What is Hyperledger Iroha?
Iroha is a business blockchain framework that is designed for infrastructure projects that need DLT. For example, the platform can help enterprises as well as government institutions with identity management, including creating national IDs and helping the financial services industry with bank-to-bank transfers.
- According to the Hyperledger website, it seeks to develop DLT that enables enterprises to execute reliable, industry-specific applications, platforms, and hardware systems to support their business transactions.
- Blockchain of Iroha is being used to establish insurance contracts such as weather derivatives, which are financial contracts designed to safeguard the insurer from losses caused by weather.
Hyperledger Iroha in Blockchain
A blockchain platform called Hyperledger Iroha is intended to be quickly integrated into various business applications that call for distributed ledger technology (DLT). One of the projects hosted by the Linux Foundation and launched in May two thousand and nineteen under the Hyperledger umbrella is Hyperledger Iroha. The Japanese fintech company, Soramitsu Co. Ltd. has open-sourced the code for Iroha, which was initially contributed by Colu, Soramitsu, Hitachi, and NTT Data.