How are Smart Contracts Executed in Hyperledger?by Riya Steve Marketing
The heart of the blockchain lies in smart contracts. Smart contracts embed the logic with which the blockchain is supposed to function. The blockchain might be a nascent technology but with its features that promise transparency and security, the blockchain is expected to penetrate every industry including but not limited to art, finance, and an internet of things. Its global acceptance can only be attributed to smart contracts.
The implementation of the smart contract can be a taxing process. It requires technical expertise and extensive coding knowledge. It also has to be mentioned that the understanding of the business logic needs to add up with the already required skills. However, Hyperledger makes it marginally easy for organizations to implement smart contracts.
Smart Contracts... A Bit in Detail
The complexity of the smart contract is directly proportional to the complexity of the strategy that would help solve your business problem using the blockchain. Smart contracts are grouped into two major segments based on the use case.
On-chain smart contracts are stored and executed right within the blockchain itself.
Installed Smart contracts are executed before the commit function happens to the lecture or before the network is launched.
How Are Smart Contracts Executed in Hyperledger?
The first step in the execution of a smart contract is with the input block or the contract interpreter. This step is considered as a step of valuation. The contract ID is sent for a transaction request and if the smart contract finds the request valid, it is sent to the next step. If not, the contract is rejected and the transaction is committed to the blockchain ledger.
The next step after validation is the consensus. Once the validation goes to, the transaction packet is sent to the consensus service. The consensus service verifies the attributes of the transaction packet in relation to the conditions on the smart contract. This is the step where the complexity of the smart contract comes into play. The validation is not just a question of logic where a simple yes or no questions are verified. the contract validation is performed on two major aspects.
The syntax validation verifies if the transaction packet has the essential information in the format that it is supposed to be. The syntax validation process is relatively simple compared to logic validation.
The logic validation is the step where the smart contract elevates itself into a policy-driven decision-making process. One of the most practical examples of this decision making is storing the details of double transactions in its chain. This will be useful for audit purposes and should be done if the policy requires so.
One of the greatest advantages of the Hyperledger Framework is that it can handle smart contracts in unique ways in each and every framework viz., the Hyperledger Fabric, the Hyperledger Sawtooth, the Hyperledger Burrow, and the Hyperledger Iroha.
Creating a Hyperledger Smart Contract:
Some of the Hyperledger frameworks like the Hyperledger fabric have been backed by global leaders in technology like IBM. Hyperledger is considered to be one of the most dependable frameworks for creating smart contracts.
However, it is not just the Hyperledger alone that will suffice. It requires technical expertise, business understanding and the logic of execution to create a powerful smart contract using the Hyperledger framework. The expertise and the coding prowess of Blockchain App Factory can come in handy for you to create a complete smart contract using the Hyperledger framework.
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Created on Feb 18th 2019 05:12. Viewed 633 times.