akaChain list out some main characteristics that make Hyperledger Fabric best fit for enterprise blockchain platforms.
Many economists call blockchain “the next general-purpose technology” by its incredible potential value in almost every field. “85% of survey respondents said that their suppliers, customers, and competitors are discussing/working on blockchain solutions to current challenges in the value chain” (Deloitte’s global blockchain survey 2020).
Since each enterprise has different business characteristics, the blockchain solution has to be customized. Besides, building an enterprise blockchain platform for some specific business needs is arduous. Therefore, technology companies or start-ups will build up their enterprise blockchain platforms for providing multi-business purposes to other companies. The open-source Hyperledger Fabric project was born as a rudimentary platform, making it easier for technology companies and software developers to build the enterprise blockchain platform as well as their decentralized applications.
What makes Hyperledger Fabric an ideal ground for enterprise blockchain platforms?
- Hyperledger Fabric does not require cryptocurrency-based transactions. Enterprises don’t have to rely on using a specific cryptocurrency in verifying transactions. Instead, Hyperledger Fabric uses chaincode (smart contracts) which handles complex business logic in operation.
- A private and permission blockchain platform, providing solutions that require licensing: which means that only the people involved are allowed to become nodes and join the chain and get access to certain information. Enterprises have sensitive and private data, so using a public blockchain would not be appropriate. Therefore, using a private and permissioned blockchain platform allows businesses to both store data transparently while ensuring the privacy and security of sensitive data permanently.
- A modular architecture means that developers can replace or add any component (module) for customized requirements without affecting the rest of the system.
- Hyperledger Fabric 2.0: The improvement of this version focuses on managing the chaincode lifecycle to maximize flexibility, eliminating the bottleneck of scalability of consensus algorithms, and giving more options to share data with selected channel members instead of a collection of multiple members.
akaChain is an enterprise blockchain platform built on Hyperledger Fabric
According to Gartner, one of the reasons why blockchain has not been applied vigorously in the business world is that it does not have an ‘off-the-shelf, complete, packaged blockchain solution’. Also, CIOs have many difficulties in understanding what exactly they will achieve and need to do to adopt blockchain for the growth of the business.
Hence, akaChain, built on HB to provide consulting solutions to help businesses choose the right solution and also deliver available solution packages with SDKs to run on any cloud, which shortens testing and deployment period. We also offer various open-source projects on Github for those who want to use these to implement their blockchain solution.
Regardless of separation of the enterprise blockchain solutions in the early stage due to the hesitant sentiment and testing requirement of business executives, Gartner predicts that by 2025, the business value increased by blockchain will exceed $ 176 billion, even this number will explode to $ 3.1 trillion by 2030.
The reason for the stable future of blockchain despite the many difficulties surrounding its adoption is that blockchain has indeed shown real benefits in improving data systems and operating costs. At the same time, blockchain experts will continue to come up with new blockchain-based solutions that enhance existing shortcomings. They may become easier to integrate; or blockchain solutions will connect, forming ecosystems that allow handling different business goals.
akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.
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