Blockchain development technologies are transforming industries and their operating models radically. To meet modern business needs, IMB collaborated with other blockchain companies to develop an open-source blockchain framework, Hyperledger Fabric. It aids distributed ledger on permission network for multiple industries. The modular architecture maximizes its confidentially, reliability, resilience, flexibility, and scalability for blockchain solutions.
Hyperledger Work Flow
Each member in the network is responsible to set peers to participate. All the peers are configured with cryptographic material like certifications containing all the information about each member.
All peers sustain their ledger according to their subscribed channel. All the peer nodes are not the same and have different roles in the network.
- Endorser peer: Validate transactions and execute Chaincode.
- Anchor peer: Discoverable peers responsible for receiving and broadcasting updates to other peers in the network.
- Orderer peer: Central communication channel for network.
Hyperledger Work Flow
- Network member invokes transaction requests using the client application.
- Client application convey transaction request to Endorser Peer
- Endorser peer validates the transaction by checking certificate details. It sends transaction approval or rejection with endorsement response to the client.
- Client forward approved transaction to ordered Peer to orderer and store it in a block.
- Orderer node adds the transaction to block and sends it to Anchor nodes.
- Anchor peer broadcast block to other peers of the network, and these peers update local leger with the block.
Benefits that Hyperledger Brings
Identity management
Hyperledger Fabric offers membership identity to manage user IDs and their authentication on the network. It also possesses access control lists that provide additional permission layers by authorization of certain network operations. For example, a user ID can invoke a chain code, but he is not able to deploy a new chain code.
Privacy and confidentiality
Hyperledger development services provide competing business solutions, and any business can that needs private and confidential transactions can coexist on the same premised network. Private channels restrict messaging paths and provide confidentially and privacy to a specific subset of a network. Data related to transactions, members, and channels are invisible to all network members.
Efficient processing
Hyperledger Fabric assigns network roles in the form of nodes to provide concurrency and parallelism. execution of the transaction is kept separate from ordering and commitment. Performing transactions before ordering enable the peer nodes to conduct multiple transactions simultaneously. The concurrent processing increases the efficiency of each peer that evaluates the delivery of transactions to ordering services.
Chaincode functionality
Chaincode is the encoding process that is invoked during a specific type of transaction on a channel. It determines the parameters to change ownership rights i.e., all transaction transferring ownership comes under the same rules and requires the same protocols. Chain code defines the rules for endorsement and validating transactions.
Modular design
The modular architecture of Hyperledger offers the functional choice to network engineers like developing specific algorithms for identification, consensus, and encryption. As a result, a universal blockchain architecture that any industry can adopt. It assures that network is interoperable across the global market removing all the geographical barriers.
Rapping Up
Hyperledger is an open-source permission framework that maximizes system efficiency, and its modular structure provides high-level security and reliability. If you are looking to integrate Hyperledger solutions into your existing business model, OptimusFox, a leading Hyperledger development company, can help you from consulting to integration.
