September 15, 2020
Blockchain by definition is a continuously growing list of records (blocks), that are securely linked using cryptography. Each of the individual blocks contains a cryptographic hash of the previous block, a timestamp, and transaction data. Any transaction between two entities is recorded very efficiently and permanently by the distributed ledger system.
In Blockchain technology, the best thing is that its decentralized network prevails among all permitted parties thereby saves time. Inspite of blockchains putting up their own issues they get rated faster and more reasonable than traditional systems, and this drives governments, banks, and other financial sectors towards them.
In Blockchain, a smart contract is a program that automatically executes when it meets with the predetermined terms and conditions. Also, smart contracts directly handle the transaction of assets or information within definite parties under specific conditions.
Smart contracts differ from the traditional contracts, in terms of enforcing the agreement. In smart contracts, the enforcer is their code itself, whereas the enforcer of legal agreements is the law.
On the note of smart contract development, there are a few distributed ledger technologies and platforms that aid in many ways and Hyperledger Fabric is among them. Saying so. let’s get a study on the high-level objectives and features of the Hyperledger Fabric in this article.
Hyperledger incubates a plethora of business blockchain technologies and frameworks under its strategy. The Fabric or the Hyperledger Fabric is one such led by IBM, that is designed to develop highly scalable blockchain applications with the flexibility of permissions.
Hyperledger Fabric as a platform for distributed ledger solutions owns a modular architecture that works so flexible, confidential, and scalable in the backend. Also, it is designed to support the complexity of the existing systems and to be pluggable on various systems and. i.e. Hyperledger fabric components are allowed to plug-n-play.
It is a private blockchain system where only the members who enroll through Membership Service Provider (MSP) are allowed to participate in the network. Additionally, the fabric makes use of container technology to host smart contracts called “chaincode” that comprise the application logic of the entire framework.
In the Hyperledger Fabric group of participants are allowed to create separate ledger channels for their transactions. The uniquely elastic and extensible architecture of hyperledger fabric aids to plan for the future of enterprise blockchain development.
Assets: Enables the exchange of all goods with the monetary value over the network. ( From whole foods to antique cars )
Chaincode: To optimize network scalability and performance the chaincode execution is partitioned from transaction ordering, and this is also done to limit the required levels of security verification across node types.
Ledger Encoding: For efficient auditing and analysis this feature of immutability aids shared ledger to encode the entire transaction history for each channel, and includes SQL-like query capability.
Channels Privacy: Channels enable multi-lateral transactions with a high degree of privacy and security required for the businesses and industries that exchange assets on a common network.
Security & Membership Services: Allows the permissioned membership participants to detect and track all transactions by authorized regulators and auditors.
Consensus: A unique approach of consensus mechanism enables the flexibility and scalability needed for the enterprise.
Generally building an enterprise blockchain remains very challenging for the developers as it demands to spend a lot of time creating the required components. Now, on Fabric holding a modular architecture, it offers features of real advantage. The modularity of Hyperledger Fabric architecture enables network designers and developers to plug in their preferred implementations for components, which is very helpful.
Essentially, many companies would like to build a permissioned blockchain, by reusing their existing identity management system. Now, this modular architecture of fabric allows developers to easily include components like custom identity management system and other common requirements.
The fabric delivers high scalability and fast transactions as there is no POW algorithm and crypto mining in it. Moreover, the transaction process here gets to operate in three separate phases like distributed logic agreements involving chain codes, transaction ordering, and transaction validation. These phases make way to gain trust and validation across different types of nodes.
In the transaction lifecycle, only the signature read/write sets traverse the network, thereby optimizing scalability, and performance. Also, the confidentiality of data is optimally maintained as only the endorsers and peers committing transactions to see these transactions.
The hyperledger fabric on its every update a set of asset key-value pairs is assigned to the ledger and the file system of Fabric incorporates LevelDB, which is very suitable to query functions.
LevelDB has a key-value database and enables key queries and there can also be composite key queries and key range queries. Also, it allows the optional adding of CouchDB, there exists a document database that stores content as JSON. This makes the database very easy to query as JSON eliminates the need for frequent changes to the application just to facilitate querying.
Fabric features a Hardware Security Model (HSM) that provides a way to keep private keys secured and helps in safeguarding and managing digital keys used for authentication. HSM increases the protection of keys and sensitive data especially in cases such as identity management,
The fabric owns one of the richest development communities coming from a diverse set of organizations, each of which has significant expertise both in blockchain technology as well as its primary Lines of Business (LOBs). The combined might of the community paves a rich dividend to Fabrics‘ future development roadmap.
Considering that Fabrics getting a recent launch and the tech community working more on the production of distributed ledger technologies and projects, it is expected that the changes and enhancements will continue according to the growing needs.
The SDKs available in Java, Node, etc, that are involved in hyperledger development doesn’t exhibit complete user-friendliness. Any blockchain developer will have to understand a bit of the underlying code of the hyperledger fabric, to implement things as per the need. Also, not all of the SDKs are fully compatible to create/fetch/update everything and lack of architecture documentation is also a case of limit.
It is in the proven state of the fact that blockchain technologies are on the rise and way faster than anticipated, especially after the adoption of the technology by banks and other financial institutes.
Looking at the current pace of adoption of blockchain technology, it gets to foresee the market size to be much higher by the end of 2022. To put it straight, there is a capital of opportunities present in the growing market of blockchain technology, and Hyperledger Fabric gives you the power to get into the play.
Calibraint has been into the play working and exploring on blockchain technology for some time now. So if in need any help in adopting this upcoming technology and examine how it can help your business grow, then connect with our blockchain engineer and end the wait.
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Blockchain, the digital immutable ledger technology that underpins Bitcoin and other cryptocurrency networks, has the potential to revolutionize the financial industry. In Blockchain technology, the best thing is that its decentralized network prevails among all permitted parties thereby saving time.
“Blockchain is a global online database that can be handled by anyone anywhere on the internet. They are said to be decentralized since blockchain ledgers are shared among all the computers in the world not particularly from one central location.”