Hyperledger Fabric quickly became one of the popular open-source DLT projects for blockchain permissioned solutions, with deployments ranging worldwide. Indeed, 30 companies in the “Forbes Blockchain 50” were using Hyperledger Fabric-based solutions in 2019. Given its open-source model and popularity, giant cloud service providers including Alibaba, AWS, Azure, Baidu, Google, Huawei, IBM, Oracle, SAP, and Tencent are adopting Hyperledger Fabric solutions.
Hyperledger Fabric is an enterprise-level, distributed ledger technology-based platform for developing a range of modular industry use cases and solutions. A permission-less solution is that enables anyone to make transactions and access data. However, Hyperledger Fabric provides a permissioned, secure, and scalable platform with smart contracts and data privacy. Its feature-rich modular architecture enables the development of solutions suitable for adaption for various industries. It facilitates them to establish trust, transparency, and accountability for businesses.
Hyperledger Fabric has been evolved by the open-source community to support features and production operations that enterprises require. Take a look at a few of the features that make Hyperledger Fabric a unique distributed ledger technology among others for enterprise solutions.
- Provides permissioned and modular architecture for organizations and enterprises
- Facilitates consensus among transacting organizations with flexible endorsement model
- Enables pluggable consensus mechanism for transaction ordering and block distribution
- Enhances data privacy with complete transaction isolation using “channels”, or sharing private data on a need-to-know requirement using private data “collections”
- Provides an open smart contract model that offers flexibility to support various solutions and data models, including account model, UTXO model, structured data, unstructured data, etc.
- Ensures low latency of finality/confirmation
- Extends support for EVM and Solidity Provides the provision for the governance and versioning of smart contracts
These were some fundamental Hyperledger Application Development Services benefits. As per the Hyperledger fabric docs, its technology can offer a lot more beneficial features.
- Quality code
- Higher efficiency
- Modular design
- Wide-ranging applications
Now, let’s explore the use cases and applications of Hyperledger fabric for enterprises.
Improved Financial Services
Financial services other than banks like insurance can reap various benefits from a Hyperledger Fabric-based permissioned blockchain solution.
Usually, accountability, confidentiality, and privacy are the primary needs of this section. However, it is worthless to re-emphasize, Hyperledger blockchain is way more capable of handling any of these scenarios.
Indeed, because of these reasons, permissioned blockchains are so popular.
A fabric solution-based network enables efficiency by separating nodes and providing them their control over privacy. Additionally, it becomes difficult to replicate the same data due to Fabric’s robust plug and play consensus algorithms. Put simply, various financial services can also implement Hyperledger fabric with smart contracts to get rid of all the complications of paperwork.
Hyperledger projects promise to indeed revolutionize even the blockchain tech’s public solutions. They cover both business and industrial worlds. Hyperledger Fabric provides solutions for highly scalable enterprise applications. It aims to provide efficient solutions to improve and optimize existing industrial and organizational processes, as well as create new ones. Visit our service offerings with Hyperledger Application Development for more information.