Ever since the introduction, blockchain technology has revolutionized the industry. It has radically transformed industry operating models. When assessing blockchain platforms for a business use case, one of the most significant attributes to consider is hyperledger fabric. Let us know more about how this technology has improvised the business industry.
What is Hyperledger fabric?
To fulfill the business demands, IBM has partnered with other firms to build a production-ready, open-source, ibm blockchain consulting framework, named as Hyperledger Fabric. It is one of the eight Hyperledger projects that are introduced by The Linux Foundation.
Hyperledger fabric assists in developing distributed ledger solutions for a broad array of industries. The modular architecture of Hyperledger consultingmaximizes the resilience, flexibility, and confidentiality of blockchain solutions.
Chain Yard is one of the most reputed blockchain consulting firms in the market. This company provides a team of skilled and competent blockchain consulting team that assists in implementing the leading open business blockchain “Hyperledger”.
The architects, performance analysts, security researchers, Dev Ops, and test engineers lay a solid foundation on which enterprise blockchain solutions are constructed.
Hyperledger fabric is basically a framework meant for permissioned networks. Here all participating firms are recognized and trusted identities. Here, the blockchain use case adheres with data protection rules.
Most of the use cases primarily in the healthcare and financial sector are subjected to data protection laws. It requires knowing which members are present on the network and which are accessing the data present on the network.
Advantages of Hyperledger fabric in business operations
It brings several benefits to a business. Some of them being:
Safeguarding the supply chain
It helps in tracking items through a supply chain for protecting the interests of suppliers, shippers, and buyers from any type of counterfeit and theft.
Performance, trust, and scalability
It is developed on a modular form of architecture that bifurcate transaction processing in three different steps: transaction ordering, distributed logic processing, transaction validation, and transaction commitment.
Due to this separation, an organization benefits in a number of ways. It requires fewer levels of verification and trust across different types of node types, ensures optimization of network performance and network scalability.
As only the read/write set and signatures are sent through the network, the v1.0 hyperledger Fabric architecture ensures optimization of the performance and scalability of an organization.
Data on requirement basis
Businesses need privacy in the data that comes inside and goes outside the premises. This is because of the protection laws, competitiveness and regulation on the secrecy of personal data. This kind of privacy can be achieved via data partitioning feature of hyperledger.
Channels that assist hyperledger fabric enable flow of data to only known and trusted parties. These channels offer a data-partitioning ability where only people who are authorized to know the data can see the data and the number of transactions.
These are some of the most important benefits of hyperledger that assist in smooth and efficient functioning of a business.