ECON 203 Hyperledger Fabric Blockchain Technology Discussion Responses

Requirements:
Select AT LEAST 3 other students’ threads and post substantive comments on
those threads. Your comments should answer AT LEAST one of the questions
posed in the thread and extend the conversation started with that thread. Make sure
that you include the question in your comment so I can see what question you’re
answering.
Need three replies, but I found only two posts so far will get back on third one while you
work on these.
POST 1:
Hyperledger principles
The hyperledger fabric is considered to be one of the frameworks of the modular
blockchain technology which acts as a basic foundation of the construction of the blockchainbased products or application or solutions which is utilized for the plug-and-play components
that emphasize the utilization of the private business. The principles of the hyperledger fabric
enable the implementation of the blockchain technology which is developed for the
deployment of the modular and extensible structure (Song et al., 2020). The principles have a
modular design that is quite different in terms of the implementation which can be
implemented and plugged in overtime. The principles of hyperledger fabric cover the sections
that have the reference of the architecture which defines the details on several components
and the functions. The principles of hyberledger fabric contain modular and extensive
approach, emphasis on the secure solutions, emphasis on the rich and easy applications,
interoperability, and token agnostic approach. All these principles enable the organization to
implement blockchain technology.
Importance of hyperledger principles in blockchain technology
Blockchain is said to be the most widely used technology that is deployed by every
organization around the world. This technology enables the organization with ease in the
financial transaction that protects every detail of the transaction that is in transit. Hyperledger
fabric is said to be one of the projects of blockchain that utilizes smarts contracts, ledger, and
is termed to be the private blockchain (David, 2019). One of the important principles of the
hyperledger fabric is the emphasis on the security solution that enables the organization to
implement the blockchain technology in the organization management that enables the
organization to improve its operations that are to achieve the objectives and goals. This
principle helps the organization to accelerate the industry more widely and the
implementation of the blockchain technology into the business enable the organization to
develop a high performance that helps in increasing the efficiency, performance, and
effectiveness of the technology. The secure solution of the hyperledger is important in
blockchain because it helps the organization to secure the data and information of the
organization.
The secure solution not only enables the organization to secure its network transaction
through the blockchain technology but also it restricts any kind of unauthorized access into
the company network which might exploit the transactions. The importance of a secure
solution in blockchain increase the possibilities of the technology which creates more security
that protects the organization’s data and information which consists of confidential data of the
clients. Through this principle, the organization will be able to protect and secure the
sensitive transaction in the blockchain technology in which the transaction will be visible
only to the intended one and not everyone (Thakkar et al., 2018). Blockchain technology
anyway increases the standard of operation and management of the organization and the
principle of the hyperledger fabric it will emphasize on blockchain applications.
Questions
•
How the hyperledger fabric principle is essential for the technology of blockchain?
•
What are the benefit and drawbacks of the hyperledger fabric principles
in the implementation of blockchain technology?
What is the major impact of hyperledger fabric principles in blockchain
technology and what are the consequences
•
POST 2:
Hyperledger Fabric-Hyperledger Fabric is a cloud service that lets companies, startups, and
individuals access hyper-connected documents from within an email. It does work for us. We
can start our hyper-connected document storage, share it with others, and connect them to
other hyper-connected document storage projects (Manevich, Barger, & Tock, 2019).
I have chosen one of the principles of hyper ledger design that is,
Interoperability-Interoperability in Hyperledger Fabric is a concept of the interconnection of
technologies that allow data to flow in the same format and with different semantics and with
different access levels. This concept can be viewed as an inter-module interconnection (Gaur
et al., 2018). Hyperledger Fabric will be compatible with the famous C and C++ frameworks,
and this support will allow all types of applications and architectures to be used and
integrated. This means that Hyperledger Fabric applications in a C or C++ framework can be
used in the Inter-module system, a standard for distributed web applications, and a standard
for web applications developed by web providers. In many cases, interoperability offers a
significant benefit in terms of speed, efficiency, and lower transaction fees compared to using
multiple services to deliver the same content. The client sends the transaction to the smart
contract which then acts as an escrow service the amount gets added on the blockchain for all
to see with the escrow amount being released from the smart contract every time the wallet
does not have the funds left on the contract for some amount of time (Gaur et al., 2018).
Blockchain’s main interface was designed as separate blocks of files for transaction data to be
transferred to and from each other. They are built into the blockchain using different methods
to ensure that data and transaction data will be fully transferred to and from each other in the
long run. That way, a successful transaction and data sharing between the people involved are
not impacted. Also, the nodes in the network can act on transaction data to determine
transactions that require attention or are on a waitlist. That way, the overall network becomes
more efficient for transactions. So, if someone decides to transact and wants to share their
data and transactions with the network, the network would look for that kind of transaction if
needed, and it has needed only for a small portion of the overall network (Gaur et al., 2018).
Questions:
• How did you make sure Hyperledger used a blockchain instead of an open source
project?
• What tools were used to build Hyper ledger?
• How could Hyperledger have been developed under the current market and regulatory
environment in a manner that was both scalable and easy to maintain and support?