’s something they want to take part in.”

    “Our journey in the blockchain ecosystem has brought us a long way, and now is the time for us to join the Hyperledger community,” Marley Gray, principal architect for blockchain engineering at Microsoft, added in a press release.

    Next step for Salesforce

    Salesforce is also a big name in software, focusing in on cloud computing service as a software (SaaS) and specializing in customer relationship management (CRM). It is also another major enterprise that has not missed the blockchain boat either.

    Salesforce’s entry into the blockchain market recently came when they announced their Salesforce Blockchain, interestingly built on the Hyperledger Sawtooth platform. Their offering boasts three clients that are testing the product. They include data research company IQVIA, the rating agency S&P Global, as well as Arizona State University.

    Salesforce is also already taking part in blockchain-advancing projects. They announced in April that they had joined the Blockchain Research Institute (BRI), the global blockchain think tank with participants like Microsoft, IBM, the Bank of Canada, PepsiCo, Raiffeisen Bank, Polymath, and others.

    Importance of Hyperledger

    The reason why Hyperledger is growing into such blockchain behemoth is the dual nature of its benefits. Companies coming aboard are required to pay their dues and contribute to the advancement of the technology – which is reaching new heights in terms of use cases.

    In being a part of this consortium, the enterprises are then also in the driving seat of the usage of the technology, profiting from its development and deployment, all the while shaping its direction.

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    Samsung SDS expands enterprise blockchain cloud

    This week Samsung SDS highlighted several of its current blockchain initiatives. In August it plans to unveil a health insurance consortium. It has multiple ongoing interoperability projects. And it’s progressing its Nexledger Universal cloud offerings.

    The health consortium to be launched in August is an example of what Samsung refers to as ‘convergence’ where different industries cooperate. The ‘Automatic Insurance Claim Service’ aims to connect medical providers with insurers and digital healthcare companies.

    Interoperability

    Though comparatively low-key, Samsung SDS is doing important work on blockchain interoperability. Samsung SDS has been developing an ‘export customs logistics services’ for the Korean Customs Services. It’s expanding that work at Korea’s Incheon Airport to connect up with China’s Tianjin Airport. The Chinese end has a blockchain initiative developed by OneConnect, part of China’s Ping An insurance.

    DELIVER is a slightly higher profile project, a three-way alliance that includes the Port of Rotterdam and ABN Amro bank. In this case, it’s looking at getting different blockchain technologies to talk to each other, including Samsung’s Nexledger, Hyperledger Fabric, Ethereum and potentially others. The interoperability platform aims to be the foundation of a global logistics network.

    Cloud

    Samsung has its own blockchain solution Nexledger which can combine customized features on Hyperledger Fabric and Ethereum. Plus it has its own consensus technology. In April it launched Nexledger Universal, a cloud offering on Microsoft’s Azure cloud. Now it plans a global public testnet so that developers can tinker with Nexledger Universal for free.

    Apart from its own offerings, Samsung has also developed a solution to speed up Hyperledger Fabric. Earlier this year it joined the IBM Blockchain advisory board. Additionally, it became the Korean representative for IBM’s Blockchain Platform, which is Hyperledger Fabric plus IBM’s enterprise tools.


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