4 Reasons to Choose Hyperledger Fabric for Enterprise

by Akash Sharma Akash Sharma

Hyperledger is the much sought-after blockchain development project that offers the necessary framework, tools, guidelines, and standards to build open-source blockchains for global enterprises. In 2019 alone, Forbes Blockchain 50 list of companies revealed that 30 of them already preferred it over any other framework. Even today, Hyperledger Fabric continues to gain traction in the industry.

Every enterprise has unique requirements for a blockchain solution with distinct features and customization to achieve its business outcomes. Selecting the right blockchain system in business processes is critical to incur maximum benefits.

Hyperledger Fabric: Blockchain Platform for Enterprise Solutions

Hyperledger Fabric is a highly-modular DLT or decentralized ledger technology platform. IBM has designed it for industrial enterprise use. It offers an application architecture based on modules with a plug-and-play ability to integrate components and smart contracts called ‘chaincodes.'

A recent comparison study based on a literature review shows that Hyperledger Fabric is the most useful and promising blockchain development framework for enterprises amidst Ethereum, MultiChain, Quorum, and R3 Corda.

Consequently, Hyperledger powered enterprise solutions are highly flexible, secure, resilient, and scalable. For example, if your organization needs an efficient data storage method, then HyperLedger’s BlockStarter module would be the best option available on the market today!

Reasons to choose Hyperledger Fabric for Enterprises

1. Robust Modular Architecture

Enterprise blockchain development is a challenging task. Automation at the protocol level requires significant work from developers as there is no single administrator.

Fabric offers a modular architecture where developers can create plug-in components. Its extreme popularity stems from the fact that it has a highly adaptable nature with high-end support for APIs. Its extreme security also makes it the preferred choice across various industry verticals.

2. Permits Permissioned Blockchain Building

Business blockchain models require a permissioned framework. This is because enterprises such as banks operate under stringent regulations. They cannot afford security lapses and data sharing by unknown users.  Hyperledger Fabric is a permissioned framework without any anonymous users.

Organizations using Fabric would typically use an MSP or a Membership Service Provider for user authentication and issuing and validating certificates. Thus, all its participants have known identity.

3. High Performance and Scalability

Hyperledger Fabric functions on a modular architecture. As per this architecture, any transaction processing is divided into three phases. Due to this division, there are less verification requirements at every node type. This enhances network performance and scalability.

An experiment conducted by Hindawi studied the scalability of three blockchain platforms, Ethereum, Hyperledger, and Parity. For a given transaction, the transaction rate was kept constant, and both the number of users and the number of servers were changed. 

The study showed that while the performance of the Ethereum network reduced after 8 nodes, Fabric continued to perform robustly up to 16 nodes.

4. Only Need-To-Know Data Availability

Businesses enforce the need for the privacy of specific data elements due to personal data confidentiality and protection laws. For example, banks may not consider cryptography sufficient to protect their data. The blockchain achieves it through data partitioning. Hyperledger Fabric supports ‘channels’ that only transfer data to authentic users that need it.

Summing Up

Enterprises have used Hyperledger Fabric to gain a competitive edge in Blockchain development. At present, in excess of 270 companies are using the Fabric enterprise Blockchain.

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Created on Nov 2nd 2021 02:24. Viewed 268 times.

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