On January 30, open-source project Hyperledger Fabric rolled out the latest version of its enterprise platform that is based on distributed ledger technology. According to the official announcement, Hyperledger Fabric version 2.0 is packed with significant features that are designed to enhance communication between network participants.
Hyperledger Fabric is one of the flagship products of the Hyperledger consortium, an umbrella project of open-source Blockchains that is fully supported by tech giant IBM and other leading industry players.
As per the product’s whitepaper, Hyperledger Fabric is a private Blockchain network with primary use cases for supply chains and finance. The network enables companies to protect their sensitive data by giving them full control over their network access. Furthermore, the system allows users from different industries to cooperate with one another via verifiable smart contracts and other designated channels.
Notably, Version 2.0 improved the network’s decentralization by incorporating chaincodes (smart contracts) management system. Fabric members can now achieve consensus with regards to a chaincode’s parameters that can be accessed by participants via a shared ledger. To ensure that every participant agrees on the key metrics, organizations can tweak chaincodes before the data gets committed to the shared ledger.
Hyperledger Fabric 2.0 also comes with a new data-sharing feature. Organizations can now operate on a need-to-know basis, meaning, they can choose immediate network members whom they can share their data with on a private manner. Previously, organizations are required to define complicated channel combinations before being allowed to perform the task.
When it comes to performance, Hyperledger Fabric also flaunted significant improvements such as tasks parallelization and enhancement of program flows. As per the press release, these changes enable the network to increase its scalability.
Jerry Cuomo, the vice president of IBM’s Blockchain platforms, said that a protocol upgrade within the company would follow the launch of the latest Fabric version. The tech giant believes that it would help them improve their business performance and even play a significant part in discovering new capabilities. Fabric 2.0’s enhanced privacy features would encourage clients within the financial sector to adopt the technology.