In recent news, a third blockchain project has joined the Hyperledger incubation for the Linux Foundation. This project joined this incubation program on October the 13th. It was rumored for a while that the Bitcoin is dead or will be dead soon. However, due to the blockchain technology, the bitcoin may be around for a while longer.
A blockchain is a digital ledger that is recorded publicly and chronologically in which companies can verify and make transactions on a network instantly through bitcoin or another cryptocurrency. Today, a significantly growing number of firms from different industries are experimenting with this technology as a transparent and secure way to track the ownership of assets digitally. These companies see how blockchain is an opportunity to track assets moving through their supply chain, and they can electronically enforce and initiate contracts.
The blockchain project for the Linux Foundation is called Iroha, and it was created by the members of Soramitsu, a Japanese startup. The Fabric project of IBM and the Sawthooth Lake project of Intel were the first two projects that received incubation status. And now, Iroha is the third project that obtained this status.
The beginning and developing of the Iroha protocol came from a few blockchain companies’ members. This included Soramitsu, Colu (an Israeli startup), and NTT Data. The developers stated that the project is designed to offer a decentralized and secure platform of data management for financial institutions and other industries. The core of Iroha core offers the infrastructure of the distributed ledger that comprised of the data membership services, data validation, peer to peer network, consensus algorithm, and chain code infrastructure. This project uses Sumeragi, a custom consensus algorithm that is incredibly fast, according to the programmers. They aimed to provide finished transactions within two seconds. Thus, Iroha claims it uses C++ for UDP multicast and processing to scale this platform for this ultimate speed.
Developers also stated that Iroha is aiming to compliment IBM’s Fabric and Intel’s Sawtooth Lake. They want to complement them and other potential projects by producing components in C++ that are reusable and can be called from different languages, like Go. With these goals, Iroha would be additive to existing projects. Additionally, the long term goal is to realize a reusable components’ library that can be chosen and utilized freely by those blockchains on Hyperledger technology.
An Effort of Collaboration
Recently Bitcoin.com reported about a few companies forming a blockchain collaboration. It was the Center for Global Communications (GLOCOM), Soramitsu, the University of Aizu, and the University of Tokyo. These organizations along with Sompo Holdings are working and exploring on use cases in order to improve the viability of Iroha.
Sompo Holdings will work with derivatives of the Iroha blockchain. Also, the joint research of these groups that operates within Fukushima Prefecture will test Iroha. And Soramitsu is developing a KYC system with Rakuten Securities.
According to these developers, the platform possesses an easy architecture and the capability to perform smart contracts that are Java centered. They claim to possess asset loyal point systems and issuance capability on a web development and mobile platform. Also, Iroha possesses multiple use cases, including contract management, settlement, supply chain management, securities clearing, and much more.
With all the developments and the joining of different blockchain projects, the bitcoin is here to stay, at least, for a while. With blockchain being a secure and decentralized way as a business ledger to handle transactions digitally and publicly, more companies are getting involved, and this is just the beginning.