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InfoQ Homepage Articles Building a Blockchain PoC in Ten Minutes Using Hyperledger Composer

Building a Blockchain PoC in Ten Minutes Using Hyperledger Composer

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Key Takeaways

  • People generally first hear about blockchain through cryptocurrencies such as Bitcoin. However, blockchain - the distributed ledger technology that underpins Bitcoin - has been increasingly adopted by businesses for a wider range of uses beyond digital currencies.
  • The requirements of blockchain for business are largely different to the public variant: the identity of participants must be known; permissioned blockchains require no "proof of work"; and the scope of permissioned blockchains is also different.
  • Enterprise blockchain applications can be described in terms of the assets, participants and transactions that are to be shared in the business network. Taken together, these components run on distributed processing systems, known as a fabric, that governs how blockchain applications run.
  • Smart contracts - the codification of the business rules that implement transactions - are effectively stored procedure calls that are run in multiple nodes on a network and whose outputs are agreed upon by all network members through a process of consensus.
  • There is a challenge in mapping the assets, participants and transactions of a blockchain solution to the technical realities of such a blockchain processing system. Hyperledger Composer, one of the Hyperledger projects hosted by The Linux Foundation, aims to solve this problem.
  • To illustrate the use of Hyperledger Composer, we will use it to create an instance of a car auction on a blockchain.

People generally first hear about blockchain through cryptocurrencies such as Bitcoin, the peer-to-peer payment system which is largely unregulated and resistant to single points of control. In recent years however, blockchain – the distributed ledger technology that underpins Bitcoin – has been increasingly adopted by businesses for a wider range of uses beyond digital currencies. In this article, I will take you through what businesses look for when considering blockchain’s role in their organization and how the Linux Foundation's Hyperledger Composer can help application developers easily create compelling blockchain solutions for the enterprise.

The Growth of Blockchain for Business

Bitcoin was the first mainstream application of blockchain and was introduced in a 2008 whitepaper by Satoshi Nakamoto. Since that time, use of blockchain has increased dramatically and the term has somewhat evolved into a catch-all term for distributed ledger applications, which is the definition I will adopt here.

Blockchain applications have grown in popularity – both public (usually anonymous) networks and permissioned (business) networks. While both frameworks have valuable uses, the requirements of blockchain for business are largely different to the public variant, for three broad reasons: