One of the most popular uses of blockchain technology has been in bitcoin and Ether, both of them being cryptocurrencies. Ethereum, which backs Ether(ETH), is a platform with a broader application of blockchain. But there is another platform that can bring revolutionary use of blockchain technology. It is the Hyperledger Fabric blockchain.
Hyperledger Fabric is a program comprising distributed ledgers. The foundation of Hyperledger fabric is modular architecture. The modular architecture provides scope for large-scale work, the flexibility of operations, privacy, confidentiality, and resilience as well.
It does not require drivers for functioning. It is made to work with pluggable implementations. Hyperledger Fabric is also able to support complex and complicated functions of the economic ecosystem.
Hyperledger Fabric is part of The Linux Foundation's brainchild Hyperledger. An open-source community, Hyperledger has several branches such as stable frameworks, tools, and libraries. Hyperledger is home to distributed frameworks ledger such as Sawtooth and Hyperledger Fabric and as well as tools like Caliper and libraries like Ursa.
What is a Blockchain?
Hyperledger is based on blockchain technology. So it is integral to learn what is a blockchain. Here we explain some features of blockchain that are part of the hyper ledger Fabric as well.
A Distributed Ledger: Blockchain is a digital ledger. Transactions are recorded in a ledger, the same way, blockchain records all the transactions that take place on the network. How does a distributed ledger works?
The blockchain is not under a single authority. It is a decentralized ledger. Blockchain reproduces the ledger across different participants on the network and all of them who cooperate in maintaining the blockchain.
Along with being decentralized, the information can be added only, it cannot be altered, meaning that transaction details cannot be modified. Due to this reason, blockchains are often called a system of proof.
Smart Contracts: A smart contract helps in keeping the accessibility simple across the network, and, also allows self-execution of certain functions that help in removing the need and cost of a middle-men.
Take an example. If a smart contract is made for calculating the charges of shipping goods, it can be coded in such a way that the shipping charge varies on how fast the delivery is made. With terms and conditions agreed upon by the parties involved, it would be fed in the blockchain ledger, and funds would be exchanged after the item is received.
Consensus: Consensus in general means that all the parties participating in a debate arrived at a conclusion upon which everyone agrees. The same goes in the Hyperledger fabric. Ledger transactions are synchronized across the network. It is done to ensure that transactions are supported by only the genuine participants. When the ledger is updated, it is updated with the same transactions in the same order. This feature is called consensus.
Why is a Blockchain useful?
To understand how blockchain can be useful, it is necessary to compare it with today's reality.
State of recording in today's scenario
From the early times when record-keeping came into existence, it has updated slightly. Those in business networks transact with each other but they also keep a record of their transaction separately. The transaction networks of today are slightly updated versions of networks that have existed from ancient times. They also keep the evidence of the transactions to establish validity.
Due to modernization and digitization, heavy files and the long list of papers are gone. The paperwork is replaced with hard drives and cloud spaces. This changes only the medium of record-keeping and evidence keeping, but the underlying structure remains the same. Contracts are still signed manually and every information is fed manually and labor is still involved.
This still leaves the scope of human error, sluggishness due to manual tasks, and fraud.
The blockchain world
It is clear that the modern system still has bottlenecks and inefficiencies. If businesses around the world keep standard forms for verifying identity on the network, completing transactions, and storing the data, the chaos can be reduced to a minimum. Blockchain technology allows checking the origin of assets by just looking at lists of transactions. Lists of transactions are fool-proof because, once something is written, it cannot be changed. It fulfills the need for trust and reduces inefficiencies caused by keeping multiple storage areas and different record-keeping methods.
How blockchain brings the change
In a place when everyone is on a blockchain network, every participant will have their copy of the replicated ledger along with the way the ledger will be updated. Today, when everyone has to update their private ledgers by private programs, blockchain provides the option to bring simultaneous change in everyone's ledger who is a part of the transaction, bringing coordination.
With this, blockchain networks can reduce the time, cost, and risk that comes with involving a third party.
Hyperledger Fabric Meaning?
The Hyperledger project founded by the Linux Foundation in 2015 was aimed at making the blockchain transition smooth in a cross-industry level. Hyperledger project did not limit itself to a single function such as cryptocurrency, rather it supports Rather than declaring a single blockchain standard, it encourages a cooperative way of developing blockchain technologies with community support. Hyperledger comes with intellectual property rights, it encourages open development and updates over time.
Hyper ledger offers different tools, libraries, and frameworks. Hyperledger Fabric is one such framework and it is a little bit different from its other frameworks. The system of Hyperledger fabric is private and requires permission. In many blockchain frameworks, and the open permissionless system works. It allows even unknown identities to be a participant in the network (with protocols such as proof of work, for securing the network). Hyperledger protects from such uncertainties because the network enrolls through Membership Service Provider (MSP).
Hyperledger Fabric also provides many plug-ins for different formats for storing data, consensus mechanisms, and MSPs.
To bring more privacy, Hyperledger Fabric also provides the option for creating different channels and groups, helping in separate sharing of some transactions on the ledger. This can help when you are making different bids to competitors. In such a case, when you form a channel with a competitor, your transaction details will not be replicated to other parties.
We hope you now know The Hyperledger Meaning.
Hyperledger Fabric is built with the need of staying organized for smooth business transactions. The Hyperledger Fabric comes with ledger subsystems with each having these two components: Transaction log, and world state.
World State: It acts as a database of the ledger. It represents what is the condition of the ledger at a given point in time.
Transaction log: This component registers all activities resulting in the current value of the world state component.
A ledger comprises of database or world state and the transaction log.
The shared ledger or distributed ledger, then, is a blend of the world state database and the transaction log history.
Smart contracts in Hyperledger Fabric are written in chain code. To invoke Chaincode in Hyperledger, an external application is needed to interact with the ledger. Usually, the Chaincodes deal with the database component of the world state only, and they do not deal with the transaction log. Program languages such as Go, Node.js, etc can implement the Chaincode.
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