The Hyperledger project was launched by the Linux Foundation in 2015 and Hyperledger Fabric is one of the blockchain projects within Hyperledger. Now you may think what is Hyperledger fabric? It is a technology similar to any other blockchain technology which has a ledger, uses smart contracts, and is a system by which participants manage their transactions. It also offers certain pluggable options like ledger data can be stored in multiple formats, consensus mechanisms can be swapped in and out, and different MSPs are supported. Read this article till the end to get more in depth knowledge about Hyperledger fabrics.
What is Hyperledger Fabric?
Hyperledger fabric is a modular blockchain technology that acts as a foundation for developing blockchain-based products, solutions, and applications. It allows components, such as consensus and membership services, to be plug-and-play and its versatile design satisfies a broad range of industry use cases. This platform for distributed ledger solutions underpinned by a modular architecture delivers high degree of confidentiality for the users.
How Hyperledger Fabric Works?
The working of hyperledger fabric is as explained below. The organizations that take part in Hyperledger fabric networking are called as members and each member in the blockchain network is responsible to set up their peers for participating in the network. They are configured with appropriate cryptographic materials like Certificate Authority and other information. Each peer receives transaction invocation requests from the clients(any specific application/portal serving specific organization/business activities) inside the organization. Those applications use Hyperledger Fabric SDK or REST web service to interact with the Hyperledger Fabric network.
Benefits of Hyperledger Fabric
Businesses have specific requirements from blockchain platforms, but the network alone can’t deliver them. Hyperledger Fabric is a platform that businesses can use to build their enterprise blockchains to address those needs. Here are some of the benefits that Hyperledger fabric will deliver for your business.
- Create an open-source enterprise-scale blockchain framework which is based on codes.
- An open, community-driven infrastructure with technical and business governance models.
- Promotes blockchain ecosystem
- Plug-n-play ability to integrate components
- Chaincodes hosted using the container technology
- Channel technology for confidential and anonymous transactions
- Different Database services
- Can be used to build permissioned blockchain
- High performance and scalability
- Hardware based protection for digital keys
Limitations of Hyperledger Fabric
The two most important limitations of Hyperledger fabric based on framework are:
- Lack of proven use cases
- Less availability of skilled programmers who are able to use it.
Hyperledger fabric is an open-source distributed ledger framework which is a highly modular platform that was designed by IBM for industrial enterprise use. As it is a private network, it requires permission to access, businesses can segregate information, plus transactions can be sped up because the number of nodes on the network is reduced.