Will Hyperledger Fabric Be the New Standard for Blockchain?
Will Hyperledger Fabric Be the New Standard for Blockchain?
Hyperledger Fabric is one of the most exciting open source blockchain platforms out there, but what exactly is it? How does it work? What makes it unique? This article answers all these questions and more, delving into this exciting new platform in detail and explaining why it may become the future of blockchain.
Introduction
Hyperledger is a collaborative effort to create a cross-industry open standard for distributed ledgers, with a focus on business use cases. It is an open source project hosted by The Linux Foundation and includes leaders in finance, banking, Internet of Things, supply chains, manufacturing and technology.
Hyperledger Fabric is one of two flagship offerings within the Hyperledger Project that provide an enterprise-grade blockchain platform. The other one is Hyperledger Sawtooth. They are both part of the Hyperledger family and offer different benefits based on their design objectives. In 2022, we predict that Hyperledger Fabric will be the new standard for blockchain.
Hyperledger Fabric offers a modular architecture which allows its users to plug in consensus engines like Tendermint or Intel’s BFT protocol and also features smart contract functionalities such as cryptlets which allow data sharing across multiple nodes or organizations. It can scale from 10-1000’s of nodes without sacrificing security or performance because it offers permissioned blockchains with access control as well as private deployment options.
HyperLedger’s website says: The goal is not simply to build better blockchains; it is to make them accessible tools with which enterprises can transform themselves into digital enterprises where they might thrive, grow and lead in ways never seen before.
What is Hyperledger Fabric?
Hyperledger is a collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, Internet of Things, supply chains, manufacturing and technology. In December 2017, there was an announcement of an open-source software framework called Hyperledger Fabric 1.0 that integrates with the Ethereum Virtual Machine (EVM). EVM allows you to create smart contracts in any programming language that can be compiled into byte code and executed by Ethereum’s network of public nodes. This means your smart contract will be able to read from or write to any number of other blockchains of your choice without those other networks needing to know about each other. For example, if you want to execute a trade between Bitcoin (BTC) and Etherium (ETH) using Hyperledger Fabric, as long as both BTC and ETH are present on the same network they can operate together seamlessly. When executed through EVM this becomes true peer-to-peer functionality which makes it much more efficient than trying to conduct the trade over multiple ledgers.
Advantages of Hyperledger Fabric
Hyperledger Fabric is a project of The Linux Foundation. It is an open-source blockchain framework implementation, which can be deployed to a private or semi-private network (e.g., one that uses both public and permissioned participants). The following are some advantages of Hyperledger Fabric:
1) It has been designed from the ground up with both performance and modularity in mind.
2) It features an SDK and REST API that allows developers to build applications without needing deep knowledge of blockchain technology.
3) It is designed to handle thousands of transactions per second across hundreds of nodes, while still providing strong guarantees around data consistency.
4) Its modular architecture maximizes flexibility and enables easy deployment on a variety of infrastructures. 5) Hyperledger Fabric does not require proof-of-work, so it provides more efficient processing than Bitcoin. 6) It is being tested as a means to store medical records securely and reliably. 7) A major financial services company recently announced that they would use Hyperledger Fabric for their digital identity system, which will provide increased privacy and security for customer data. 8) Hyperledger Fabric also offers a new approach to smart contracts by ensuring stateful endorsement policies are enforced at runtime. 9) Unlike other blockchains, Hyperledger Fabric’s consensus algorithm doesn’t need to process every transaction broadcast onto the network like Bitcoin does; it’s able to focus on a subset of transactions related to each node’s individual endorsement policy. 10) That makes it possible for validators (members who validate transactions before they’re added to the ledger) running different software versions or configurations to communicate seamlessly and safely participate in consensus decisions – even if they have differing opinions about what those decisions should be.
How can I get involved with Hyperledger Fabric?
The Hyperledger project is an open source collaborative effort to create a cross-industry open standard for distributed ledgers. The goal is to advance blockchain technology by developing shared, industry-standard blockchains that can seamlessly integrate with each other and support more use cases than any one company could build on its own. The first release of Hyperledger Fabric was in 2016 and it is currently undergoing vigorous development, testing and security audits.
You can be involved with this initiative in many ways, from writing code to submitting proposals or joining the group as a contributor or member. One of the most important ways you can help is by joining the community and participating in discussions about what’s going on and what needs to happen next! Click here for details about getting involved. Hyperledger Fabric is designed to meet the requirements of large organizations seeking enterprise agility, resilience and scalability. These are some of the key benefits for enterprises
Conclusion
What will happen to blockchain in the next few years is anyone’s guess. It seems that every day there are new developments and new advances. The possibilities seem endless, especially since blockchain technology is still a relatively young field of study. Whatever happens, it’s likely that Hyperledger Fabric will be at the forefront of it. With its openness, scalability, interoperability, and modularity among other things, it stands to reason that the open-source initiative would continue to grow and advance as blockchain becomes more popular.
