As the world starts to catch up on the concept of Blockchain, we at GECKO Governance have been identifying and testing different Blockchain technologies into our software knowing that Blockchain could transform every industry it touches in the future.
Much like the internet has, we believe Blockchain, and now Hyperledger, specifically can help transform the business world today.
The Hyperledger project is one that is open-sourced and organized under the banner of the Linux Foundation which features some of the big global technology companies across major industries such as: finance, banking, IoT, supply chain, and manufacturing. All the top people within top organizations, as well as researchers and governments, are exploring how Blockchain technology, and more recently Hyperlegder, could be used in their specific industry. This is highlighted by the fact that some top companies have backed Hyperledger heavily e.g. IBM, Intel, J.P.Morgan and, recently, American Express and Accenture plus 100 others.
Cryptocurrency (Bitcoin) was an amazing stroke of innovation, but by permitting it to operate on open source allowed access to more creative people to devise even more imaginative ways to use these technologies. Out of this there have been some revolutionary concepts created that will change the world, and especially the financial sector, by providing indisputable auditability, accountability, lowering of costs, reduction of fraud and errors with real time records that are shared and distributed through ledgers that cannot be changed EVER!
As global commerce and trade become bigger and more relevant, there is a lot more information/data being uploaded across the internet which makes the current ledger systems more vulnerable to fraudulent attacks, errors and misinterpretations. Hyperledger can be used to mitigate all these problems. That is why it is so important that your company is ahead of the game and seriously looking at ways that it can be used.
In the finance industry it will be used in Asset Management, Insurance claims processing, Supply Chain, Payments and Compliance, to name a few.
As the name Hyperledger becomes the generic name for Blockchain around the globe, it is time to appreciate just how far Blockchain has come from a cryptocurrency to a revolutionary, all embracing concept not seen since the internet.