Hyperledger Fabric 2.0 released
The Hyperledger Fabric which was initiated by Digital Asset and IBM has came up with a new version 2.0 of its enterprise distributed ledger technology (DLT) platform in January 2020.The main features of Fabric 2.0 are faster transactions, updated smart contract technology and streamlined data sharing.
What is a Hyperledger ?
It is an enterprise-grade, open-source distributed ledger framework launched by the Linux Foundation in December 2015.
What is a Hyperledger Fabric ?
It is modular blockchain framework of hyperledger consortium for developing applications or solutions which allows components such as, consensus and membership services, to be plug-and-play by preserving the privacy.
How Hyperledger Fabric Works
Traditional blockchain networks can’t support private transactions and confidential contracts that are of utmost importance for businesses. Hyperledger Fabric was designed in response to the present as a modular, scalable and secure foundation for offering industrial blockchain solutions.
Hyperledger Fabric is the open-source engine for blockchain and takes care of the most important features for evaluating and using blockchain for business use cases.
Within private industrial networks, the verifiable identity of a participant is a primary requirement. Hyperledger Fabric supports memberships supported permission; all network participants must have known identities. Many business sectors, such as healthcare and finance, are bound by data protection regulations that mandate maintaining data about the various participants and their respective access to various data points. Fabric supports such permission-based membership.
Fabric 2.0 and buried flaws of preceding version
The chaincodes i,e. the smart contracts can be tweaked by single organizations before being committed to the ledger, which ensures that everyone agrees on what data can be shared with each other. Data sharing has also been streamlined to work on a need-to-know basis. Also, several performance improvements were introduced, involving parallelization of tasks and more efficient program flows.
The biggest updates involve forcing agreement among the parties before any new data can be added to the ledger, known as decentralized governance of the smart contracts. It means that the entity will be prevented from writing to the ledger by the system until there is consensus among the parties involved in the transaction, a basic blockchain tenet.
This is a requirement because the beauty and the curse of the distributed ledger is that it is an immutable record. Once you have written something in the ledger, it becomes very difficult to change it without the agreement of all those involved in the contract. You want to make sure you get it right before you commit something to the ledger.
