Definition
Hyperledger Burrow is a blockchain framework developed by the Linux Foundation. It deals with smart contract applications and was initially contributed by Monax and co-sponsored by Intel. Its key features include a permissioned Ethereum smart contract interpreter built in the Go programming language.
Phonetic
The phonetic pronunciation of “Hyperledger Burrow” is “ˈhaɪpərˌlɛdʒər ˈbʌroʊ”.
Key Takeaways
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- Permissioned Blockchain Nodes: Hyperledger Burrow is a permissioned blockchain node that runs smart contracts and provides a permissioned smart contract machine. It provides transaction finality and high transaction throughput on a proof-of-stake Ethereum-compatible consensus engine.
- Ethereum Virtual Machine: It provides a production-grade EVM (Ethereum Virtual Machine) known as the Burrow EVM. This EVM is designed to be deterministic, secure, fast, and efficient to ensure reliable smart contract execution.
- Supports WASM: Besides the EVM, Burrow also supports WASM (WebAssembly) for contracts. This enables developers to write smart contracts in a variety of high-level languages.
“`These points summarize some of the key features and highlights of Hyperledger Burrow but there’s much more to learn about it.
Importance
Hyperledger Burrow is significant in business and finance due to its capabilities as a blockchain framework that serves as a crucial tool for the development and execution of smart contracts. Burrow, contributed by Monax and co-sponsored by Intel, is particularly noted for its permissioned Ethereum smart-contracts system. It provides a unique way for businesses to customize and utilize Ethereum’s capabilities in a controlled, private network environment. As such, it allows organizations to gain from the transparency, security, and effectiveness of a blockchain network while also maintaining control over who has access to their information within the blockchain, reinforcing privacy and security. This drives both operational efficiency and innovation in areas like supply chain, finance, and more, making Hyperledger Burrow an essential tool in the world of ever-evolving modern business technology.
Explanation
Hyperledger Burrow serves as a crucial tool for developers, businesses, and organizations endeavoring to design, deploy, and manage the operations of their blockchain-based applications, smart contracts, and distributed networks. Developed by Monax and co-sponsored by the Hyperledger Project hosted by the Linux Foundation, Hyperledger Burrow provides a permissible, smart contract engine designed to simplify business operations. Essentially, Burrow executes Ethereum’s smart contract code on a permissioned virtual machine. This secure and efficient structure allows for transformative and regulation-compliant operations across industries.Through leveraging Hyperledger Burrow, businesses can take advantage of the high levels of data security, transparency, and auditability offered by blockchain technology, while maintaining control over who accesses the network due to its permissioned nature. It can potentially be used in a range of applications like supply chain management, finance, healthcare, and many others. Further, Hyperledger Burrow’s support for Ethereum smart contracts allows enterprise businesses to create automated, self-executing digital agreements, which can allow for more fluid and efficient processes. This contract execution and validation leads to the simplification of processes, prevention of fraudulent activities, enhancement of trust and efficiency among participants.
Examples
Hyperledger Burrow is an open source blockchain platform that allows developers to build and run smart contracts. Here are three real world examples:1. Monax: Monax was one of the companies that started the development of Hyperledger Burrow. They have used it to build their Agreements Network, which is a blockchain-based system designed to revolutionize the process of creating and managing legal contracts. It uses Burrow’s smart contracts functionality to immutably record all steps in the creation and execution of a legal agreement. 2. IBM Blockchain Platform: IBM has used Hyperledger Burrow as a part of its blockchain platform and integrated it into many of its blockchain solutions. For instance, in supply chain management solutions, they use the Burrow blockchain to track and trace goods as they move between parties, ensuring transparency and trust.3. South Korean Government: The South Korean government used Hyperledger Burrow in a pilot project for tracking cattle to ensure the quality of beef. The Burrow blockchain was used to record details such as birth date, medical history, and slaughter information. All these details were stored on the blockchain in an immutable way, ensuring consumers have accurate information about the beef they’re purchasing.
Frequently Asked Questions(FAQ)
What is Hyperledger Burrow?
Hyperledger Burrow is a blockchain platform that assists in the execution of smart contracts. It was developed by the Hyperledger project under the Linux Foundation and is the first to run the Ethereum Virtual machine.
Who developed the Hyperledger Burrow?
Hyperledger Burrow was developed by the Hyperledger project, which is a global collaboration hosted by the Linux Foundation. Monax also played a significant role in the development.
How does Hyperledger Burrow work?
Hyperledger Burrow operates a permissioned Ethereum smart-contract blockchain node that executes business logic defined in smart contracts. These smart contracts are executed in the Ethereum Virtual Machine present in Hyperledger Burrow.
What makes Hyperledger Burrow different from other blockchain platforms?
Hyperledger Burrow stands out in that it is a permissioned blockchain, meaning that only participants who have been granted access can join the network. It is also unique in that it executes Ethereum smart contracts, making it the first of its kind under the Linux Foundation’s Hyperledger project.
Is Hyperledger Burrow open source?
Yes. Like all projects under the Linux Foundation, Hyperledger Burrow is an open-source platform. This means developers across the globe can contribute to the project and modify the source code as per their needs.
What are the main components of Hyperledger Burrow?
The main components of Hyperledger Burrow include the Consensus Engine, which ensures all nodes on the network agree on the state of the blockchain, and the Application Blockchain Interface (ABCI), which provides a connection between the consensus engine and the smart contracts.
What are some use cases of Hyperledger Burrow?
Hyperledger Burrow can be used to streamline and improve processes for various industries, like supply chain, healthcare, and finance. Its ability to host and execute smart contracts can automate complex operations and reinforce trust and accountability.
How secure is Hyperledger Burrow?
Since Hyperledger Burrow is a permissioned network, it’s generally considered more secure than public blockchains. However, security also depends heavily on how well the network is maintained, how strong the consensus mechanism is, and how the initial permissions are set up.
What is the role of Ethereum in Hyperledger Burrow?
Ethereum plays a key role in Hyperledger Burrow. The platform leverages the Ethereum Virtual Machine to support the execution of smart contracts. This means that contracts written in Ethereum’s native language, Solidity, can be executed on Hyperledger Burrow.
How can I contribute to the Hyperledger Burrow project?
As an open-source project, Hyperledger Burrow welcomes contributions from developers worldwide. You can check its source code and issue tracker on GitHub, submit patches for bug fixes or features, and participate in project conversations.
Related Finance Terms
- Blockchain
- Smart Contracts
- Hyperledger Fabric
- Ethereum Virtual Machine (EVM)
- Permissioned Blockchain
Sources for More Information
