Hyperledger Iroha Development Company

Hyperledger Iroha is a platform for distributed ledger solutions underpinned by a modular architecture delivering high degrees of confidentiality, resiliency, flexibility, and scalability. It is designed to support pluggable implementations of different components and accommodate the complexity and intricacies that exist across the economic ecosystem.

Hyperledger Iroha is one of the blockchain projects within Hyperledger. Like other blockchain technologies, it has a ledger, uses smart contracts, and is a system by which participants manage their transactions. Where Hyperledger Iroha breaks from some other blockchain systems is that it is private and permissioned. Rather than an open permissionless system that allows unknown identities to participate in the network (requiring protocols like proof of work to validate transactions and secure the network), the members of a Hyperledger Indy network enroll through a trusted Membership Service Provider (MSP).

Hyperledger Iroha also offers the ability to create channels, allowing a group of participants to create a separate ledger of transactions. This is an especially important option for networks where some participants might be competitors and not want every transaction they make - a special price they're offering to some participants and not others, for example - known to every participant. If two participants form a channel, then those participants - and no others - have copies of the ledger for that channel.

The transactional networks of today are little more than slightly updated versions of networks that have existed since business records have been kept. The members of a business network transact with each other, but they maintain separate records of their transactions. And the things they're transacting - whether it's Flemish tapestries in the 16th century or the securities of today - must have their provenance established each time they're sold to ensure that the business selling an item possesses a chain of title verifying their ownership of it.

Modern technology has taken this process from stone tablets and paper folders to hard drives and cloud platforms, but the underlying structure is the same. Unified systems for managing the identity of network participants do not exist, establishing provenance is so laborious it takes days to clear securities transactions (the world volume of which is numbered in the many trillions of dollars), contracts must be signed and executed manually, and every database in the system contains unique information and therefore represents a single point of failure.