Are you interested in learning more about Hyperledger Iroha? What distinguishes the Hyperledger Iroha from other blockchains? You’ve come to the correct blog. This article will go over the features and applications of Hyperledger Iroha. Let’s get this discussion started.
What is Hyperledger Iroha and how does it work?
Hyperledger Iroha is a novel blockchain technology for production use. It focuses mainly on the identification and financial services businesses. Hyperledger is designed for infrastructure projects that want to use distributed ledger technology.
Users can create mobile applications specific to their business needs using Hyperledger’s Iroha. It comes with C++, a domain-driven programming language. The consensus algorithm of YAC is another critical feature (Yet Another Consensus Algorithm). A step-by-step method expressed in code that tries to solve issues and execute a set of instructions is an algorithm.
Features of Hyperledger Iroha.
1. Building apps on many platforms such as mainframe and mobile supports programming languages such as JS, Java, iOS, and Python.
2. It works with various operating systems, including Linus, Windows, and macOS.
3. If several signatures are required in transaction settlement, it offers multiple keys or multi-signature functionality.
4. Because of its modularity and plug-in nature, it is an easy-to-use technology for developers. Iroha has a wide range of code libraries for developers that enables easy maintenance and deployment. It also helps develop hassle-free applications with easy asset management, secure control and permissions over user activities and roles, and modular design architecture to facilitate the blockchain ecosystem.
For example, leading casualty and property insurance group Sompo Japan Nipponkoa Holdings Inc. has adopted Hyperledger Iroha’s blockchain to design insurance contracts like weather derivatives. These are financial contracts to hedge or protect the insurer from weather-related losses.
The question arises, what is the difference between public blockchains like Ethereum and Bitcoin and Permissioned-based Iroha. Public blockchains are permissionless ledgers, which means anyone can join and be given access to the complete network.
But, Iroha is a permissioned network, allowing access to only those who have appropriate permission. Only permissioned members can join, interact, and share with the blockchain system.
On the other hand, in the case of a public blockchain, the transactions need to be verified and not fake. This proof-of-work process often faces slowness or latency in case of a surge in the volume of transactions. As there is no need for a proof-of-work mechanism, Iroha does not face problems of slowness or latency. Even though there is no native cryptocurrency for Iroha, it can be generated by the eligible participants for enterprise use.
Iroha is beneficial in many business applications. Now, we will see the business applications of Iroha.
A business establishment can develop and manage simple digital assets like cryptocurrency or complex assets like certificate authenticity, indivisible rights, and patents.
1. Digital Avatars: Digital avatars of real-world assets can be created using Iroha. The parties can transact at zero or low transaction costs. For example, a historical artifact’s current owner can create a digital asset representing the artifact on the blockchain and link the ownership to themselves. The owner can offer a multi-signature transaction with the transfer cost in a predetermined currency to transfer the ownership. The interested parties can share the currency using blockchain transactions with the current owner and receive ownership of the artifact.
2. Certifications: Iroha can develop the certifying identities that allow granting and verifying various certificates issued to candidates by healthcare and educational institutes. Organizations can use blockchain for storing candidates’ academic credentials. The university or educational institution can award the verification rights to authenticate the required certification to the hiring agency or employers during the recruitment process.
3. Smart Contracts: Smart contracts created using Iroha are self-executing contracts regarding the agreement between two parties embedded in code. The contracts execute if one party to the contract satisfies the agreement terms using the blockchain network.
Ethereum smart contracts need cumbersome code writing. On the contrary, the same work could be done in Iroha using the built-in commands to complete routine tasks with lower risk and complexity.
4. Know Your Customer (KYC): The essential component of the identity management process is Know Your Customer (KYC). In the financial services industry, KYC is a standard requirement to maintain the identity of the clients. It is very beneficial in accessing the customer’s risk tolerance for investment purposes. It helps financial institutions with money laundering and fraud prevention.
KYC involves a significant amount of documentation stored using the Iroha blockchain. All the institutions that need KYC can change this documentation, minimizing the transaction time.
In conclusion: Iroha targets to develop distributed ledger technology with an in-built set of codes for executing routine tasks. Iroha is also beneficial in developing industry-specific applications and hardware systems for customizing their services.
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Thank You!
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