Ripple Joins Hyperledger Consortium

By April 2, 2018 Ripple
Click here to view original web page at www.investopedia.com

Since late 2015, the Hyperledger Project has existed to facilitate collaboration among developing blockchains and distributed ledgers of various types. Developed by the Linux Foundation and now including dozens of members, Hyperledger aims to improve the performance of blockchain networks in order to help integrate this new technology with businesses worldwide. Now, Coindesk reports that the distributed ledger startup Ripple, the developer of the cryptocurrency of the same name, has joined the consortium. (Related: What's the Difference between Bitcoin and Ripple?)

Since the first pool of partner organizations was announced in early 2016, Hyperledger has added more than 200 different partners to its consortium. Hyperledger's announcement of the addition of Ripple to its ranks also included notice of 13 other companies and organizations which would join at the same time, too. One of the other companies to join the project is CULedger, a different consortium in and of itself, a project which is backed by a group of credit unions. (Related: Why Some Claim Ripple Isn't a 'Real' Cryptocurrency)

Collaborative Benefits

Among other immediate benefits to Ripple is the use of the Interledger Protocol (ILP). Ripple CTO Stefan Thomas indicated that Ripple "developers will be able to access [ILP] in Java for enterprise use." ILP was formerly only operable on JavaScript. However, thanks to a partnership in 2017 between Ripple and Japanese system integration outfit NTT Data, ILP is now operable with the Java language as well. Ripple and NTT Data rebranded the new version of the protocol as Hyperledger Quilt, submitting it back to the Hyperledger consortium. Thomas explains that "the Hyperledger Quilt project connects Hyperledger blockchains with other ILP-capable payment systems such as XRP Ledger, ethereum, bitcoin (lightning), litecoin, mojaloop and RippleNet, helping us to deliver on our vision for an internet of value--where money moves as information does today."

The Hyperledger consortium has many additional plans for the remainder of 2018. The collective plans to advance three open-source blockchain platforms to production level, and it will also launch an enterprise blockchain tool designed to help the development of blockchain applications to be a more streamlined process. The immediate impact for cryptocurrency investors holding XRP tokens is a bit more difficult to surmise. Nonetheless, Ripple the organization remains committed to innovation and collaboration in the blockchain space.

Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns bitcoin and ripple.

Leave a Reply