Since the blockchain technology has introduced in the market, it has revolutionized the entire business segment. This technology allows 2 or more than two parties to agree on a ledger of records.
Companies have realized the significance of blockchain technology in several areas of the business. It is especially beneficial in case of supply chain management. In this article, we are going to learn about this technology and the type of advantages it provides to a business.
What is a blockchain?
Blockchain is basically a distributed record of data. This data is perceived as a specific block or record that is associated to the adjacent block. The linking to the adjacent block is cryptographically secure that ensures the entire set of records or chain to be integrated.
The blockchain is a framework. It can be seen as an underlying technology that processes transactions as well as stores data.
In what ways does blockchain framework differ from traditional frameworks?
The major difference between blockchain technology and other frameworks is the way the transaction is processed. In the former the data is stored as a full ledger of transactions as opposed to rows and columns in a traditional database. Blockchain is not a database or a bitcoin. It is not limited to any financial industry, and there is no limit to the number of apps that can be developed on it.
Which are the popular types of blockchain frameworks available on the market?
Hyperledger Fabric is the best choice for enterprise blockchain networks. Linux Foundation maintains this technology. Hyperledger consulting is designed to enable apps to get developed quickly. This makes Hyperledger fabric the most stable permissioned, general purpose, and enterprise based blockchain networks that are available for development.
About Hyperledger Fabric
Hyperledger Fabric is primarily developed for permissioned networks. It is one such technology that forces its participants present in the network to be identified and have an identity of their own. In addition to it, support for Hardware Security Module is also available for protecting and managing authentication keys.
As identity management needs better protection, Hyperledger Fabric offers unmodified as well as modified PKCS11 for generation of authentication key. Its modular architecture supports plug-in components that enable developers to make use of their chosen implementations for parts that enable multi-firm networks to utilize their identity management than to develop it again for a blockchain network.
Hyperledger Fabric provides ability to shares data by way of partitioning. One of the useful features provided by this technology is “channels”. It enables data only to those entities that are in need to know. In addition to data, channels also protect transactions.
Hyperledger Fabric comprises of LevelDB and provides support for document-based databases. Hyperledger has acquired momentum quickly and is also backed by several enterprise level businesses, like IBM.
If you are thinking of taking advantage of all the features offered by blockchain technology, then Hyperledger Fabric can be an ideal perfect framework. It can be used to develop rapid, permission-based, and scalable block chain frameworks.
Hope this information has given you a good understanding of the blockchain framework and its usefulness in the execution of a business.