More

    Hyperledger Executive Says Initial Blockchain DLT Uses Will Hardly Be Noticeable

    According to Brian Behlendorf, the executive director of Hyperledger, the blockchain revolution is on the way, though it may not be visible. Speaking at a forum in Zug, Switzerland, Brian explains that much of the novelty during the introduction of blockchain are bound to take place behind the scenes, unbeknownst to the public at large.

    For many consumers of services, they are not going to comprehend when a financial institution or a web form at a website belonging to a government, or when they go to LinkedIn, and notice green checks against claims of having attended an academic institution. These are just a few of the examples of behind-the-scene activities that are likely to involve blockchain.

    This is going to be a revolution in storage and networking and customers. According to Brian, blockchain will make a big impact on the area of online identity, which in many ways, is crying out for a transformation.

    Self-Sovereign Identity Systems

    Instead of depending on social media systems like Twitter or Facebook, solutions offered by blockchain will be able to hypothetically store data more securely as well as with more utility. This is made possible due to the availability of self-sovereign identity systems. Brian asserts that this is what gets him up in the morning than any other use case.

    He further explains that with blockchain, comes a solution that will ensure the end users experience of controlling personal data and identity is made not only easy, but also fluid. Hyperledger is offering the framework as well as the tools which the foundation anticipates will be able to drive invention in the blockchain space.

    Currently, Hyperledger has approximately ten code bases, with at least two being in production use. The other eight are used in frameworks to establish blockchains. Brian indicated that more and more alternatives are coming, thanks to the focus of Hyperledger on ‘organic’ enhancement ideas.

    In as much as blockchain projects are in a position of raising large amounts of money through token sales, many companies are, however, basing on technologies that power businesses on open source tools. Brian also believes that there’s nothing new in such a situation when compared to the way Linux Foundation works.

    In his own views, Brian Behlendorf believes that there might be few developers who are keen on getting involved to augment their expertise and repute. However, most developers work on it due to the fact that their businesses are investigating it, and would desire to either use it or do a pilot. As a result, they have an obligation to make sure that the technology works.

    For such developers, the very fact that other firms are utilizing it and are generating revenue from it is just fine. This in essence, is a good thing. Brian Behlendorf is also of the view that much emphasis should be laid on community spirit. This is where Hyperledger comes in since in a number of times, it had to intervene especially when community members take matters too far.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,261FansLike
    2,714FollowersFollow
    4,094FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    CZ Says BNB Burns Not Priced In after 2.2 Million Binance Coin Taken Out of Circulation Forever

    Binance burns $38.8 million worth of B&B and raking in a profit of $194 million 4Q19 CEO changpeng Zhao, CZ is “mystified” that...

    Bitcoin SV Price Falls Hard After Craig Wright's Lawyer Reveals He Has No Private Keys

    BitcoinSV, (BSV)'s value took a drastic plummet by 17% yesterday evening after the news broke that Craig Wright was unable to show proof that...

    India's Supreme Court Continues To Hear Case Against RBI Cryptocurrency Ban

    The Reserve Bank of India had issued a circular in April 2018, which imposed a banking ban on crypto service providers. The circular prohibited...

    Cryptocurrencies Decentralized Structure Makes Terrorist Financing Difficult To Track: Chainalysis

    Chainalysis has released their conclusions from a study, that has helped the firm establish that extremist groups are coming up with new ways to...

    Swiss Crypto-Friendly SEBA Bank To Raise An Additional $96.5M 2 Months After Getting License

    SEBA, is the famous crypto bank which obtained its regulatory license last year in November from the Financial Market Supervisory Authority (FINMA). The crypto...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.