The first blockchain project under the HyperLedger was HyperLedger Besu, as it can operate on the public blockchain.
Deploy HyperLedger Besu node is a Java-based Ethereum client known as Pantheon. A modular design of Hyperledger Besu and the platform’s focus is on open development and deployment.
This article is focused on the use cases of HyperLedger Besu, and the details are below –
Use Cases of HyperLedger Besu –
1. Creation of the World’s largest permissioned public blockchain –
The HyperLedger Foundation team worked with LACChain to solve the problem of permissioned public blockchain infrastructure through the usage of HyperLedger Besu.
The Inter-American Development Bank (IDB) struggled to find the right balance between permissionless public blockchains and permissioned private blockchains with different projects. Handling other networks comes with various issues like accountability, compliance, and technical support. And because of those challenges, IDB couldn’t expand the project into enterprise-level projects.
There is an Innovation Laboratory for IDB, which is named IDB Lab, which finds solutions to the problems of IDB. IDB Lab explored similar issues throughout Latin America and the Caribbean (LAC ).
The organization was looking for an alternative, and permissioned public networks seem like an answer which will benefit other blockchains without the drawbacks. Because a successful blockchain network already existed in the EU, IDB funded a project to create LACChain.
2. A platform to provide financial benefits –
One of the barriers to entry into the Crypto space is understanding Crypto assets. From buying the Crypto assets to safely transacting them on the blockchain network.
To solve this barrier, Public Mint, a Fintech firm with offices in the US, UK, and Europe, imagined a blockchain ecosystem that can be accessible by non-experts. The solution will help the companies to transact with the users quickly.
Initially, Public Mint began into fiat currencies. And the first challenge of the Public Mint was to unite the blockchain network with fiat currencies like the US dollar.
The Public Mint created its system in a way that when someone invests in the system, it makes a synthetic dollar, and when someone takes the synthetic dollar out of the Public Mint Wallet, it is destroyed.
The next challenge for the Public Mint was a selection of a technology stack. Thus, the company decided to go with Ethereum-based technology called Pantheon and now HyperLedger Besu.
The Public Mint provides an Ethereum-compatible blockchain without using its native cryptocurrency, Ether. They can do this because a fork was created out of HyperLedger Besu in the sense that the leading Ethereum network was running, but the network didn’t run on Ether; instead, it ran on US dollars. Thus, the developers of Public Mint can utilize its portal to reach a bigger audience by using USD.
Blockchain node hosting like Zeeve helps with the deployment of the HyperLedger Besu node.
Conclusion –
The HyperLedger Besu can help from permissioned public networks to help the companies with the Ethereum-based technology and upgrade them for enterprise-grade projects.
It can help in different sectors only if the company knows exactly where the problem is and what help they seek from HyperLedger Besu.
Press Release Distributed by The Express Wire
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