Hyperledger Fabric: Most Essential Features & Applications You Need to Know
We get to see countless tools and frameworks being included in the field of Blockchain technology as it continues to expand. Hyperledger is one such popular Blockchain framework.
It consists of uncountable tools to streamline the development process of Blockchain applications and systems through improved collaboration between developers and businesses working with the technology of Distributed Ledger.
We are going to cover up everything about Hyperledger fabric in this article.
What is Meant by Hyperledger Fabric?
One of the popular and widely used Blockchain frameworks is Hyperledger Fabric, similar to the concept of Hyperledger Sawtooth technology.
Being an enterprise-class framework based on DLT, it focuses on aiming to offer versatility and modularity. The modular architecture of Fabric can be out to diverse uses in the industry of the technology of Blockchain.
Hyperledger Fabric development offers various features as described below:
- A consensus of plug-&-play is featured by Hyperledger Fabric.
- It supports Solidity and EVM.
- It offers enhanced flexibility to data privacy. It performs the process of data isolation through “channels” and also leverages ‘collections’ of private data.
- Hyperledger Fabric is incorporated with permission and highly modular architecture.
- The smart open contract control model of Hyperledger Fabric contributes to flexibility.
- The lower latency of confirmation makes it preferable.
- Hyperledger fabric supports query-able data.
- It supports continuous operations, along with an asymmetric version of support and rolling upgrades.
The organizations (referred to as members) that come along for building a consortium together set up the permission Blockchain network, Hyperledger Fabric.
The architecture of network-within-network is probably the finest characteristic of Fabric. Although network members keep intention for collaborating, they keep up discreet relationships in the network because every member organization needs to hold their privatized data securely.
The network’s every member organization makes a setup particularly for their peers participating in the said network. Cryptographic elements like Certificate Authority are used to configure the peers.
Clients in the organization send transaction invocation requests to peers. They leverage the REST web service or Fabric SDK and communicate with the network of Fabric. The transaction invocation request is triggered by the chain code already installed in peer nodes.
All peers preserve only one ledger on every channel to which they subscribe, as the network of Fabric is contingent on DLT in the Hyperledger Blockchain framework. The peers in the network of Hyperledger play different roles, unlike Ethereum. Following are the types of peers:
- Anchor peer: While configuring a channel, a single or a bunch of anchors are simultaneously configured. The endorser sends an update to anchor peers regarding the transactions. The anchor peer receives it and sends the update to various other peers. Anchor peers come with a discoverable feature and thus can be effortlessly found out by any peer.
- Endorser peer: These nodes simulate the outcome of a transaction besides validating it and executing the chain code. But these peers cannot update the ledger.
- Orderer peer: These peers act as the chief interaction channel of the network. An Orderer peer makes the block followed by sending it to different peers. It maintains a constant ledger set in the network.
Applications of Hyperledger Fabric:
The applications of Fabric in Blockchain Hyperledger platforms are described below:
- Diamond Tracing:
The diamonds pass through multiple hands during extraction and mining. And it is prone to fraud and double-dealing. So, strict measures are required. The Hyperledger Fabric allows miners, retailers, separators, and exporters to develop a consortium. The Fabric keeps the whole process transparent by recording and tracking every transaction.
2. Digital payments:
Hyperledger being a decentralized private network of Blockchain, it allows secure transactions. Fabric focuses on making the financial sector’s Interledger. It facilitates easy carrying out of transactions via similar channels. It encourages communication amongst various international payment systems available worldwide.
3. Digital identity:
Cybercrimes and data breaches are growing. And the companies are concerned about the security of their network and credentials. Blockchain technology is now incorporated to boost this safety.
4. B2B contracts:
The automation of contractual agreements is enabled, as Hyperledger Fabric allows enterprises to codify the business contracts. It also facilitates safety and security. The network-inside-network architecture of Fabric makes sure that sensitive and confidential data of B2B contracts are safe and secure.
5. Food supply chain:
Fabric is used to form consortiums by the food production companies and sector. This enhances the entire process of food supply and gains customer trust. Regardless of the time, the data of the food supply chain, its history, and the present location of a food item can be accessed.
The above-mentioned features and applications of the Hyperledger framework signify that it holds a robust capability for the technology of Blockchain. Thus, Hyperledger development tools can be used for making efficient and powerful non-monetary and industrial applications.