2. How hyperledger is used to develop applications which need blockchain.

Also figure out why blockchain is useful in product development and

business processes.

Hyperledger is an open source collaborative effort created to advance cross-

industry blockchain technologies. It is a global collaboration, hosted by The
Linux Foundation, including leaders in finance, banking, Internet of Things,
supply chains, manufacturing, and Technology.

Hyperledger blockchain technology offers various features like Network

Platform, Higher Accuracy, Open source security, Reliable Business Model,
transactions. The ethos of Hyperledger is that the world will have multiple
private chains running separate markets. Since every business is unique in
itself, applications that tend to these businesses should be developed
usingpersonalized rules. Unlike there which tends to force developers to build
their applications around generalized protocols.

A blockchain is a time-stamped series of immutable record of data that is

managed by a cluster of computers not owned by any single entity. Each of
these blocks of data ( block) are secured and bound to each other using
cryptographic principles (i.e. chain).
The reason why the blockchain useful in product development and business
processes is that:

 It is not owned by a single entity, hence it is decentralized

 The data is cryptographically stored inside
 The blockchain is immutable, so no one can tamper with the data that is
inside the blockchain
 The blockchain is transparent so one can track the data if they want to
As you can see, it makes sense as to why companies are interested.
 Paperwork and Recordkeeping:The most obvious application for
blockchains in business is for paperwork and recordkeeping. Contracts,
correspondences, proposals, memos, receipts and any other document can
be stored digitally on a blockchain, giving businesses a clear and accurate
image of what happened and when.

 Coordinating with Other Businesses:Blockchains’ speed, accuracy and

security make them very useful for businesses in industries that require
efficient coordination with other businesses.