Blockchain technology has brought a drastic transformation in the industry operating models. When evaluating blockchain platform for the use case of a business use case, there are certain key aspects and benefits that you need to consider. This article focusses on the same and briefs about the Hyperledger Fabric technology, an open source engine for business blockchains.
What is Hyperledger Fabric technology?
To meet the demands of modern business, IBM a leading giant collaborated with other firms to develop an open source, business blockchain, and production-ready framework called Hyperledger Fabric. It is one of the eight Hyperledger projects that have been hosted by “The Linux Foundation” till date.
How Hyperledger Fabric works?
Applications use Application Programming interface to begin running smart contracts. In the case of a Hyperledger Fabric, such smart contracts are known as chain code. These contracts are primarily hosted on the network. They are then identified by version and name. APIs can be accessed using a software development kit. Presently Hyperledger Fabric has three different SDK options as Node.js SDK, CLI and Java SDK.
Features of Hyperledger technology
Hyperledger consulting technology offers support for distributed ledger solutions on allowed networks for a broad range of industries. The modular architecture of this technology maximizes the resilience, confidentiality and flexibility of blockchain measures.
Hyperledger Fabric is a robust framework designed for permissioned networks. Here all the users have their known identities. When choosing a permissioned network, it is required that one thinks whether blockchain use case needs to agree with data protection regulations.
Protects the supply chain
Hyperledger Fabric blockchain has the ability to conflict diamonds throughout the entire supply chain so as to safeguard suppliers, shippers and buyers from any theft and counterfeit.
Performance, scalable, and builds a level of trust
Hyperledger Fabric is designed on a modular architecture that effectively separates processing of transaction into 3 phases. These are agreement, transaction ordering, transaction validation, transaction commitment and distributed logic processing. This separation provides various benefits to its users. Some of them being lesser verification and trust needed across node types, and optimized performance and network scalability.
Availability of data on a requirement basis
Businesses, because of protection laws, competitiveness, and regulation on privacy of personal data requires the need for concealment of specific data elements that can be achieved via partitioning of data on the blockchain. Channels, that supports Hyperledger Fabric enables data to go to only those parties that require to know.
Modular architecture that aids plug-in components
Hyperledger Fabric architecture enables network designers to easily and efficiently plug in their desired implementations for technology components. A few multi-firm networks have an identity management in place. They want to reuse in place of rebuild it. Some of the architecture components that can be plugged into the system are encryption and consensus where some of the countries possess their own encryption standards.
For the quick start to developing blockchain solution on the basis of Hyperledger Fabric, this guide will prove to be of a significant help for developers.