Cambodia Central Bank Launches Bakong Blockchain – Coinpedia

According to Cambodia’s central bank, the country’s blockchain-based payment infrastructure, dubbed “Bakong” by Cambodian central bankers, went online earlier this year. The launch provides residents with a state-authorized platform for performing immediate mobile payments using QR codes and cellphone numbers that connect digital wallets via a blockchain.

Bakong, built by Japanese technology company Soramitsu, is hosted in the National Bank of Cambodia via the Hyperledger Iroha blockchain.

Bakong is completely fiat-backed, ensuring that users may make payments using their dollar or riel reserves. Unlike other central banks’ digital currency (CBDC) programs, it does not use digitally native money. It is a crucial step towards modernising and de-dollarising the country’s payment system.

Interested in starting to invest in crypto? Check Bitcoin Compass!

Serey Chea, Director General of the National Bank of Cambodia, asserted boldly that Bakong’s e-payments would aid in the prevention of the spread of COVID-19 throughout the nation.

The National Bank of Cambodia’s Bakong blockchain payment system eventually went into production after a lengthy test period. It is referred to as a retail central bank digital currency (CBDC) by the central bank. It also represents tokenised commercial bank deposits in Cambodian riels or US dollars.

Cambodia has a high percentage of smartphone users; more than 100% of the population has a cellphone, indicating that some own multiple. However, just 22% of adults over the age of 15 have a bank account, and a bank account is not required to use Bakong. Instead, a wallet may be created by receiving money from another person or visiting a payment agent and exchanging cash for tokenised money.

Director-General Chea went on to say that NBC’s goals are to increase financial inclusion, security, efficiency, and the promotion of local currencies. Bakong will play a key role in bringing all users together on the same platform, making it easy for everyone to transfer money to one another. They also want to de-dollarise the economy, which is still largely reliant on the usage of the US dollar daily.

Soramitsu, the primary business behind the Hyperledger Iroha protocol, created a solution to the distributed ledger technology (DLT) on which Bakong is built, allowing each wallet to be tied to a financial institution. There are now 18 financial institutions on the list. While the central bank is in charge of the master ledger, commercial banks have nodes with duplicate copies of the essential data to ensure redundancy.

The conventional database interbank payment system in Cambodia has been replaced with Distributed Ledger Technology (DLT).

How to Register

A user must submit two items:

  • a picture ID
  • selfie

The ID is OCR-processed, and the selfie is matched to the ID’s photo.

The smartphone app is purposefully basic, with only four functions:

  • A wallet owner can transmit money to a registered user.
  • They can also transmit money by scanning the alleged receiver’s QR code.
  • They may also receive money by displaying their QR code.
  • There is also the option of transferring funds to a bank account.

Those who do not have a smartphone can transfer money using the recipient’s cellphone number. It will be challenging to establish the user’s identification if they do not have a smartphone. As a result, only little value exchanges are possible. There are no costs for transfers, and everything is finished in about 2-3 seconds.

Shin Chang Mun, President of Phnom Penh Commercial Bank, stated that Bakong would establish an economically complete ecosystem that will benefit all players in the sector.

The National Bank of Cambodia’s moonshot is Project Bakong. It has already piqued the interest of the crypto sector, which is intrigued by the prospect of central banks experimenting with virtual currencies. The blockchain-based backbone payments system has the potential to alter millions of people’s lives and serve as a model for how such a contemporary foundation may enhance life in the developing world and beyond.

Learn more about how to invest with Project Bakong or other cryptocurrencies here.

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Summer SCARP Series: Matthew Grohotolski ’22

An Elizabethtown College Computer Science and Data Science major is working with a pair of professors this summer to create an easy-to-use and secure data-transferring system for organizations and universities that is built on Blockchain technology.

The independent student research and collaboration with Etown faculty mentors, is part of the Summer Scholarship, Creative Arts and Research Projects (SCARP) program.

Learn more about SCARP.

Title of Research

SECTOR: A Web-based Data Management and Sharing System Secured by Blockchain

Student Researcher

Matthew Grohotolski ‘22 – Computer Science and Data Science

Faculty Mentors

Jingwen Wang

Peilong Li

What are you researching?

Since the advent of technology, securely transferring data between two computers over the internet has been a difficult task. This is especially true for organizations and universities who want to take advantage of technology to securely transfer or share data. Although many file transfer services exist, none have achieved secure transfers while also offering a friendly and easy-to-use user Etown professor and student standing on either side of a computer monitor, smiling at camera. interface.

SECTOR uses an existing secure transfer service called Globus to conduct secure file transfers and has built a safe and secure user permissions system on top of their functionality. All data used by SECTOR is stored on a distributed ledger using Hyperledger Fabric, which is built upon Blockchain technology. Because data is stored on a distributed ledger, the data of its users stay safe and out of the hands of potential hackers while also allowing greater data access and less downtime for SECTOR in case an institution goes offline.

This is a joint project by Elizabethtown College and the University of Massachusetts Lowell (UML). We have partnered together to work on this project and I am working alongside members from UML to develop the site and data aspects of SECTOR. In addition to our two universities working together, UML is also in contact with the University of Wisconsin – Madison, which is our primary way of testing new developments with the website and will eventually use the site to transfer their sensitive project files between their internal groups and other universities.

Why did you choose this topic?

This project was initially brought to my attention by Dr. Li as he has connections to UML by previously attending their University. After hearing about the project, I was fascinated by their use of Hyperledger Fabric to store data and decided to assist by becoming a Full Stack Developer to create the website and further their previous development with Fabric.

What is the most interesting aspect of this research?

The most interesting aspect of research for this project is Hyperledger Fabric and how it’s used to store data securely. Fabric stores its data in what’s called a distributed ledger, meaning multiple organizations can assist with hosting the data for the project. If one organization loses power, for instance, the data is still accessible for the website and there is no downtime due to this kind of disruption.

Utilizing Fabric also means the data stays secure since the data is only accessible through the machine hosting the website. This helps us maintain HIPAA compliance to transfer sensitive information such as medical information between organizations.

How have your faculty mentors helped you throughout this experience?

Dr. Li and Dr. Wang have had a profound impact on my performance with my SCARP project as they’ve been able to provide guidance during difficult situations when coding.

Hear from a Faculty Mentor – Jingwen Wang

“The existing cyberinfrastructure for inter-institution data sharing faces challenges. For example, the patient data collected at a medical school cannot be readily shared with data scientist collaborators from a nearby institution due to location, network access control, etc. To make the data-sharing more secure and reliable, we focus on build a secure inter-institutional data-sharing platform with blockchain technology in this project.

“Matt really showed his passion for this project when working with Dr. Li and me. He is a motivated learner as he always tries his best to come up with a solution for the problems we’ve had when working on the project.”

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LiquidShare selects BTP’s Sextant platform for blockchain-based post-trade offering

LiquidShare was created in 2017 by eight major European financial institutions (AFS Group, BNP Paribas Securities Services, Caceis, Caisse des Dépôts, Euroclear, Euronext, S2iEM and Société Générale) with the mission to build a European post-trading blockchain infrastructure for the financial industry. The company’s post-trade offering secures and streamlines back-office operations in financial markets, while enhancing the transparency and trustworthiness of post-trading operations, leveraging the open-source distributed ledger Hyperledger Besu, and Daml, an application platform.

“We chose Daml as our smart-contract language for its strong potential to embed business logic, and because it enables us to build multiparty business processes easily and rapidly. The fact that it is supported by BTP on our ledger of choice, Hyperledger Besu, was also a main driver for us,” said Jean-Marc Eyssautier, CEO of LiquidShare. “Sextant for Daml has accelerated our time to market by allowing us to focus on customer needs.”

BTP’s Sextant for Daml solution radically simplifies the deployment and management of the Daml runtime environment on distributed ledgers, so innovators such as LiquidShare can focus on the application rather than the underlying infrastructure.

“We are delighted to facilitate such financial innovation by freeing LiquidShare from technology infrastructure frustrations,” said Duncan Johnston-Watt, CEO & Co-founder of BTP. “This is a great use case that showcases the business value of distributed ledgers and smart contracts, by lowering the barrier to entry to capital markets.”

Daml, created by Digital Asset, is an application platform purpose-built for coding complex multiparty business processes. Daml applications provide a robust framework to better manage transactional workflows, resulting in improved operational efficiency, while preserving privacy and trust. This is particularly relevant to capital markets.

“LiquidShare is at the forefront of innovation in post-trade markets,” said Yuval Rooz, Co-founder & CEO at Digital Asset. “Post-trade processes can significantly benefit from the efficiency and trust provided by distributed ledgers and Daml, which is quickly becoming the de facto standard in capital markets. It’s great to see LiquidShare using Sextant for Daml. It is the right platform to help LiquidShare bring its new blockchain-enabled offering to the market.”

Sextant for Daml, developed in partnership with Digital Asset, simplifies the deployment and management of the Daml runtime environment on Hyperledger Besu and Hyperledger Sawtooth, as well as Amazon QLDB, Amazon Aurora and PostgreSQL. It is rapidly emerging as the platform of choice for companies delivering Daml applications in production.

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New Cloud Security Alliance Research Evaluates Hyperledger Fabric 2.0 Security, Provides …

SEATTLE–(BUSINESS WIRE)–The Cloud Security Alliance (CSA), the world’s leading organization dedicated to defining standards, certifications, and best practices to help ensure a secure cloud computing environment, today released the Hyperledger Fabric 2.0 Architecture Security Report and accompanying Security Controls Checklist, the latest research from the CSA Blockchain/Distributed Ledger working group. The report and checklist, which align with NIST Cybersecurity Framework’s Controls, seek to help security and risk management leaders and regulators in the financial industry mitigate the negative consequences surrounding a data breach, which could result in the loss of trade, ownership, and trust between business stakeholders.

“Hyperledger Fabric 2.0 has rapidly seen more than 50-percent adoption among the top financial services companies, making it a key component of the industry’s infrastructure. This seminal report is crucial in understanding the risks inherent in Hyperledger architecture, and providing both new and experienced users a straightforward way to address those risks while balancing security and business needs,” said Bill Izzo, Chair of the Blockchain/DLT Working Group.

The researchers, led by Urmila Nagvekar, one of the paper’s co-authors, performed a detailed security review of Hyperledger Fabric 2.0’s architecture in a permissioned environment to identify architectural weaknesses as applied to the financial services industry and recommend security countermeasures to mitigate them. The researchers first identified Fabric 2.0’s architectural risks to cybersecurity attributes (privacy, confidentiality, integrity, availability) when implemented as a permissioned blockchain enterprise network for a trade finance use case in a cloud-based environment, and delivered a fully implementable “Security Controls Checklist” aligned with NIST Cybersecurity Framework’s Controls 2 to proactively prevent, detect, and respond to the identified risks thus mitigating the business impacts downstream to the trade finance business workflow.

Hyperledger Fabric 2.0 was specifically evaluated against Microsoft’s “STRIDE” Threat Modeling Methodology (Shostack, 2014) and Gartner’s Blockchain Security Model (Gartner, 2018), for vulnerabilities that have been the root cause of prior business execution compromises in non-Fabric blockchain environments. Specifically, the Fabric 2.0 architecture was evaluated for compromise to the confidentiality and privacy of both the trade finance business logic, as well as the transaction and its payload and for weaknesses in its operational semantics. The analysis was undertaken to confirm that trade finance business logic embedded within smart contracts can’t be manipulated by adversaries during execution to gain financial advantage.

The group determined that Hyperledger Fabric 2.0’s security architecture was natively secure by both design and default when it came to trade finance business logic and payload confidentiality and privacy. Moreover, it was also robust in preventing adversaries from manipulating trade finance’s business logic during execution.

The group went on to perform threat modeling finding numerous potential threats with a HIGH risk, likelihood and impact rating, across the cybersecurity functional areas, including end device and server security, identity and access management, consensus security, application security, peer security, and data privacy and cryptography. The report details threat mitigation strategy recommendations addressing these areas.

“Hyperledger Fabric is powering significant innovation in enterprise blockchain and has seen keen uptake across a number of market segments, including financial services,” said Brian Behlendorf, Executive Director, Hyperledger and Managing Director for Blockchain, Healthcare and Identity at the Linux Foundation. “We commend the CSA for undertaking this work to help users understand the security of the Hyperledger Fabric architecture, test it against industry-standard security models, and provide insights into what users need to consider in their own implementations. It is this kind of work that will further trust in distributed systems, and therefore faster adoption.”

The Blockchain/Distributed Ledger working group works to produce useful content to educate different industries on blockchain and its proper use, as well as define blockchain security and compliance requirements based upon different industries and use cases. Individuals interested in becoming involved in Blockchain/Distributed Ledger future research and initiatives are invited to join the working group.

The paper is available at no charge. Learn more about these documents and their use in this pre-recorded webinar or download the full Hyperledger Fabric 2.0 Architecture Security Report.

About Cloud Security Alliance

The Cloud Security Alliance (CSA) is the world’s leading organization dedicated to defining and raising awareness of best practices to help ensure a secure cloud computing environment. CSA harnesses the subject matter expertise of industry practitioners, associations, governments, and its corporate and individual members to offer cloud security-specific research, education, training, certification, events, and products. CSA’s activities, knowledge, and extensive network benefit the entire community impacted by cloud — from providers and customers to governments,entrepreneurs, and the assurance industry — and provide a forum through which different parties can work together to create and maintain a trusted cloud ecosystem. For further information, visit us at www.cloudsecurityalliance.org, and follow us on Twitter @cloudsa.

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IBM open source its own blockchain code

Provide the licensed code to the general public

Technology giant IBM has announced that it will open source many of its blockchain code to make the blockchain “Hyperledger Fabric” more convenient. It will also start offering a paid service to support Hyperledger Fabric users.

The popular enterprise blockchain “Hyperledger Fabric” is a permission type (requires administrator permission to participate) chain adopted by many companies, and smart contracts can be written in general-purpose programming languages ​​such as Java and Go. It is applied in various fields such as the construction of a secure management / sharing system for medical data and the system for tracking food products to improve traceability.

Relation: What is Hyperledger Fabric, the most used blockchain framework for enterprises?

“Hyperledger Fabric” is an open source project provided by the Linux Foundation, but IBM has been involved in the development from the beginning.

IBM is now providing code that facilitates the development and adoption of blockchain solutions for businesses. It also includes the console’s underlying code, which makes it easy to integrate different platforms with the Hyperledger Fabric network, improving the platform’s usability.

The code was previously licensed by IBM, but is now open source. It also provides a “Fabric Token SDK” that enables token exchange on “Hyperledger Fabric” and code that supports the interoperability of distributed ledgers.

At the same time as the code is open sourced, a paid user support service will be launched for companies that use “Hyperledger Fabric”. This includes 24-hour customer support and code security scanning. It is expected to be available from this fall through the IT infrastructure market “Red Hat Marketplace”.

Blockchain business based on case studies

“To strengthen Hyperledger Fabric and establish a vibrant platform for everyone to innovate,” said Kareem Yusuf, head of artificial intelligence and blockchain at IBM, behind the move.

According to Yusuf, it makes sense to open source because the core blockchain technology and IBM’s blockchain platform itself are not very profitable. Yusuf commented on the blockchain media Ledger Insights:

A blockchain platform is a means to achieve a certain purpose (case study). We believe that having a more vibrant and widely adopted platform makes it easier to generate revenue based on actual end-user adoption cases.

In this direction, Yusuf cited the following three specific business fields.

  • Consulting to realize specific customer use cases
  • Products that integrate with other solutions
  • Enterprise grade customer support

Yusuf explained that it is possible to determine the functions required for the platform by calculating back from specific adoption cases such as traceability and carbon emission calculation. “I think we’ve entered the stage of large-scale adoption (of blockchain), so we have to clarify the case studies,” he said.

Withdrawal of blockchain business is denied again

The company denied this in February of this year when it was reported that IBM was shrinking its blockchain business. Yusuf also mentioned the matter, saying, “We haven’t withdrawn from the blockchain, we’ll focus on how to use it productively.” In the future, it seems that it will focus on supporting specific adoption cases of blockchain technology.

Relation: IBM spokeswoman denies blockchain business contraction = press

N https://imgs.coinpost-ext.com/uploads/2019/05/edit-Laborant-ibm2_0508.jpg->

Author: A. Yamada

Reference: IBM, Ledger Insights

Images used under Shutterstock license

“Cryptocurrency” means “cryptographic assets”

About Post Author

Miu LinMiu LinMiu Lin

Miu Lin

Miu is a journalism major and has been writing as a business journalist for various dailies before joining OBN. She currently writes about blockchain, cryptocurrencies and business news.

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    IBM contributes blockchain platform code to Hyperledger to drive enterprise blockchain adoption

    The global blockchain technology market size is projected to reach $72 billion in the next five years. In order to ensure this growth, however, blockchain solution providers must continue to advance and innovate.

    For example, public enterprise blockchain use has become an ongoing trend this year as companies like ConsenSys aim to drive adoption for open, permissionless networks. On the flip side, it’s important to point out that private blockchains are still being leveraged by enterprises and will continue to be utilized as innovation continues.

    Advancing open, permissioned blockchain networks

    Most recently, computing giant IBM announced that it has open-sourced a large portion of its IBM Blockchain Platform code to help drive up adoption rates for enterprise blockchain use cases.

    Kareem Yusuf, general manager of AI and blockchain applications at IBM, told Cointelegraph that this is one of IBM’s largest contributions to open-source code. He further noted that the company is unveiling a new Hyperledger Fabric support offering, along with donating the code that supports token exchanges on Hyperledger Fabric, known as Fabric Token SDK. Yusuf said:

    “Our intent is to make sure we have a vibrant and active Hyperledger community. To support this, we have announced two key moves. One is the donation of our management console code capabilities, which was in our IBM Blockchain Platform, into the Hyperledger Labs world. Another is making available a support offering for those wishing to use Hyperledger Fabric with full-product support from IBM.”

    According to Yusuf, IBM’s significant code contribution will make it easier for Hyperledger users to utilize Fabric, which is an enterprise-grade distributed ledger platform that caters to a variety of enterprise use cases. IBM’s blockchain platform is powered by Hyperledger Fabric.

    It’s also worth mentioning that Hyperledger was launched in 2015 by the Linux Foundation as an open-source collaborative effort to advance cross-industry blockchain technologies. Hyperledger hosts a number of enterprise blockchain projects such as Fabric.

    Brian Behlendorf, executive director of Hyperledger, told Cointelegraph that IBM’s new contributions will specifically make it easier for every developer to build on top of and manage a Fabric blockchain network. He further noted that these new efforts are organized as “Labs,” which are separate projects from Fabric but are used to build upon the Fabric framework.

    For example, Behlendorf pointed out that Fabric’s “Token SDK” will help formalize the approach for managing tokens on top of Fabric. Building tokens on top of Hyperledger has always been possible, as Metacoin (MTC) was the first cryptocurrency built on Hyperledger to achieve mainnet status in 2018. Although this is a feature offered to developers, Behlendorf noted that it had previously required a lot of “do-it-yourself” effort. “Now that gets a better-supported approach,” he remarked.

    Behlendorf added that another Lab, the “Fabric Smart Console,” makes managing a cluster of Fabric nodes across a network even easier to monitor and manage. Both of these Labs should become more accessible for developers to leverage once IBM’s full-support offering is available in the Red Hat Marketplace sometime this fall. The offering will include access to IBM-certified images, code security scans and around-the-clock customer support. Yusuf added:

    “Being able to manage Hyperledger Fabric has been challenging. A major thing to consider here is support. If all costs of support are embedded in a single project, this can’t be monetized across other projects, and it becomes more expensive. A standardized support offering, however, can be very well structured to fit across multiple use cases.”

    Specifically speaking, Arun S.M. — Hyperledger contributor, leader in the Hyperledger India chapter and member of the Hyperledger Technical Steering Committee — told Cointelegraph that the announcement of Fabric Smart Console, the crux of operations part of IBM Blockchain Platform, came as a surprise, noting that the secret sauce has now been revealed:

    “There are projects within Hyperledger (including Labs) that can deploy a network, help to visualize and monitor deployed networks, including performing operations to varying degrees. What brings in excitement around the latest announcement is that IBM Blockchain Platform is used in many production applications. It is mature and seasoned. Having a self-hosted management portal with an intuitive UI that can hide complexities and reduce the network administration is a blessing in disguise for many.”

    Ultimately, Yusuf explained that these new offerings will help increase adoption for enterprise blockchain use cases looking to leverage permissioned networks. Moreover, Yusuf noted that open-sourcing the Fabric code will help bring down costs, which has been a primary challenge for small-to-medium-sized companies looking to use permissioned networks.

    This is important for a number of reasons. For instance, even though one industry report shows that public blockchain adoption has emerged as the leading market segment, Yusuf mentioned that enterprise use cases that leverage a shared, permissioned blockchain are still critical — especially for use cases like supply chain management:

    “By definition, a supply chain is a network that involves sharing information between suppliers and different parties, so you need a blockchain infrastructure to tackle inventory visibility, provenance, responsible sourcing and more.”

    By allowing Hyperledger Fabric’s base foundation to be open, Yusuf believes this will encourage more people to engage and collaborate using permissioned networks.

    Hyperledger community is expected to grow

    In addition to advancing enterprise blockchain adoption using open, permissioned networks, IBM’s contributions may draw 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. “This will hopefully inspire more to cross over into becoming contributors and core maintainers as well,” he remarked.

    Related: As Microsoft Azure closes shop, ConsenSys Quorum opens up to new users

    As such, 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. Marta Belcher, board chair of the Filecoin Foundation, commented that Filecoin’s (FIL) decentralized storage capabilities have tremendous potential in the enterprise space. “We’re thrilled to join Hyperledger, a leader in enterprise blockchain technology, to explore these possibilities,” she said.

    It’s also noteworthy that IBM’s contributions to Hyperledger Fabric demonstrate the company’s commitment to advancing enterprise blockchain. This is key to recognize, as it was previously rumored that IBM Blockchain’s team was “dissolving.”

    Yusuf remarked that he’s particularly focused on scale and adoption moving forward. “From IBM’s perspective, you can expect to see use cases that leverage blockchain to bring actual end value to our customers.”

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    IBM opens Hyperledger Fabric source code to drive enterprise blockchain adoption

    For example, public enterprise blockchain use has become an ongoing trend this year as companies like ConsenSys aim to drive adoption for open, permissionless networks. On the flip side, it’s important to point out that private blockchains are still being leveraged by enterprises and will continue to be utilized as innovation continues.

    Advancing open, permissioned blockchain networks

    Most recently, computing giant IBM announced that it has open-sourced a large portion of its Hyperledger Fabric code to help drive up adoption rates for enterprise blockchain use cases.

    Kareem Yusuf, general manager of AI and blockchain applications at IBM, told Cointelegraph that this is one of IBM’s largest contributions to open-source code. He further noted that the company is unveiling a new Hyperledger Fabric support offering, along with donating the code that supports token exchanges on Hyperledger Fabric, known as Fabric Token SDK. Yusuf said:

    “Our intent is to make sure we have a vibrant and active Hyperledger community. To support this, we have announced two key moves. One is the donation of our management console code capabilities, which was in our IBM Blockchain Platform, into the Hyperledger Labs world. Another is making available a support offering for those wishing to use Hyperledger Fabric with full-product support from IBM.”

    According to Yusuf, IBM’s significant code contribution will make it easier for Hyperledger users to utilize Fabric, which is an enterprise-grade distributed ledger platform that caters to a variety of enterprise use cases. IBM’s blockchain platform is powered by Hyperledger Fabric.

    It’s also worth mentioning that Hyperledger was launched in 2015 by the Linux Foundation as an open-source collaborative effort to advance cross-industry blockchain technologies. Hyperledger hosts a number of enterprise blockchain projects such as Fabric.

    Brian Behlendorf, executive director of Hyperledger, told Cointelegraph that IBM’s new contributions will specifically make it easier for every developer to build on top of and manage a Fabric blockchain network. He further noted that these new efforts are organized as “Labs,” which are separate projects from Fabric but are used to build upon the Fabric framework.

    For example, Behlendorf pointed out that Fabric’s “Token SDK” will help formalize the approach for managing tokens on top of Fabric. Building tokens on top of Hyperledger has always been possible, as Metacoin (MTC) was the first cryptocurrency built on Hyperledger to achieve mainnet status in 2018. Although this is a feature offered to developers, Behlendorf noted that it had previously required a lot of “do-it-yourself” effort. “Now that gets a better-supported approach,” he remarked.

    Behlendorf added that another Lab, the “Fabric Smart Console,” makes managing a cluster of Fabric nodes across a network even easier to monitor and manage. Both of these Labs should become more accessible for developers to leverage once IBM’s full-support offering is available in the Red Hat Marketplace sometime this fall. The offering will include access to IBM-certified images, code security scans and around-the-clock customer support. Yusuf added:

    “Being able to manage Hyperledger Fabric has been challenging. A major thing to consider here is support. If all costs of support are embedded in a single project, this can’t be monetized across other projects, and it becomes more expensive. A standardized support offering, however, can be very well structured to fit across multiple use cases.”

    Specifically speaking, Arun S.M. — Hyperledger contributor, leader in the Hyperledger India chapter and member of the Hyperledger Technical Steering Committee — told Cointelegraph that the announcement of Fabric Smart Console, the crux of operations part of IBM Blockchain Platform, came as a surprise, noting that the secret sauce has now been revealed:

    “There are projects within Hyperledger (including Labs) that can deploy a network, help to visualize and monitor deployed networks, including performing operations to varying degrees. What brings in excitement around the latest announcement is that IBM Blockchain Platform is used in many production applications. It is mature and seasoned. Having a self-hosted management portal with an intuitive UI that can hide complexities and reduce the network administration is a blessing in disguise for many.”

    Ultimately, Yusuf explained that these new offerings will help increase adoption for enterprise blockchain use cases looking to leverage permissioned networks. Moreover, Yusuf noted that open-sourcing the Fabric code will help bring down costs, which has been a primary challenge for small-to-medium-sized companies looking to use permissioned networks.

    This is important for a number of reasons. For instance, even though one industry report shows that public blockchain adoption has emerged as the leading market segment, Yusuf mentioned that enterprise use cases that leverage a shared, permissioned blockchain are still critical — especially for use cases like supply chain management:

    “By definition, a supply chain is a network that involves sharing information between suppliers and different parties, so you need a blockchain infrastructure to tackle inventory visibility, provenance, responsible sourcing and more.”

    By allowing Hyperledger Fabric’s base foundation to be open, Yusuf believes this will encourage more people to engage and collaborate using permissioned networks.

    Hyperledger community is expected to grow

    In addition to advancing enterprise blockchain adoption using open, permissioned networks, IBM’s contributions may draw 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. “This will hopefully inspire more to cross over into becoming contributors and core maintainers as well,” he remarked.

    Related: As Microsoft Azure closes shop, ConsenSys Quorum opens up to new users

    As such, 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. Marta Belcher, board chair of the Filecoin Foundation, commented that Filecoin’s (FIL) decentralized storage capabilities have tremendous potential in the enterprise space. “We’re thrilled to join Hyperledger, a leader in enterprise blockchain technology, to explore these possibilities,” she said.

    It’s also noteworthy that IBM’s contributions to Hyperledger Fabric demonstrate the company’s commitment to advancing enterprise blockchain. This is key to recognize, as it was previously rumored that IBM Blockchain’s team was “dissolving.”

    Yusuf remarked that he’s particularly focused on scale and adoption moving forward. “From IBM’s perspective, you can expect to see use cases that leverage blockchain to bring actual end value to our customers.”

    Source

    cointelegraph
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