Ever thought about blockchain technology to be understood more in detail? Let’s gain our knowledge by understanding HYPER LEDGER.
Hyper ledger is a project of open-source blockchains and related tools, started in December 2015 by the Linux Foundation, to support the collaborative development of blockchain-based distributed ledgers. Hyperledger Fabric leverages container technology to host smart contracts called “chaincode” that include the application logic of the system. Hyper ledger Fabric was initially contributed by Digital Asset and IBM. 159 engineers from 27 organizations contributed to Hyper ledger Fabric.
Below are the main elements which Hyperledger Fabric fulfills for businesses using blockchain:
1. Permissioned network
Hyperledger Fabric is a framework for permissioned networks, where all participants have known identities. When considering a permissioned network, it collectively defines membership and access rights within the business network.
2. Confidential transactions:
Gives businesses the flexibility and security to make transactions visible to select parties with the correct encryption keys.
3. Assisting cryptocurrencies:
It doesn’t require but supports digital currency mining and contribute in computations to assure transactions.
Hyper ledger leverages the embedded logic in smart contracts to automate business processes across your business network.
For blockchain to fulfill its true potential, an open standards approach is critical so the blockchain can be widely adopted and followed, allowing innovation to embellishment. Stay tuned to BlockLabs for more concepts related to Hyperledger and blockchain technology.