Hyperledger's latest release - Hyperledger Fabric 2.0
Technology, if not improved time-to-time, soon becomes outdated. Keeping this in mind, Hyperledger recently announced the next version of Fabric - Hyperledger Fabric 2.0. As we read in our previous blog on Hyperledger, Hyperledger Fabric is an open-source, DLT (distributed ledger technology) based framework for facilitating the collaboration of cross-industry blockchains.
Hyperledger Fabric - the predecessor of Hyperledger Fabric 2.0
-The initial version of Hyperledger Fabric provided a secure, permissioned and private platform for enterprise blockchain solutions to achieve modularity, trust and transparency for business transactions.
-Hyperledger Fabric offered a decentralized, immutable blockchain framework coupled with chain codes (smart contracts) to ensure data privacy but also simultaneously enabled cross industry interaction and communication. By the way, do you know what smart contracts are?.
-Hyperledger Fabric easily enhanced system scalability by implementing multiple execution of transactions.
-Hyperledger Fabric allowed the creation of separate channels for complete isolation as well as private data feature for controlled permissions within channels.
To understand more about Hyperledger Fabric and advantages, click here.
The Hyperledger Fabric platform has all the ability to provide solutions to modular architecture based Blockchain applications. Then why was Hyperledger Fabric 2.0 framework introduced?
(Blockchain Simplified, a top Blockchain development company in Pune, India, provides end-to-end Hyperledger Fabric development services and assistance. Please visit https://blockchainsimplified.com for more information.)
The Dawn of Hyperledger Fabric 2.0
Hyperledger Fabric 2.0 was released recently with significant improvements to the previous version and was upgraded with new features beneficial to the users as well as architects. These include optimized and increased performance, data privacy control and most importantly effective code control. Let us, in depth, understand these new features of Hyperledger Fabric 2.0 and how they are useful.
Decentralized governance for Chain Codes
Hyperledger Fabric 2.0 has metamorphosed the way chaincodes are created and executed. According to the latest chaincode endorsement policy, by installing chaincodes on all peers, multiple organizations have to reach a specific agreement before chaincodes are placed on the blockchain and are committed to the ledger for writing records. Thus bringing a new dimension to the chaincode lifecycle.
The previous version of Hyperledger Fabric endorsed centralized chaincode management where only one of the participating organizations having higher authority was allowed to set up the parameters for adding, upgrading, basically executing any transaction in the chain code. Once the transaction was executed, it couldn’t be changed or modified due to Blockchain’s immutable feature. If in disagreement, other organizations could only refuse to participate in the transactions involving the chaincodes. Hyperledger Fabric 2.0 now allows decentralized chaincode management where all organizations have to reach a consensus before the chaincode is actually integrated with the Blockchain ledger. In addition, organizations can add their own validations to chaincodes before actually writing on to the ledger.
Data Privacy Control
Hyperledger Fabric offered private data model feature to control permissions within channels where all possible combinations of private data collections were created. Hyperledger Fabric 2.0 enables the sharing of private data on a transaction level with specific members on the network, thereby eliminating the need to create collections for all members. This is called data sharing on a need-to-know basis and is extremely beneficial to streamline the data sharing process.
Performance optimization
By implementing several mechanisms like the Raft consensus algorithm, adding a new cache to every peer for faster data fetch while using external CouchDB as database, parallel transaction validation, asynchronous block processing, chaincode paginations etc, Hyperledger Fabric 2.0 ensures optimal performance so much so that is possible to process thousands of transactions per second.
Hyperledger Fabric 2.0 has also introduced the alpha version of an asset tokenization system called the FabToken to create native cryptocurrencies and tokens. Hyperledger Fabric 2.0 promises tons of improvements over the previous version. Read this and this to know more.
(Hire Hyperledger Fabric developers at Blockchain Simplified, a top Blockchain development company in Pune, India. Visit our official website https://blockchainsimplified.com/ for more information.)
Hyperledger Fabric 2.0 has arrived
“Hyperledger Fabric has established itself as a popular and practical distributed ledger framework and has powered much of the transition from conceptualization to commercialization we’ve seen in enterprise blockchain,” said Brian Behlendorf, Executive Director, Hyperledger. “Fabric 2.0 is a new generation framework developed by and for the enterprises that are building distributed ledger capabilities into the core of their businesses. This new release reflects both the development and deployment experience of the Fabric community and confirms the arrival of the production era for enterprise blockchain.”
About Blockchain Simplified
Blockchain Simplified is a Top blockchain development company in Pune - India which works on all major Blockchain requirements. We specialise in Blockchain, Web and Mobile development (One Stop Shop for all technology development needs).
Our clientele includes Multiple Funded Start - Ups, SMBs and few MNCs few of which are NASDAQ and NSE listed.
Some of our work includes,
Blockchain based-
hubrisone.com - is a Live app with 100,000+ downloads, All-in-One Cryptocurrency current account. The entire development from scratch carried out by Blockchain Simplified.
All in one Platform - Complete responsibility of entire software development of the platform ,for a $1m funded blockchain start up, led by a team of serial entrepreneurs and tech veterans in Silicon Valley.
Well funded Blockchain startup - Blockchain Simplified helped a $6m funded American Blockchain startup to build the first blockchain protocol to leverage on-chain smart contracts to manage distributed storage of application data off-chain.
Multinational Bank - The company helped one of the top 3 ranking Multinational Banks to integrate various cryptocurrencies into their banking application.
and more…
Non-Blockchain-
SHC - Built entire platform and app from scratch for a $1m funded startup led by a team of Americans including PhD degree holders.
VMW - Developed app for a multi-national company providing mass factory-to-factory shipment services. App is being used by 53 of the Fortune 500 companies such as John Deere, Coca-Cola, Nissan.
and more…
Expertise
Blockchain Development : Bitcoin, Ethereum, Hyperledger, Corda, and more.
Mobile App Development : Android Native, iOS Native, React Native, Flutter, Xamarin.
UI/UX Design : Strategy, Planning, UI/UX Design, Wireframing, Visual Designs.
Web App Development : Node.JS, Angular, React.JS, PHP.
Backend Development : MongoDB, MySQL, AWS, Firebase.
Visit our official website https://blockchainsimplified.com/ for more information.