Hyperledger Development with in 21 days — Day 1

What is Hyperledger?

Hyperledger is a Linux foundation hosted business Blockchain projects.

There are five variants in the Hyperledger.

Sawtooth — Adding modularisation for distributed ledger, it implements POeT consensus mechanism in the blockchain.

Iroha — Simple and easy to incorporate the blockchain systems.

Fabric — Modular architecture, consensus mechanism, membership systems.

Burrow — Permission-able blockchain, smart contract machine which is used from Ethereum Virtual Machine.

Indy — Blockchain tools, libraries and reusable components for providing digital identities.

Hyperledger Tools

Cello — On demand “as a service deployment model to create, manage, terminate blockchains”

Composer — Collaboration tool for creating Blockchain business networks, accelerate the development and deployment of smart contracts.

Explorer — Can use to view, invoke, deploy or query blocks, transactions, get network info, deploy chain codes, find relevant information in the ledger.

We are going to the different variants of hyperledger, starting with Fabric. Which is quite popular in the community.

Hyperledger Fabric

Fabric is a business blockchain framework. Which is having a modular architecture.

It contains two major components

  1. Consensus
  2. Membership services, to be used as plug and play.

It helps to bring confidentiality and scalability by establishing trust, transparency and accountability. Other advantages

  1. Permissioned network
  2. Confidential transactions
  3. No cryptocurrency
  4. Programmable smart contracts

Important concepts related to Hyperledger Fabric

  • Blockchain Nodes
  • Permissioned
  • Public or confidential transactions
  • PBFT algorithm
  • Chaincodes
  • Golang, Java languages

Simple explanation Hyperledger Fabric, https://www.youtube.com/watch?v=js3Zjxbo8TM

Nodes are separated into three

Peers → endorser + committer

Consenters →consenter

Using Fabric, without passing everything through a central authority we can transfer data.

Transaction Flow in a simple way,

Initiating Transaction → Building Transaction proposal → Ordering the transactions →Validation and commit

→ Blockchain in business is a decentralized system for the efficient and secure exchange of business assets.

→Stores history of the asset transaction between members.

→ For additional confidentiality, members can join specific channels that allow data isolation.

→ Participants on the network agree on the consensus on the update to the records in the ledger. No third party involved.

→ Every record in DLT is having a timestamp and a cryptographic signature. It makes ledger auditable.

Please hit that heart button if you feel good about this — thanks!