Hyperledger has taken a leadership role to develop cross-industry standards and provide a neutral space for software collaboration. The financial services industry, in particular, is witnessing an unprecedented level of collaboration between institutions that have traditionally been competitors. The advent of a new foundational or infrastructural technology like the blockchain, much like the Internet, requires collaboration of various actors in order to realize the full benefits of the technology. Unless all actors use a certain standard, the pace of technological dissemination will continue to be slow. Technological adoption is characterized by network effects. In fact, the costs decrease with the increase in use of a certain technology. Since shifting to distributed ledger technology involves significant costs, open source software, communities and ecosystems that develop around these have a significant part to play.
Hyperledger open standards
The non-availability of standards in distributed ledger technologies is one of the major hurdles in scaling them. One of Hyperledger's key goals is to facilitate the process of standards formation. This, not by promoting its own distributed ledger. But, by providing a space for a variety of standards to co-exist simultaneously. Rather than declaring a single blockchain standard, it encourages a collaborative approach to developing blockchain technologies via a community process. There are intellectual property rights that encourage open development and the adoption of key standards over time.
Hyperledger aims to adhere to open standards, which means they are interoperable through open published interfaces and services.
Hyperledger open source
Open source software is software that is made freely available and may be redistributed and modified. In other words, anyone has the ability to view the code, use the code, copy the code, change the code, and, depending on the open source license, contribute back changes.
Open source communities aren't useful just to report bugs and downloading code. They live and breathe of true collaboration to solve bugs and implement new functionalities. It also creates more long lasting code. In fact, sharing the ideas with a full community, reduces the risk of making wrong decisions. And it gives the possibility to learn from previous mistakes. The only possible way to learn from previous mistakes is to rely on an open source community.
This also leads to hugher security and higher quality software. These aspects are really important for a framework such as Hyperledger. In fact, Hyperledger's aim is to sit at the heart of enterprises. So, it's essential to develop its code in a trustworthy way.
Hyperledger open governance
Finally, Hperledger is also Open Governance. Open governance means that technical decisions for an open source project rely on a group of community-elected developers drawn from a pool of active participants. These decisions include things such as which features to add, how, and when to add them.
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