Let us learn about Hyperledger Fabric Use Cases and Core Capabilities.
Hyperledger Fabric
IBM developed Hyperledger Fabric, a popular private permissioned DLT. It aspires to exceed public blockchains in performance and scalability while ensuring transparency, immutability, and neutrality. Developers can switch block and transaction topologies and consensus methods with Hyperledger Fabric.
Core Capabilities
- Transparency in Transactions Secure, real-time communication networks with international partners are made possible by Hyperledger Fabric’s facilitation of transactional transparency. All participating entities can access the irrefutable record it makes in a distributed public ledger to verify that a digital event took place.
- Immutability and Data Security It is the technology of choice for producing unchangeable transaction records and storing them in distributed ledgers, where each party has access to an identical copy. We guarantee security, privacy, and auditing for all chain participants. Because cryptographic hashes protect transactions, the blockchain is unchangeable.
- Fewer Middlemen In a trustless environment, Hyperledger Fabric can eliminate middlemen by providing a single truth. This can speed up financial and data transactions, improve the security of shared data, and digitise assets.
- Execution of Smart Contracts Hyperledger Fabric allows smart contracts, also known as chaincode, which are executable codes recorded on the blockchain that, when specific conditions are fulfilled, automatically carry out their instructions. Several languages, including Java, Node.js, and Go, can be used to write chaincode.
- Confidentiality and Privacy Since Hyperledger Fabric is a permissioned network, its channels feature which restricts access to related transactions to members of a particular channel allows for private transactions, which has obvious advantages in a business context. With customizable sharing of private data and endorsement policies at the collection level, Fabric 2.0 substantially improves data privacy.
- Performance and Scalability When set appropriately, Fabric is intended to be both fast and extremely scalable. Because of their crash fault-tolerance, its consensus mechanisms such as PBFT and Raft are selected for permissioned networks, which are less prone to have malevolent actors.
Hyperledger Fabric Use Cases
Particular Use Cases and Applications in the Industry
Many different industries make considerable use of Hyperledger Fabric, frequently for sophisticated corporate solutions:
Supply Chain Management
- Vaccine Cold Chain: The vaccine cold chain uses IBM’s Hyperledger Fabric blockchain, which links producers, public health agencies, and regulatory bodies to give immediate access to vaccine location, status, and conditions. Smart contracts make sure that the right conditions are maintained while the vaccine is being transported.
- Food Tracking: Walmart and IBM teamed up to deploy Hyperledger Fabric to track food (such Chinese pork) from its origin to its shelves. This allows merchants and farmers to access information about the product’s origin and current position.
- Anti-Counterfeiting: In blockchain-based anti-counterfeit systems, brands, retailers, and marketplaces may verify product authenticity and improve supply chain transparency. They are used in electronics, luxury items, medications, and diamonds.
- General Supply Chain Transparency: From the procurement of raw materials to the delivery of the finished product, it offers the necessary transparency, with all participant transactions always documented. In particular, the Hyperledger Grid project offers a common reference for business logic and supply chain data models.
Financial Services
- Interbank Settlements: Because Hyperledger is permissioned and enables encrypted transactions and membership services, the Federal Reserve Bank of Boston investigated migrating the country’s interbank settlement network to it.
- Trade Finance: We.trade, a group of nine European banks, implemented a Distributed Ledger Technology (DLT) for trade finance transactions for small and medium-sized enterprises. Given the circumstances, this DLT is probably consistent with Fabric’s tenets.
- Digital Financial Instruments: The potential effects of DLTs like Hyperledger Fabric on micropayments and major retail and wholesale payment networks (like Fedwire and Automated Clearing House) are still being investigated. Additionally, research is being done on fabric for Central Bank Digital Currencies (CBDC).
Healthcare
- Patient Data Management: Hyperledger Fabric is one of the aspects of blockchain that Hashed Health, a healthcare innovation company, employs to create networks that store and make patient data accessible. Blockchain may offer more reliable ways for managing patient healthcare data, giving patients and providers more discretion over sharing.
- Remote Patient Monitoring: Smart contracts can be set up to monitor patients, sending out alarms when they see anomalies in health data that IoT sensors are tracking.
Internet of Things (IoT)
- Decentralized IoT Platforms: Decentralized Internet of Things solutions for safe and reliable data transmission and record-keeping are made possible by blockchain technology, such as Hyperledger Fabric, where the blockchain acts as a general ledger for messages sent between smart devices.
- Machine-to-Machine Communication: Hyperledger Fabric has shown how decentralized identity for IoT devices can improve security, network quality assurance, customer experience, visibility, transparency, data access, and user content for M2M communication. Watson securely stores data and integrates with IoT devices via the Hyperledger Fabric-based IBM Blockchain Platform.
Identity and Authentication
- Decentralized Identity: Decentralized identity products like SecureKey are supported by Hyperledger Fabric, which offers tools and libraries for creating blockchain-based digital identities that may be used in a variety of contexts and applications.
- Enterprise Identity Services: To offer access control and authentication, Membership Service Providers (MSPs) in Fabric can interact with already-existing identity services, such as LDAP.
Enterprise Asset Management
- Digital Certification: With the help of IBM and Hyperledger, Everledger offers solutions for the diamond market by digitally certifying diamonds and logging them on the blockchain to give stakeholders a transparent audit trail. This makes it possible for manufacturing devices to operate and store data accurately.
- Tracking Physical Assets: Blockchain technology can assist businesses in keeping track of tangible assets.
Other Applications
- Transportation Services: By eliminating central authority, blockchain can increase client trust in transportation services like Uber and Ola, while smart contracts can handle financial transactions and location validation.
- E-commerce Product Delivery: Smart contracts can be used to ensure security and transparency in e-commerce product delivery systems.
- HR Applications: To test concerns with scale and continuous use, the Federal Reserve is testing a non-essential HR employee appreciation function on a blockchain (probably Hyperledger).
- Business Automation: Smart contracts can be used widely as a business automation tool since they guarantee that necessary approvals are obtained, expediting procedures and minimizing errors.
Hyperledger Fabric is a good option for a variety of commercial applications that need safe, shared ledgers without the use of public cryptocurrencies because of its enterprise-grade capabilities, modularity, and privacy through permissioned access and channels.