Blockchain Techniques

Enterprises are increasingly interested in blockchain due to its promise of improved efficiency and cost reduction. However, they can’t use the permissionless public blockchains because of lack of privacy, low scalability, and less transaction throughput. Businesses need enterprise blockchains, and Hyperledger Fabric is increasingly looking like a good option for them. In this article, I explain pros and cos of Hyperledger Fabric for blockchain networks. However, I will first briefly describe why businesses require enterprise blockchains over public blockchains. Why Hyperledger Fabric for blockchain Businesses can’t use public blockchains due to the following reasons: Privacy issues : Public blockchains like Bitcoin are permissionless. Anyone can join it, including anonymous and pseudonymous users. Many businesses such as financial services institutions and healthcare providers work under stringent privacy requirements. They can’t allow just anyone to see their sen...

Hyperledger Fabric is a permissioned blockchain network that gets set by the organizations that intends to setup a consortium. The organizations that take part in building the Hyperledger Fabric network are called the “ members ”. Each  member  organization in the blockchain network is responsible to setup their  peers  for participating in the network. All of these peers need are configured with appropriate cryptographic materials like Certificate Authority and other information. Peers in the member organization receives transaction invocation requests from the clients inside the organization. A  client  can be any specific application/portal serving specific organization/business activities. Client application uses Hyperledger Fabric SDK or REST web service to interact with the Hyperledger Fabric network. Chaincode (similar to Ethereum Smart Contract) installed in peers causes to initiate transaction invocation request. All the peers maintain thei...

DEFINITION of ' Soft Fork ' In terms of blockchain technology, a  soft fork  (or sometimes  softfork ) is a change to the software protocol where only previously valid blocks/transactions are made invalid.

A  hard fork  (or sometimes  hardfork ), as it relates to blockchain technology, is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the latest version of the protocol software. A blockchain split  occurs  during a  hard fork  which in turn branches the chain into two parts. ... When the blockchain branches into two there will be two digital assets immediately after the  hard fork . Bitcoin holders who possess their private keys will have access to assets on both chains after the split event  occurs .