Blockchain startup Hyperledger won the Innotribe Startup Challenge finale at the Sibos conference in Singapore and bagged $50,000 in prize money. The company specializes in shared ledger technology for decentralized data management and was recently acquired by Digital Asset Holdings.
Other bitcoin and blockchain firms that made it to the finals were Bitspark, a remittance service based in Hong Kong, and Elliptic, which is a bitcoin storage and analytics firm.
Hyperledger’s Blockchain Technology
Prior to winning this year’s fintech challenge sponsored by SWIFT, Hyperledger was also one of the winners in the DEMOvation Challenge, which is a component of Bank Innovation 2015, last February.
Hyperledger taps into the blockchain, which is the distributed public ledger of bitcoin transactions, to create a system for individuals, companies, and financial institutions to move funds across the world without relying heavily on intermediaries. In doing so, this mitigates risk, speeds up transaction times, and reduces costs.
The company makes use of evolutionary shared, replicated ledgers technology to provide a trustful, universal record of truth not controlled by any one entity, for multiple parties to interact with securely. This was designed with identity and compliance in mind, making it flexible enough to be integrated with existing systems and regulations.
This isn’t the only foray into blockchain technology, as several major global banks have already teamed up in a collaborative project to explore and experiment with the distributed ledger. Earlier on, Australian banks Westpac and CBA have been working with Ripple Labs in order to make use of the potential applications of this type of technology in internal operations. Soon after, online retail giant Overstock launched its “cryptosecurity” which sets the stage for trade settlement using blockchain tech.
Hyperledger offers a couple of tools available on its homepage for developers to experiment with consensus nodes and testpools for both servers and clients.