Blockchain is an emerging technology poised to radically transform operating models of diverse industries. When evaluating blockchain platforms for your business use case development, it is important to consider their various attributes. In this article, we count them down and present Hyperledger Fabric, a blockchain framework for Hyperledger blockchain development. Fabric is one of the open-source blockchain engines maintained under Hyperledger projects for robust and efficient enterprise application development.
Although blockchain has significant potential, it is not a one-size-fits-all solution for enterprises. Every enterprise has requirements of distinctive features and customization to enable a blockchain solution to fulfill its intended objective. Therefore, there is a need for blockchains with different features that provide effective solutions across diverse industries. Hyperledger acts upon this need by providing a greenhouse structure for open-source blockchain development.
Hyperledger serves as a “greenhouse” that brings users, developers, and vendors from diverse industries together. All these participants share a few common interests, they are interested in Hyperledger blockchains like Indy, Burrow, Fabric, and more for enterprise application development.
In this blog, we will explore and assess the advantages of blockchain framework Hyperledger Fabric for enterprise application development.
Hyperledger Fabric is a blockchain platform intended for building distributed ledger-based enterprise solutions. It offers a modular application architecture that enables high degrees of confidentiality, flexibility, resiliency, and scalability. As a result, solutions developed with Fabric become adaptable for almost any industry.
Hyperledger Fabric is one of the most stable, permissioned, and general-purpose, blockchain platforms for developing enterprise solutions.
Fabric provides the provision for components, like consensus method and membership services, to be plug-and-play. It hosts smart contracts called “chaincode” that comprise business rules of the system using container technology. Also, its design supports various pluggable components to accommodate the complexity existing across the entire economy. The fabric serves as an extensible blockchain framework for deploying enterprise-grade distributed applications. It supports various consensus mechanisms and customization to deliver upon different use cases and trust models.
Developers write Hyperledger based distributed applications in general-purpose programming languages to eliminate the dependency on any native cryptocurrency. This concept is contrasting to other blockchain platforms that either require coding in a domain-specific language for running smart contracts or else use a cryptocurrency. Fabric, with its architectural approach, enhances the way blockchain platforms deal with non-determinism, resource exhaustion, and performance attacks. Find out more about Hyperledger Fabric, see hyperledger.org/projects/fabric.
Now, let’s explore why Hyperledger Fabric can be the best choice to build your enterprise blockchain network.
For enterprise blockchain app development, building a permissioned one is essential. There are businesses like banks, financial institutions, healthcare providers, and more that operate under stringent regulatory requirements and cannot allow anyone to view transaction information. As information is an asset to such enterprises, unauthorized viewing can pose a risk to future financial profits.
Fabric provides solutions to build a permissioned framework. It enables all participants to have known identities. It validates those identities against an organizations‘ identity management system. Therefore, there are no anonymous or pseudonymous users in the network.
Organizations can use a ’Membership Service Provider‘ (MSP) provided by Fabric. MSP is for the issuance and validation of certificates and user authentication.
Enterprise using MSP can designate various roles to the nodes in the network, such as:
The process of developing a permissioned enterprise application with Hyperledger Fabric is complex and challenging. A good idea is to think about hiring expert Hyperledger blockchain developers to ensure that the network runs like clockwork.
Hyperledger Fabric works on a modular architecture. The architecture enables it to divide the transaction processing into three phases.
This separation provides various advantages like fewer levels of trust and verification requirements across node types, and optimized network scalability and performance.
As only the signatures and read/write set traverse the network, it optimizes the scalability and performance. Besides, as only the endorsers and the committers can access the transaction, fewer levels of trust across different parts of the Blockchain system, and thus, strengthen the security.
Businesses, due to competition, security laws, and regulation on the confidentiality of personal data, determine the need for the secrecy of some components of data, which can be accomplished by blockchain data partitioning. Channels, which are supported in Hyperledger Fabric, allow data to go only to those parties that need to know.
Essentially, channels provide a data-partitioning capability that enables only those that need to know the data to see the number of transactions and the data itself.
Large enterprise firms like IBM, Intel, and Cisco support Hyperledger Fabric development. This will give organizations that are unsure of the future of blockchain good stability and confidence. Also, organizations are inclined to build on this platform blockchain applications, as they are heavily influenced by established tech companies.
Hyperledger Fabric architecture modularity allows network designers to plug into their preferred component implementations, which is an advantage. One of the most sought-after modularity areas is “bringing your own identity.” Some multi-company networks already have identity management and want to reuse rather than rebuild.
Similar to other frameworks, Hyperledger Fabric also allows us to build smart contracts called “Chaincode”. The important factor is that chaincode helps to build complex logic which is crucial for industries such as the supply chain as it has complex business logic.
The above benefits demonstrate that Hyperledger is highly appropriate for using blockchain technology to develop industrial applications. Unlike Bitcoin and Ethereum, hyperledger does not require a built-in cryptocurrency and this signals that Hyperledger is targeting business applications at the enterprise level.