Hyperledger Fabric On Blockchain technology: What are the Advantages and Disadvantages?

Introduction

Blockchain technology is a disrupt technology for storing modern economic transactions. All the transactions are stored in Blockchain, in form of blocks. Every block in the blockchain is secured using cryptographic functions and each block is linked with each other as it contains a cryptographic hash of the previous block. Blockchain are comparatively cheaper and faster if we compare it with other traditional systems such as various financial institutes, governments, and banks.

Why should we choose Blockchain technology?

Blockchain technology is a technology that is a distributed ledger system that stores a record of all transactions taking place. And it is verified by the participants in blockchain network. Blockchain constitutes readable aspects by the people which is mainly used by cryptocurrencies. A form of blockchain called private blockchain are generally proposed for modern baseness. And do you know? Marketing in Blockchain is known as “Snake Oil”. A decentralized network is also a property of blockchain. In the blockchain, you don’t need andy intermediary party. Many blockchain developers prefer to choose a process that would save more budget and time.

What are smart contracts?

Smart contracts are coded protocols which are mainly developed to facilitate verification and digitalization of contracts. With the help of smart contractions, we could do a credit transaction without any intermediary parties. All online transactions are trackable and irreversible. Smart contract is a software that has some rules based on different negotiations. While establishing a business, A blockchain development based on smart contracts would be really useful since it aims to remove reliance on any intermediary party for any agreement on transactions.

What is Hyperledger Fabric?

Well, A blockchain is immutable ledger of all transactions hosted on the distributed networks along with peer nodes. All central nodes would help to maintain a ledger that would apply a consensus protocol for transaction validation. Various transactions are grouped in a block together which include the hash which binds the blocks with preceding blocks.

A hyperledger Fabric is an open-source platform that uses distributed ledger technology. It is designed specifically for high-end use for all enterprise contracts. Well, it aims to deliver the best key for different capabilities on a distributed ledger in a huge manner.

It is launched by Linux foundation along with various other prestigious companies like IBM, Intel, SAP, CISCO and many more.

Various objectives of the hyperledger Consortium

• It aims to develop an open-source blockchain network with code bases.
• It aims to promote an enterprise ecosystem using blockchain.
• It organizes various technical communities for various use cases and trials.
• It fosters a community-driven infrastructure for the open public with various business and technical governance models.

It is really useful because of various features.

It has plug and playability that integrates various components like membership services and consensus algorithms.

• Here smart contracts are known as chain codes which are generally hosted using the technology of containers.
• It makes use of channel technology for all transactions that are confidential.
• It offers various ordering services that deliver various transactions to nodes in a blockchain network.
• It endorses transaction validation policy.
• It has database services like couch DB.

It is a best platform which offers huge solutions for distributed ledger solution. It has got a modular architecture that is highly flexible, scalable and resilient. It provides confidential backend features also. It is specifically designed in such a way it is pluggable with various other systems that accommodate huge complexities. various businesses hire blockchain developers who can implement a new strategy sign hyper ledger fabric.

Various features of Hyperledger Fabric.

• It is used for mainly everything such as the exchange of monetary value on the blockchain network.
• A chain code execution is done on proportion-based transactions for order in limited requirements.
• It improvises the level of trust.
• Also, it optimizes the network scalability and performance.
• It encodes a shared ledger.
• It has got capability of queries like SQL.
• It is easier to dispute and audit the resolution.
• It is very flexible and scalable at the enterprise level.
• It is another trusted blockchain network.
• It could exchange various assets on any blockchain network.
• It provides a high degree of privacy.
• It has various multilateral transactions.

Various advantages of Hyperledger Fabric.

• It provides an immutable distributed ledger system.

As we know, the ledger is a sequence of records of various transactions. The various file system is suitable for various blockchain application. A new file system would be suitable for peer nodes that are immutable.

• It provides a level of scalability, performance, and trust.

Generally, Hyperledger Fabric stores various transactions happening in different aspects. It also focuses on reducing several layers of trust. Also, it has got huge number of verifications done on the transactions. It is very useful when you need to make speedy transactions without any hassle.

• It requires a permission Membership.

A hyperledger fabric is useful for knowing entities efficiently. A permission blockchain would be suitable for several finance companies that would provide data protection along with several healthcare aspects.

Various disadvantages of Fabric Hyperledger.

• It does not have much-skilled programmers.
• It has shown a lack of use cases.
• It has got a complex architecture.
• It has got minimum APIs and SDKs.
• It is not a Network fault-tolerant.

Conclusion

In today’s world blockchain technology has gained huge popularity and we cannot deny it. It is an innovative technology that is based on various applications. Here a blockchain is verified automatically for execution and fulfillment of terms on which agreement has been made. Also if you are looking to develop a blockchain-based application on hyperledger well you should partner with Solulab, since it is a blockchain development company that provides an extra edge over various other competitors of yours. Hyperledger Fabric has come from various richest communities. It comes from a diverse set of organizations that has significant expertise in blockchain technology as well as LOBs also known as Line of businesses. It expects to pay a huge dividends to the fabric community.