The size of the global blockchain technology market is projected to reach $ 72 billion in the next five years. However, to ensure this growth, blockchain solution providers must continue to advance and innovate.
For example, the use of blockchain in public companies has become a constant trend this year, as companies like ConsenSys aim to drive the adoption of permissionless open networks. On the other hand, it is important to note that private blockchains are still being leveraged by businesses and will continue to be used as innovation continues.
Advancing in open and authoritative blockchain networks
More recently, the computer giant IBM Announced which has opened up a large portion of its IBM Blockchain Platform code to help increase 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 biggest contributions to open source code. Additionally, he noted that the company is introducing a new Hyperledger Fabric support offering, along with donating code that supports token exchanges on Hyperledger Fabric, known as the Fabric Token SDK. Yusuf said:
“Our intention is to ensure we have a vibrant and active Hyperledger community. To support this, we have announced two key moves. One is the donation of the code capabilities of our management console, which was on our IBM Blockchain platform, to the world of Hyperledger Labs. Another is to make a support offering available for those who wish 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 use Fabric, which is an enterprise-grade distributed ledger platform that accommodates a variety of business 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 a collaborative open source effort to advance blockchain technologies across industries. Hyperledger hosts a number of blockchain business projects like Fabric.
Hyperledger CEO Brian Behlendorf told Cointelegraph that IBM’s new contributions will specifically make it easier for all developers to build and manage a Fabric blockchain network. In addition, he noted that these new efforts are organized such as “Labs” which are separate projects from Fabric but used to build on the Fabric framework.
For example, Behlendorf noted that Fabric’s “Token SDK” will help formalize the approach to managing tokens on 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 much required “do it yourself”. “Now that has a better supported approach,” he said.
Behlendorf added that another lab, the “Fabric Smart Console,” makes managing a group of Fabric nodes on a network even easier to monitor and manage. Both labs should be more accessible for developers to take advantage of once IBM’s full support offering is available on the Red Hat Marketplace sometime this fall. The offering will include access to IBM-certified images, code security scans and 24-hour customer support. Yusuf added:
“Being able to manage Hyperledger Fabric has been a challenge. One important thing to consider here is support. If all the support costs are integrated into a single project, this cannot be monetized in other projects and becomes more expensive. However, a standardized support offering can be very well structured to accommodate multiple use cases. “
Specifically speaking, Arun SM, Hyperledger contributor, Hyperledger India chapter leader and member of the Hyperledger Technical Steering Committee, told Cointelegraph that the announcement of the Fabric Smart Console, the crux of the operations portion of the IBM Blockchain Platform, It was a surprise, noting that the secret sauce has now been revealed:
“There are projects within Hyperledger (including Labs) that can implement a network, help visualize and monitor deployed networks, including conducting operations to varying degrees. What generates excitement around the latest announcement is that the IBM Blockchain Platform is used in many production applications. It is ripe and seasoned. Having a self-hosted administration portal with an intuitive user interface that can hide complexities and reduce network administration is a blessing in disguise for many. “
Ultimately, Yusuf explained that these new offerings will help increase adoption of enterprise blockchain use cases that seek to take advantage of authoritative networks. Additionally, Yusuf noted that the open source of Fabric’s code will help reduce costs, which has been a major challenge for small and medium-sized businesses looking to use authoritative networks.
This is important for a number of reasons. For example, although an industry report shows that public adoption of blockchain has emerged As a leading market segment, Yusuf mentioned that enterprise use cases that leverage a shared and authoritative blockchain remain critical, especially for use cases such as 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 address inventory visibility, provenance, responsible sourcing, and more.”
By allowing the Hyperledger Fabric base foundation to be open, Yusuf believes this will encourage more people to participate and collaborate using authoritative networks.
Hyperledger community expected to grow
In addition to promoting enterprise blockchain adoption using open and authoritative networks, IBM contributions can attract 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. “Hopefully this will inspire more people to become core contributors and maintainers as well,” he said.
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As such, companies leveraging Hyperledger Fabric are likely to grow. For example, the Filecoin Foundation recently Announced who has become a member of the Hyperledger community. Marta Belcher, Chairman of the Board of the Filecoin Foundation, commented that Filecoin’s (FIL) decentralized storage capabilities have tremendous potential in the enterprise space. “We are delighted to join Hyperledger, a leader in enterprise blockchain technology, to explore these possibilities,” he said.
It is also noteworthy that IBM’s contributions to Hyperledger Fabric demonstrate the company’s commitment to advancing the enterprise blockchain. This is key to acknowledge, as the IBM Blockchain team was previously rumored to be “dissolving.”
Yusuf commented that he is particularly focused on future scale and adoption. “From IBM’s perspective, you can expect to see use cases that leverage blockchain to deliver real end value to our clients.”