Comparing to other Blockchain models, Hyperledger Fabric is one of the business blockchain frameworks from IBM which has several distinctive characteristics. Today am planning to talk about all its distinctive benefits of Hyperledger Fabric and its advantages for enterprise blockchain.
What Is Hyperledger?
Hyperledger model is developed by Linux foundation to allow organizations to build and run industry specific blockchain applications for their business. There are more than 180 members in Hyperledger that covers representatives from multiple industries including finance, insurance, healthcare, supply chain, manufacturing, etc. It has five different frameworks: Fabric, Iroha, Sawtooth, Burrow and Indy. Fabric is the first framework by Hyperledger and it is the most mature among the other platforms.
What’s The Advantage Of Using Hyperledger Fabric
Many organizations have built blockchain applications using Hyperledger Fabric framework and have succeeded in meeting their business operations. Here comes the five major benefits of using this framework.
Highly Flexible Architecture
Hyperledger Fabric’s framework is highly flexible. Organization can choose what they want and what they don’t want from the framework and this allow them to build the applications based on their business requirement.
Transaction Speed Is High In Hyperledger Fabric
Transaction speed is one of the major hindrance for organizations to adopt blockchain technology. Hyperledger Fabric can able to process at rates of more than thousand transactions per second. This is one of the major boost for the organizations to prefer this framework while comparing with others. Comparatively, Hyperledger fabric transaction speed is too high.
Hyperledger Fabric Allows Private Channels
Fabric’s distributed ledger platform allows for private channels. In case of large blockchain network, data can be shared only with certain parties by creating a private channel with just those participants. Fabric also allows private transactions and hence not every transaction can be seen by every user of the network. For industries, such as healthcare, this is definitely of great importance.
Backed By Tech Giants
Hyperledger Fabric is backed by big enterprise companies such as IBM, Intel and Cisco. This will provide good stability and confidence for organizations which are unsure of blockchain’s future. In addition to this, organizations are also inclined to build blockchain applications on this platform as it is heavily influenced by established tech companies.
Similar to other frameworks, Hyperledger Fabric also allows to build smart contracts called “Chaincode”. The important factor is that chaincode helps to build complex logic which is crucial for industries such as supply chain as it has complex business logic.
The above benefits clearly shows that Hyperledger is highly suitable for building industrial applications using blockchain technology. Unlike Bitcoin and Ethereum, hyperledger doesn’t require a built-in cryptocurrency and this signals that Hyperledger is definitely focusing for enterprise-level business applications. Hence an organization preferring to build blockchain applications can strongly choose Hyperledger framework.
If you’re new to this terms “Smart contracts” then you can explore all its “must known concepts of Blockchain”.Also you read more about Blockchains & other growing technologies here.