Amongst numerous blockchain networks, Hyperledger Blockchain Network is one of the fastest and most secure ledger solutions. Hyperledger Blockchain development means opening up to a private and confidential open-source blockchain network, which retains the sensitiveness of data by keeping them confidential and hyper secure.
What is Hyperledger Fabric?
Hyperledger Fabric is a private and confidential open-source blockchain platform made to build ledger solutions. It is made on a modular architecture that provides a high level of seclusion, scalability, resiliency, and flexibility to the users.
Hyperledger Fabric makes ledger solutions based on fabric that can be used for any industry from tracking and tracing supply chains, loyalty and rewards, trade finance, and clearance and settlements of financial assets.
Benefits of Hyperledger Fabric
There are plenty of benefits of Hyperledger Fabric over other blockchain networks. We’ve explained the four major ones – Open source, Authenticity, Governance, and level of performance. Let’s understand these four benefits clearly with us.
From its root, it’s an open-source platform hosted and maintained by the Linux Foundation. It’s established and currently getting supported with the active participation of developer communities worldwide.
When it comes to industries where every information and data is so sensitive to get noticed by everyone, for that reason, Hyperledger Fabric is up to the mark. Like Healthcare, Income Tax, and National Defense, these industries handle information that requires security. This platform is secured, and participating members are authenticated.
Through fabric networks, two authenticated members can connect and share information and transactions between them. With those subnets in fabric networks, the exchanges become more and more secure. The confidential subnet section adds an extra layer of protection.
Fabric is made as an enterprise-grade solution, so the performance is high and astonishing. Though it’s a permissioned blockchain network, there’s no need for a mining process that requires time, flowers transaction process, and uses more energy.
We are sure you’ve become familiar with the benefits of Fabric over any other network. Now, let’s get acquainted with its working process. Let’s understand how the Fabric system works.
How does it work?
The basic system of the Hyperledger Fabric system contains unique organizations or members that can interact with others on the network. Member organizations must set peers to work with the network. The main requirement is that peers must be certified with authority and other information.
Peer members receive transaction requests from clients. A client is a software application that works on behalf of a person. The client uses web services to interact with the Hyperledger Fabric network. Chaincode, which we installed in peers, works for transaction invocation requests.
Since it’s a Distributed Ledger Technology (DLT), the peers working on the network maintain ledgers per channel. But, the peers have different roles in the Hyperledger Fabric blockchain network, which makes it different from Ethereum.
Let’s get acquainted with the peers’ nodes which all have different responsibilities in maintaining the network. They are –
Endorser peer mainly decides if a transaction invocation request will work or not. The primary responsibility of the endorser peer is to:
- Validate transaction requests, check the authenticity, the certificate details, and the role of the transaction requester.
- Work on executing the smart contract, i.e., the chain code, and imitate the transactions.
Based on the outcomes of the above queries, the endorser peer approves or disapproves of the transaction.
The primary responsibility of the anchor peer is receiving updates and showing the updates to other peers in the organization. Anchor peers are discoverable to any of the order peers or the organization’s peers.
The hyperledger Fabric network’s orderer peer communication is arguably its most important channel. Orderer block is responsible for working on the block creation and sending them to all the peers.
Industry Usage of Hyperledger Fabric
With almost a handful of benefits, Hyperledger Fabric is getting well useing, irrespective of the industry and sectors. Let’s have a look at industry usage of Hyperledger Fabric Blockchains –
Hyperledger Blockchain is mainly getting use for asset depository purposes. With these blockchain networks, assets can be dematerialized and used without effort, making it easier for the stakeholders to access them and use them for trading and other purposes. Not only Asset Depository, but this blockchain is also a popular choice for financial security works.
There are no intermediates and direct interaction, which is the start benefit of this blockchain network. Also, it helps reduce operating costs and interact with the market in real-time.
Hyperledger Blockchain aids the working and managing processes on or in a B2B contract agreement. Ensuring the privacy and the security of that agreement and both parties, Hyperledger Fabric provides a permissioned managing and controlling system. Hence, all the confidential and sensitive business information stays undercover.
In the case of product manufacturing, Hyperledger Fabric performs better. Also, Hyperledger blockchain development cost is less than others. The final assemblers can use the Hyperledger Fabric to make a supply chain network to maintain the demand-supply balance between suppliers and manufacturers. Also, it helps to create a standard approach.
Through this brief understanding, you’ll get acquainted with industrial usage and the benefits of using the Hyperledger blockchain development. The next step is to hire a hyperledger blockchain development company to meet your business requirements.
Akash Guha is a budding writer with almost a year of experience in content writing. His knowledge in technical content writing has enabled him to work on different projects. Presently, he is working with SoluLab, a premium blockchain, AI, ML, IoT and Metaverse development company, where he handles various projects as a content writer.