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Hyperledger Fabric: Process, Benefits, Work Flow, and Characteristics
An open-source platform called Hyperledger Fabric is used to create distributed ledger solutions. It has a modular architecture and offers high levels of security, adaptability, resilience, and scalability. This makes it possible to customize fabric-based solutions for any industry. The Linux Foundation is in charge of this private and secure block chain framework.
What is the Hyperledger Fabric process?
- Hyperledger Fabric is a permission-based enterprise blockchain network. It is composed of numerous distinctive groups or individuals that collaborate with one another to achieve a common goal. These companies might be a bank, a financial institution, or a supply chain network, for instance. Each identified organization has a fabric certificate authority. These groups are referred to as "members."
- Using the fabric certificate authority, each fabric member can configure one or more authorized peers to use the network. These peers must all be properly authorized.
- A client-side application created with the software development kit (SDK) of a specific programming language is connected to the network.
Benefits of Hyperledger Fabric
- Authorized Network: Instead of an open network of anonymous participants, establish decentralized trust in a network of known participants.
- Confidential Business Dealings: Share only the information you want with the people you want to share it with.
- Architecture that plugs in: Use a pluggable architecture to adapt the blockchain to industry needs rather than a one-size-fits-all strategy.
- It is simple to start: instead of learning specialized languages and architectures, program smart contracts in the current working languages of your team.
Hyperledger Fabric Work Flow
- Create the proposal: Consider a partnership between a smartphone manufacturer and a smartphone dealership. When a member organization proposes or invokes a transaction request using the client application or portal, the transaction begins. The client's application then sends the proposal to peers in each organization for approval.
- Endorsement of the transaction: Once the proposal reaches the endorser peers (peers in each organization for the endorsement of a proposal), the peer verifies the requesting member's fabric certificate authority and other details required to authenticate the transaction. The chain code is then executed, and a response is returned. This response indicates whether the following transaction has been approved or rejected. The response is given to the client.
- Submission to ordering service: After receiving the endorsement output, the client-side application sends the approved transactions to the ordering service. The peer in charge of the ordering service places the transaction in a specific block and sends it to the peer nodes of different network members.
- Updating the ledger: When such organizations receive this block, their peer nodes update their local ledger with it. As a result, the new transactions have now been committed.
Hyperledger Fabric Transaction Flow
- A client application sends a transaction proposal to peers in each organization for approval to start the transaction flow.
- The peers make sure that the person sending the transaction is who they say they are and that they are allowed to do so.After that, they simulate how the proposed transaction would go, and if the results match what was expected, they send the client a signature endorsement.
- After getting the number of peer endorsements required by the endorsement policy, the client gets endorsements from peers and sends the transaction to the ordering service.
- The ordering service then determines whether the transaction has the necessary number of endorsements to comply with the endorsement policy. The approved transactions are then chronologically ordered, bundled into blocks, and sent to peer nodes within each organization. The ordering service sends new blocks of transactions to peer nodes, who then perform a final validation on the transactions in that block. As soon as this is finished, the ledger's state is updated, and the new block is added. New contracts have been signed.
Characteristics of Hyperledger Fabric
Here is a list of some key characteristics of Hyperledger Fabric and what sets it apart from other distributed ledger technologies:
- Architecture with permission
- Extremely modular
- Convenient consensus
- Flexible open smart contract model that can be used to implement any desired solution model (account model, UTXO model, structured data, and so on).
- Low finality/confirmation latency
- Data isolation is a flexible approach to data privacy
- 'Channels' can be used to share private data on a need-to-know basis, or private data 'collections' can be used to share private data on a need-to-know basis
- Smart contracts are supported in a variety of programming languages, including Go, Java, Python, and JavaScript.
- EVM and Solidity support Intended for continuous use, including Asymmetric version support and rolling upgrades
- Smart contract governance and versioning
- Agreement among required organizations is a versatile endorsement model for success.
- Data that can be queried (key-based queries and JSON)
- A strong community exists behind every great open source technology. The Hyperledger Fabric community has worked tirelessly to improve security, usability, robustness, performance, and feature set — all of which are critical for enterprise users. There are currently no other distributed ledger technology frameworks that have as widespread adoption as AWS, Azure, IBM, Google, and Oracle.
Industry Applications of Hyperledger Fabric
- Supply chain: Global, decentralized networks of suppliers, producers, and retailers make up supply chains. Supply chain operations can be made better by Hyperledger Fabric networks by increasing the traceability and transparency of network transactions. Companies that have access to the ledger on a Fabric network can see the same immutable data, enforcing accountability and lowering the possibility of counterfeiting. Additionally, real-time production updates are added to the ledger, which makes it quicker and easier to track provenance during situations like product recalls or food contamination outbreaks.
- Trading: Importers, exporters, banks, shipping firms, and customs departments must all collaborate in order for trade to take place. Without the need for a central trusted authority, financial and trading consortiums can quickly build a blockchain network where all parties can transact and process trade-related paperwork electronically. Transactions in a Hyperledger Fabric network built using Managed Blockchain can process instantly, in contrast to other processes that require trade-related paperwork to go back and forth between the stakeholders, taking 5–10 days to complete.
- Insurance: Insurance fraud costs the insurance industry billions of dollars each year, but insurance companies can use Hyperledger Fabric to identify duplicate or falsified claims by referencing transaction data stored on the ledger. Blockchain can also speed up the processing of multi-party subrogation claims by using smart contracts to automate repayment from the at-fault party to the insurance company. Furthermore, insurers can use Hyperledger Fabric to automate Know Your Customer (KYC) processes by storing customer data on a distributed ledger and using smart contracts to verify their identity documents.
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