Understanding the internals of Blockchain Technology like Distributed Ledger, Smart Contracts etc. Hyperledger Fabric is an open source collaborative effort created to advance cross-industry blockchain technologies. The Ledger comprises of Blockchain and World State. World State has derived automatically from the blockchain by the HyperLedger Peers. One key feature that distinguishes Fabric from other Blockchain Technologies like Ethereum or R3 is the channel. Channels are useful because they provide a mechanism for private communications and private data between the members of a consortium. Channels provide privacy from other channels, and from the network. Every Channel will have its own Ledger. With the latest version of the Fabric, the concept of Private Data is introduced for two parties to store any private data which will not be visible in the Ledger.
In the Enterprise scenario, it’s critical to have Privacy and Trust along with Shared Ledger and Smart Contract technologies and move from Systems of Records to Systems of Proof. The solution for Enterprises comprises of Consensus among the Parties before a transaction is committed. Provenance – Origin of the asset can be easily tracked and the transactions are immutable and the Shared Ledger is a Single source of truth. HyperLedger Fabric has primarily focused on these concepts, and it’s is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, IoT, supply chain, manufacturing, and technology.