Blockchains as we initially know them are characterized by offering us greater transparency in transactions and greater anonymity when using them. But in certain areas such as business, it is not entirely safe to share sensitive information in a blockchain that stores the data in a database accessible to everyone. That is why solutions such as Hyperledger Fabric have been created, a type of private blockchains focused on the business field.
What is Hyperledger Fabric
Hyperledger Fabric, an open source project of the Linux Foundation, is the modular blockchain infrastructure and de facto standard for enterprise blockchain platforms. Designed as a foundation for developing enterprise-grade applications and industry solutions, the open, modular architecture uses plug-and-play components to accommodate a wide range of use cases.
Engaging more than 120 organizations and collaborating with more than 000 engineers, Hyperledger Fabric offers a unique approach to consensus that enables performance at scale while respecting enterprise data privacy demands. .
Hyperledger Fabric process outline. Source: Edureka.
How Hyperledger Fabric works
Hyperledger Fabric is an open, proven, enterprise-grade, distributed ledger platform. It has advanced privacy controls, so only the data you want to share is shared between “permitted” (known) network participants.
Smart contracts document the business processes you want to automate with self-executing terms between the parties written in lines of code. The code and the agreements contained in it exist throughout the distributed and decentralized blockchain network. Transactions are traceable and irreversible, thus creating trust between organizations. This allows companies to make better decisions faster, saving time and reducing costs and risks.
Hyperledger Fabric wiring diagram. Source: GeeksforGeeks.
Hyperledger Fabric Benefits
The creation of Hyperledger Fabric has brought different advantages for companies when using blockchain technology:
- Network with permissions: Allows you to establish decentralized trust in a network of known participants rather than an open network of anonymous participants.
- Confidential transactions: Unlike public blockchains, Hyperledger Fabric is so Only the data that you want to share with the parties you want to share it with is displayed. This is one of the big differences compared to public blockchains.
- Pluggable architecture: This type of blockchain allows us to adapt to the needs of the sector with a pluggable architecture instead of a one-size-fits-all approach.
- Easy to program: Hyperledger Fabric has a range of options to program in different languages. Furthermore, it has its own concept of smart contracts (called Chaincodes) in the languages your team currently works with, rather than learning custom architectures and languages.
Outline of the different Hyperledger Fabric frameworks. Source: Hyperledger Foundation.