How Blockchain Hyperledger Works & Helps In Business Transformation

While businesses are modifying operating models across industries, Hyperledger blockchain acts as an advanced solution for enterprise-grade use cases.

Businesses are looking for practicable solutions that help them fulfill customer needs and win their trust. Hyperledger is a blockchain-based platform with a modular architecture that delivers a high level of security, resilience, scalability, and confidentiality to businesses. It is designed to support complex implementations of different components, communications, and permissions across the economic ecosystem.

Hyperledger blockchain unlocks endless possibilities for various industries including banking and finance, healthcare, IoT, supply chain, education and manufacturing to build custom blockchain development solutions.

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What Is Hyperledger?

It is a global enterprise blockchain-based project that encapsulates all the tools, frameworks, and standards to develop open-source blockchain projects and solutions. Hyperledger was created and hosted by Linux Foundation in 2015. It aims at promoting and innovating blockchain technology across industries to ensure transparency, trust, and security among participants. 

Generally, Hyperledger blockchains are permissioned which means each transaction that takes place is authenticated and tracked. We can build enterprise-grade and open-source hyperledger frameworks to support real-world business use cases. Hyperledger Fabric can be run on-premise or on BaaS (Blockchain as a Service) platforms to maintain the ledger infrastructure.

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What is the Need For Hyperledger? 

Blockchain Hyperledger acts as a huge setup that brings vendors, developers, and users together to learn and develop business applications. Each company or business has unique requirements and therefore, they opt to employ blockchain technology solutions to transform their operational workflow. Hyperledger development gives opportunities for businesses to develop custom applications that meet their business needs. Some of its substantial benefits for businesses are mentioned in the figure below.

 

 

Roles in the Hyperledger Fabric Network

To understand how Hyperledger works, we first need to know the major roles in the network. All peer nodes in the Hyperledger are different from each other and have different roles.

1. Clients

Clients can be any specific activity, organization, application, or portal service that acts on the behalf of a person to make a transaction in the network. Client apps make use of Hyperledger Fabric REST web services or SDK to interact with the network.

2. Peers

Peers or members of the organization receive a transaction request from the client. All the peers in the network maintain an updated copy of the ledger and their state.

3. Endorser peer

This peer checks and evaluates the transactions through certificate details and the role of the client. The endorser peer also executes the Chaincode and sends a response back to the client.

4. Ordering Service

The ordering service accepts the transaction's approval from the endorser peer, makes them part of the blockchain, and delivers the block to committing members.

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How Does Hyperledger Work?

Hyperledger is an open and tested distributed ledger platform. Its enhanced security and transparency ensure that only intended information is shared with authenticated participants based on network permissions and rules. Hyperledger structure is based on distinct organizations that communicate peers with each other and update the related ledger. For instance, an organization can be a bank in a financial institution system that has a Fabric certificate authority and all the participants of the network or peer nodes are Fabric members.

Each member of the organization is responsible to set up peers to participate in the network. For each peer, blockchain permissions are configured with a Certificate authority and other information.

• A participant in the organization makes transaction request through the client

• The client broadcasts the request to the endorser peer. The client app makes use of Hyperledger SDK to interact with the Hyperledger Fabric network

• Chaincode (similar to Smart Contracts in Ethereum) is installed in peers to initiate the transaction request. The endorser peer checks and validates the transaction after which it executes the Chaincode and sends a response to the client

• The client sends the approved transaction to the Orderer peer to include in the blockchain

• Orderer peer adds a block to the blockchain and forwards it to Anchor peers of different organizations of the network

• The anchor node broadcasts the block to other peers of the organization who update their local ledgers

• Each peer in the ledger maintains one role per channel to which they are subscribed
  

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Hyperledger Challenge 2022

The Hyperledger community, Climate Action, and Accounting Special Interest Group (CA2SIG) launched the Hyperledger Challenge from 18th January to 1st March 2022. The purpose of this challenge was to harness communities to ideate, develop and launch innovative hyperledger blockchain solutions that reduce methane leakage and flare supply chain tokens.

The aim of Hyperledger Challenge 2022 was to take into account the following factors:

• Impact on the current blockchain ecosystem

• Technological advancement and innovative blockchain solutions

• Encapsulating social benefits and their value in projects

• Streamline processes to build an open-source community

• Perform activities outside the Hyperledger community to build an ecosystem

The ultimate purpose of this challenge was to host a number of enterprise-level hyperledger applications based on real-world scenarios. Vendors, users, service providers, academics, and startups were all united to build and deploy commercial solutions that can be game changers for the future blockchain ecosystem. By all means, Hyperledger is designed to create a safe and welcoming community for upcoming ideas.

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Conclusion

Hyperledger is benefitting industries with its state-of-the-art solutions that meet the ultimate expectations and metrics of real-world use cases. From verification to payments and real-time tracking to a secure ecosystem, Hyperledger serves as the practicable solution for future applications that can help businesses grow dramatically. InvoBlox offers a full suite of hyperledger fabric development services. We have got you covered with our exclusive team of blockchain developers, engineers, and designers.