Blockchain technology has been making quite an impact across the different segments of the industries. The distributed ledger technology came up as the underlying technology of Bitcoin, but over a period of time, Blockchain also garnered some apprehension. The ease of becoming a part of this technological platform has made it a vulnerable one, but to overcome these glitches, Blockchain developer have come with permissioned Blockchain, which is far more secure and gives you more control over the data exchange. Hyperledger Fabric is one such development that we are talking about. It is also a distributed ledger and is a permissioned Blockchain. In this blog, we are going to focus on the components and architecture of Hyperledger fabric.
Key components of Hyperledger fabric
As we have discussed above, Hyperledger fabric is distributed ledger technology that is a permission-ed Blockchain that Linux developed. The best part about this technology is that it allows customization, so you can choose to tweak the system as per your requirement. Hyperledger experts would be able to assess your company’s requirements, and based on it; they will be able to make the necessary changes. Every Hyperledger expert needs to be well-versed with the components of the system. Here are some of the key components:
Assets- It enables the exchange of data or information, or money over a network.
Chaincode — It is software that defines assets. In simple words, it is the business logic behind the work. It is partitioned from transaction ordering, verification across the node, optimizing the network for scalability and performance.
Ledger Features- The noticeable feature of Hyperledger fabric is that it is immutable records and is tamper-resistant. This immutable shared ledger encodes the entire transaction history for each channel and includes Standard Query Language. The Hyperledger fabric has a network that emerges that validates the transactions and eventually ensures the safety and security of the data and the transactions. This makes the system far more secure. Thus proving to be helpful in confidential transactions.
Privacy- The Hyperledger channel and private data collection allow the confidential transactions required by regulated industries and competing businesses that exchange assets on a common network.
Security & Membership Services – Since Hyperledger is a permissioned network, it provides a trusted system of exchange of assets, data or information. It allows the participants to know that all the transactions are detected and tracked by authorized regulators. This eventually guarantees the safety and security of the information and the network.
The key components of Hyperledger fabric include:
Membership Service Provider(MSP)- Putting it in simple words, MSP validates the participant in the network. It authenticates the person on whether they can join the network or not. It uses a Certificate of Authority that certifies or revokes once the person's identity is verified.
Client- These applications act on behalf of the person to propose transactions on the network. It makes use of Fabric SDK to communicate with the network. The client communicates with the SDK to read or write the fabric blockchain and in-state DB data.
Peer- It commits transactions and maintains a copy of the ledger. The peer gets an update in the form of blocks from the ordering service and maintains the ledger. In addition, the peer may have the role of the special endorser. Besides, peers can have a special endorser role
Orderer- While writing the transaction on the ledger, it must be done in the right order. Unlike the Blockchain system, Hyperledger allows the organizations running the network to choose the network that suits them the best.
Concluding thoughts
This was the key feature and architecture of Hyperledger fabric. The platform continues to evolve over a period of time, and it also paves the way for new development that makes it a more secure and safe technology.
As the technology continues to evolve, so does the need to have a system that is far more secure, scalable and productive; Hyperledger fabric is the new addition to the conventional Blockchain platforms. Hyperledger experts have expertise in the system and are also able to provide the right support and development when required. If you are willing to become a Blockchain expert, this is the right time to enrol for the Hyperledger certification course with the Blockchain Council.
