Blockchain is a way of bringing back the “natural economics” simply by watching the process of cryptocurrencies. By analogy the term Blockchain relates to a concept proposed by Lovelock and - “Gaia: A new look at life on earth” where in earth acts like a living organism — that life is part of a self-regulating system, manipulating the physical and chemical environment to maintain the planet as a suitable home for life itself. In the same way, blockchain lets digital information to be distributed but not copied and continually reconciled. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt.Technologists are excited for the possibilities that instead of a middleman — in any industry from bankers, to real estate agents, suppliers and distributors — individuals and merchants who supply a product or service can directly deal with their customers looking to purchase the product or service offered. This is what is called a P2P (peer-to-peer) network. Decentralized is another term often used but it basically means micro-transactions are not regulated by those we have come to acknowledge as trusted parties to legitimize these exchanges of assets
A world where everything is regulated is what we are ingrained to believe as ‘trust’
When to Use Hyperledger?Hyperledger has a modular architecture and provides a lot of flexibility in terms of what you want to use and what you don't. It is targeted at businesses wanting to streamline their process by leveraging blockchain technology. Hyperledger does not depend on fuel or currency.The Usage depends on how each company chooses to utilize the software
Key Concepts of Hyperledger:
- Rules are called Chaincode which would be written in Go Lang or Java Script
- Hyperledger is private and Permissioned
- Hyperledger allows fine-grained control over consensus and restricted access to transactions which results in improved performance scalability and privacy
- Hyperledger allows one to choose between No-op (no consensus needed) and PBFT (Practical Byzantine Fault Tolerance).
When to Use Ethereum?Ethereum is designed for targeting the applications which are distributed in nature and are for mass consumption. Since the Ethereum has its own cryptocurrency (ether), it can be advantageous over Hyperledger in the use cases which require a cryptocurrency.
Key Concepts of Ethereum:
- Rules are called Smart Contract which would be written in Solidity
- Ethereum can be either public or private without any permissions
- The Consensus algorithm used in Ethereum is PoW (Proof of work)