Creating a Private Token with Hyperledger

As you start playing around into the Blockchain, subsequently you get stopped by IBM’s Hyperledger. The Hyperledger is a huge open source project hosted by Linux Foundation. There are many undergoing projects inside Hyperledger.

The Hyperledger project is an incubation project for different Distributed Ledger Technologies (DLT) by the Linux Foundation. Hyperledger Fabric is an implementation currently being done by IBM. Hyperledger has a very wide variety of applications such as finance, healthcare, supply chain. 

Hyperledger was launched in 2016 with a technical and organizational governance structure and 30 founding corporate members. The governing board of Hyperledger, which now counts 21 members, partnered with Linux Foundation leaders. In May 2016, Apache Software Foundation co-founder Brian Behlendorf was appointed as executive director. In September, he described the vision for Hyperledger as a business blockchain umbrella. Over the remainder of 2016 and 2017, the Hyperledger Technical Steering Committee added seven more business blockchain codebases. Corporate and Associate membership ranks swelled to nearly 200. Of the 70+ open source organizations the Linux Foundation has launched, Hyperledger holds the distinction as the fastest growing.

So, let’s not waste our time and move to how we can create our own private token under Hyperledger Composer which implicitly uses Hyperledger Fabric under it.

We can use the online sandbox provided by the Hyperledger instead of installing it.

How to create our private token in Hyperledger:

•  Go to Hyperledger composer-playground sandbox

•  Deploy a new business network

•  Give your business network a name

•  Give some description of it

•  Give a network admin card name

•  Choose ‘empty-business-network’ as Business Network Definition template. You can choose among the present ones as well

•  Click ‘deploy’ and then connect to your business network from the My Business Networks.

•  Click ‘+ Add a file’ and choose Model File and add it and then write your code for the model of your coins and the associated transactions. You can learn more about modeling language here.

•  Do the same for the script file and write the code for the behavior of transactions.

•  Do some necessary changes in the Access control i.e., permissions.acl file. Then click on ‘Update’. You can do further digging here.

•  Then go to Test tab.

•  Add some participants which will do the transactions.

•  Add the assets on which the transactions will occur.

•  Finally ‘Submit Transaction’ by entering the relevant input values in the .json file.

•  You can see all the transactions occurred under the ‘All Transactions’ section.

      Or else, you can see my demo video in which I have shown every step above with a sample code.

      Like this, you can create many business networks like Private token, Auction system, Tracking system, Property network, Trade network, Lifecycle network, manufacturing network, and so on using the Hyperledger! 

Next steps

•       Check out the Hyperledger Composer Developer’s Tutorial. It walks you through creating a functioning application for an end-to-end blockchain solution. You can also try out the REST API integration for yourself.

•        Read more about Hyperledger Composer in this in-depth introduction.

•       Join the Hyperledger Composer community, ask a question on Stack Overflow, or chat on the Rocket Chat discussion channels.