HOW HYPERLEDGER REINFORCE TRUST & TRANSPARENCY?

Ever since the bitcoin has gained hype, people and industries all over the globe started investigating the capabilities of the blockchain technology. Hyperledger technology is also derived from the blockchain technology but it’s a technology that IBM developed as an open source project but it was not enterprise grade, so Linux took the responsibility to govern the hyperledger fabric and make it enterprise-grade, so that more and more people and businesses can benefit themselves from this advanced technology and that has the potential to take over major industries where transparency and trust is crucial.

Since hyperledger is an open source technology, therefore any of the partner companies listed on hyperledger.org can contribute to making the technology better with time. Some of the partners listed on the website include Intel, Hitachi, IBM, Tradeshift, Cisco, Fujitsu and B9 Lab.

What is Hyperledger Fabric?

Since now you have gained a decent background about who is behind the hyperledger technology and what being open source mean; now is the time to understand what this technology is and what are the key features that make it flexible enough to be used in any scenario.

Hyperledger Fabric is an enterprise-grade blockchain technology. It uses distributed ledger with smart contracts to enforce trust and transparency among the participants. So, the question here arises, if the hyperledger fabric is based on blockchain then is it a cryptocurrency or it can be used to create one? Well, no! cryptocurrencies are made with blockchain technology but it does not mean that blockchain’s functionalities are limited to this purpose only. Moreover, yes hyperledger can be used to create cryptocurrency but in hyperledger, there cannot be any mining.

Key Features of Hyperledger Fabric

Following are the key features of the hyperledger fabric technology:

• The hyperledger has distributed ledger which means information or data will be secure and there will be no way for information infringement, making this technology secure. Businesses that wish to have a secure database are leveraging from this technology all over the globe.
• The information inside the hyperledger is secure yet there will be transparency as the information will be visible to all the participants within the system. Some people misunderstood this feature and freak out like how data will be secure if it will be visible to other people. Well, you can limit the data that you want to be transparent. For instance, at GigTricks ecosystem, the account balance of ecosystem participants will not be shared with other users but the reviews posted will be visible to everyone.
• The hyperledger fabric works on a completely upgraded consensus that makes it both permissioned and public. It allows businesses to do the fine-tuning and have control over the transactions like whether to restrict or give access making it a dream come true for any industry that wishes to improve their performance by scaling their system and maximizing trust, privacy and security.
• The smart contract is a computer program that is stored in the hyperledger and executed according to the attributes defined. It is pretty obvious that in order to have a smart contract, first the input will be defined, for example, you had a deal with a client to send the shipment with a number of products, that payment will be decided beforehand and so does the quality that the client expects. These things will work as the smart contract attributes, now this contract will stay in the ledger when you will send the shipment and the client will review and accept it, only then the contract will be completed and the payment will be released to you. So what makes smart contract better? Since everything in the hyperledger is immutable and unaltered, therefore the smart contracts will be hard to alter and deceive too.

What Makes Hyperledger Different?

If we compare hyperledger from ethereum, then the major difference is in the number of transactions that each can carry out in a minute. The hyperledger fabric can make over a half million transactions roughly in a minute while ethereum can only carry forward a thousand transactions. No mining in the hyperledger fabric is needed because it is not associated with any cryptocurrency allowing the businesses to have a cost-effective approach towards the transaction, while ethereum with thousand transactions per minute will require businesses to mine the transaction by investing a huge budget on the hardware and the electricity.

Unlike Ethereum which has its own cryptocurrency known as Ether, Hyperledger doesn’t have any currency which can be count as an advantage or a disadvantage based on the scenario that you wish to utilize the technology for. For instance, if you wish to have a cryptocurrency or want to create a new one on Ether than Ethereum technology can be more beneficial for you. Furthermore, in Hyperledger, the transaction can also be made visible to a select few parties to increase trust level, but in Ethereum the transparency on the transaction is not as high as hyperledger fabric.

Highlights that Make Hyperledger Enforce Truth & Transparency!

Hyperledger is a technology that is making its mark because of its ability to enforce truth and transparency in any industry that carer to implement it. So, how exactly, the truth, trust, and transparency will be enforced? What makes hyperledger the technology of the future?

1. An Immutable Database

If any data is stored in the hyperledger fabric, then the data cannot be altered in any way. It cannot be edited or deleted. Making it hard for people to deceive the system and other hyperledger participants. When it will become hard to forge data to benefit oneself then trust and transparency will be increased automatically.

All data in the hyperledger is immutable, making people trust the system and the people they encounter. Moreover, the data is stored in multiple places in the ledger rather than a single place making it impossible for people with a little techy finger to try their expertise on altering the information stored.

2. A Detailed Audit of Data

If you are using hyperledger for your business operations’ record, then you have the ability to perform a detailed analysis of the data at any time to have a clear idea of how things have changed for over the past. Wonder how it will be done? Well, nothing too out of the box, but sometimes simplicity create the real magic. In the hyperledger fabric all actions performed and data added will be stored along with the date and time stamp. All data will be cryptographically secured and available in the ledger.

If you want to update your information then you must add the new information to a new block and since all the participants will hold the same information, they will see the latest information provided by you. However, in case old data needs to be reviewed, it can be easily done as every old information stored in the system or every action performed will be within reach and can be called out at any moment to show you the bigger picture.

3. Resilient to Attacks

In the blockchain industry, the double-spend attack or 51% is very famous as it is associated with the miners who try to spend their cryptocurrency twice. In order to carry out such an attack the malicious miner must have more hash power compared to all other miners combined that are how the name 51% attack has come into existence; for 51% attack, the malicious miner has to spend a lot of money of the hardware, but it is a loophole that can allow malicious users to try it out just for the sake to harm the system or benefit themselves. But the good news is, the hyperledger fabric is immune to the 51% attack because there is no mining involved, making the technology more resilient and invulnerable.

Major Components of Hyperledger Fabric

As we have discussed all the features and highlights that make the hyperledger fabric a significant technology in today’s society for businesses. Let’s now dive a little deeper into the technology to acquire an in-depth understanding. Following are the three main components of the hyperledger fabric:

1. Fabric CA

In the hyperledger fabric every action must be signed cryptographically and in order to carry out this, Fabric CA is used generally to generate certificates. You can also add detailed information into the certificates by changing the attributes; the chain code is responsible for reading data from these certificates and executes operations accordingly. If you are wondering what ‘chain codes’ are? Then no need to freak out as they are the smart contract used in the blockchain technology. However, it is a completely flexible component of the hyperledger fabric and you can use any other third party CA tool to generate the certificates. Though keep in mind when you use Fabric CA, you don’t need to worry about creating separate user registry as Fabric CA makes its own. In contrast, when you choose to use the third party CA took then you must also figure out how you wish to access control the chain code. So, if you are new to hyperledger and thinking to implement the technology in your business process, I will suggest you do your research first to avoid bumps during the implementation process.

2. Peers

Peer is one of the most fundamental elements of the blockchain or hyperledger technology because it is where the blockchain is stored. There can be more than one peer and one peer can be associated with a number of channels. These channels are often known as the ledgers in the hyperledger technology. The peer is responsible for endorsing and updating the channel or ledger as well as the peer store each channel it is associated with, within itself but all these channels are isolated and do not interfere with each other.

3. Ordering Service

The ordering service is responsible for prioritizing the operations and then sending the blocks to the peers which then sends it to the ledger. The ordering service’ functionality does not limit to prioritizing the operations only but it is also in charge of verification, security, policy-making and may other crucial actions that make hyperledger immutable.

How will GigTricks Leverage from Hyperledger?

Since hyperledger is immutable, GigTricks seek to play its cards smartly by putting the review storage in the hyperledger fabric. Why? Because buying and selling of review in the freelance and on-demand industry is a common practice and clients often also threaten freelancers to post negative and unjustified reviews if they don’t do their bidding. Therefore, to counter such scenarios, all review data will be stored in the hyperledger fabric which makes it impossible to forge or delete or edit the reviews to fool the system and the participants. Amazing isn’t it?

Moreover, the hyperledger fabric will also allow GigTricks to avoid incurring transaction fee on transactions, increase transparency among ecosystem participants and allowing users to access data with security. As we have discussed earlier in the article that, what makes hyperledger a better option than tradition bitcoin blockchain technology is its non-association with cryptocurrencies, therefore GigTricks has developed its crypto utility tokens on the Ethereum technology but used hyperledger as a core technology to enforce the trust, transparency, and security among the participants.

GigTricks with the help of its innovation and features will bring the ultimate revolution in the freelance and on-demand industry. At present, GigTricks Pre-Sale is going with the full swing and only a few days are left until the sale ends on 30th July 2018. Set up your KYC and buy GBTC tokens now to avoid missing out the amazing 50% discount.

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