Enterprise Blockchain 101: An Introduction

Introduction to Blockchain

All the buzz coming out of BLOCKCHAIN. The impact created by its usage as a cryptocurrency in bitcoin as its first application and now it has continued its way as the underpinning for Shared Distributed Ledger technology in the economic ecosystem. But the financial ecosystem requires transparency and at the same time some secrecy. HyperLedger Fabric under the umbrella of linux foundation has found the way to make it even.

What is Hyperledger Fabric

“ Hyperledger Fabric is a platform for distributed ledger solutions, underpinned by a modular architecture delivering high degrees of confidentiality, resiliency, flexibility and scalability. It is designed to support pluggable implementations of different components, and accommodate the complexity and intricacies that exist across the economic ecosystem.”

In a nutshell it enables enterprises to tailor its solution taking not just the benefits of the decentralisation, immutability but also the odds that is restricting them to take benefit of Blockchain that is scalability, efficiency, ability to grant granular permissions, automated data synchronisation, rigorous privacy and security capabilities, process automation to create efficiencies, reduce cost, and open up opportunities for new data-driven business models and also one of the first production ready Blockchain for Business.

Functional Components of HyperLedger Fabric

• Automation via Smart contracts a.k.a chaincode
• Granular permissions via channels
• Scalability via dockerized infrastructure
• Security via organization certificate authority
• Representative of organizations a.k.a Peer Nodes
• Efficient consensus by using Proof of Stake instead Proof of Work ( Bitcoin ) which saves organisation from the requirement of defining expensive computer calculation called mining.