Hyperledger Fabric provides solutions for highly scalable enterprise applications to improve and optimize existing organizational processes. Read more.
Maintained by the Linux Foundation, Hyperledger greenhouse is an umbrella project consisting of a range of blockchain frameworks, tools, and libraries for enterprise-grade blockchain deployments. Hyperledger greenhouse’s first project was the Hyperledger Fabric (v1.0) introduced in July 2016. In the last few years, Hyperledger Fabric has been enhanced with new features implemented by Hyperledger’s open-source community for enterprise solutions.
In 2016, tens of leading companies globally initiated projects with Hyperledger Fabric due to Distributed Ledger Technology (DLT) being in trend and its requirements in finance, supply chain, and other industries. Since then, the Linux Foundation and the open-source community have made significant enhancements to it by integrating advanced techniques of databases, networking, distributed consensus, and cryptography. They have worked collaboratively to develop, design, and implement a practical DLT framework to fulfill the real-world demands of enterprises and businesses.
Hyperledger Fabric quickly became one of the popular open-source DLT projects for blockchain permissioned solutions, with deployments ranging worldwide. Indeed, 30 companies in the “Forbes Blockchain 50” were using Hyperledger Fabric-based solutions in 2019. Given its open-source model and popularity, giant cloud service providers including Alibaba, AWS, Azure, Baidu, Google, Huawei, IBM, Oracle, SAP, and Tencent are adopting Hyperledger Fabric solutions.
Hyperledger Fabric is an enterprise-level, distributed ledger technology-based platform for developing a range of modular industry use cases and solutions. A permission-less solution is that enables anyone to make transactions and access data. However, Hyperledger Fabric provides a permissioned, secure, and scalable platform with smart contracts and data privacy. Its feature-rich modular architecture enables the development of solutions suitable for adaption for various industries. It facilitates them to establish trust, transparency, and accountability for businesses.
For business-sensitive interactions, businesses need to manage separate relationships within their networks. For instance, a seller might be selling the same product to different purchasers at different prices. With this case in point, Hyperledger Fabric offers a range of permissioned solutions to support transactions and data privacy systems for enterprises.
It enables organizations to use separate “channels” for isolating total transactions between member organizations. Also, it enables them to use “private data” provision within a channel for keeping data private and sharing it on a need-to-know basis. Which then can be verified against the on-chain hash evidence.
Hyperledger Fabric has been evolved by the open-source community to support features and production operations that enterprises require. Take a look at a few of the features that make Hyperledger Fabric a unique distributed ledger technology among others for enterprise solutions.
These were some fundamental Hyperledger Fabric blockchain app development benefits. As per the Hyperledger fabric docs, its technology can offer a lot more beneficial features.
Now, let’s explore the use cases and applications of Hyperledger fabric for enterprises.
Financial services other than banks like insurance can reap various benefits from a Hyperledger Fabric-based permissioned blockchain solution. Usually, accountability, confidentiality, and privacy are the primary needs of this section. However, it is worthless to re-emphasize, Hyperledger blockchain is way more capable of handling any of these scenarios.
Indeed, because of these reasons, permissioned blockchains are so popular.
A fabric solution-based network enables efficiency by separating nodes and providing them their control over privacy. Additionally, it becomes difficult to replicate the same data due to Fabric’s robust plug and play consensus algorithms. Put simply, various financial services can also implement Hyperledger fabric with smart contracts to get rid of all the complications of paperwork.
Also Read: Use Case: Simplifying Loan Application Process with Hyperledger
Given the current global healthcare system’s condition caused by COVID-19, Healthcare seems to be a fitting Hyperledger use case on the horizon. Among managerial, administrative, and operational inefficiencies, the healthcare industry also suffers from counterfeiting, false credentialing, and privacy breaches.
Current healthcare verification systems are archaic. They fail to validate the credentials of a physician before hiring them. Also, there are no proper monitoring tools to trace counterfeit drugs getting into the system, and thus, patients facing critical consequences. Moreover, patients get no provision to have any control over their medical records. However, the Hyperledger fabric blockchain solution as a new tech system can provide all of the above features under one network. It can make the process of verifying credentials, tracking the drugs, and maintaining privacy much easier than ever.
Food safety is another area of application where we can use Hyperledger fabric for efficient, transparent, and traceable food supply chains. It has been a long time since COVID-19’s has become a global crisis. However, authorities are still trying to reach the provenance of the outbreak.
From these foodborne diseases, it is the common people that suffer most. With a Hyperledger Fabric system, stakeholders can ensure the safety of the mass-produced food while authorities can use this network to track all of the processes and such foodborne outbreaks. Such a solution can enable them in every stage of the food supply chain to ensure that all food passes through the standard requirements. Not to mention, they can also perform quality checking inspections in real-time.
You might be interested: Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Hyperledger projects promise to indeed revolutionize even the blockchain tech’s public solutions. They cover both the business and industrial worlds. Hyperledger Fabric provides solutions for highly scalable enterprise applications. It aims to provide efficient solutions to improve and optimize existing industrial and organizational processes, as well as create new ones. Visit our service offerings with Hyperledger Blockchain Solutions for more information.
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