Hyperledger (or the Hyperledger project) is one of the biggest projects in the blockchain industry. It is a global collaboration, hosted by The Linux Foundation.
The main reason for supply chain inefficiency is the lack of transparency.
It can help to build an effective supply chain system by improving the following areas:
Hyperledger Fabric is different from blockchains such as Ethereum or Bitcoin in terms of its internal machinery. In a Hyperledger network, we have the following key elements:
Together with these key elements, Hyperledger Fabric is based on the following key design features:
The client initiates a transaction and a request to a Hyperledger Fabric-based application client, that submits the transaction to peers. These peers process the transaction by executing the Chaincode specified by the transaction and send a response back to the application. At this point, the application combines the transaction along with the endorsements and broadcasts it to the Ordering Service. The Ordering Service checks the endorsements and creates a block of transactions for each channel before broadcasting them to all peers in the channel. Peers will then verify the transactions and commit them.
A supply chain is a network of people and businesses involved in creating and distributing a product or service. It includes the extraction of raw materials to the end consumers who purchase the product or service. A basic supply chain system involves suppliers of materials, manufacturers, logistics, and financial retailers, which turn it into a commodity, manage the transportation of the raw material and commodities, sell goods to consumers respectively.
Blockchain provides novel ways to record, transmit, and share data. It is a unique database system created and maintained by participants in a decentralized network. It offers a secure and reliable architecture for conveying information and transactions which can be recorded digitally. As the distributed ledger is decentralized, each stakeholder maintains a copy, which prevents failure or data loss. It is highly resistant to altering or tampering. These level of accurate and tamper-proof records secure data integrity and make accessibility of regulatory compliance easier. Ultimately, blockchain can increase the efficiency, effectiveness and transparency of supply chains and positively impact everything in a better way from warehousing,delivery, payment and other processes.
In this blog we learned about the relation of hyperledger fabric with supply chain and how blockchain help us in better transparency in the process of supply chain.