Hyperledger Fabric is an opensource collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration including leaders in banking, finance, Internet of Things, manufacturing, supply chains, and technology.
The Linux Foundation hosts Hyperledger under the foundation.
Hyperledger does not promote a single blockchain codebase or a single blockchain project. Rather, it enables a worldwide developer community to work together and share ideas, infrastructure and code.
Hyperledger Fabric is one of the project framework under Hyperledger, it can be deployed as fully disjoint networks with separate endorser sets and ordering nodes to provide privacy and confidentiality.
It is a platform for building distributed ledger solutions with a modular architecture that delivers a high degree of confidentiality, flexibility, resiliency and scalability. This enables solutions developed with Fabric to be adapted for any industry.
The Hyperledger Fabric can be classified into 3 steps:
Step 1: Execution Phase
In the execution phase, clients sign and send the transaction proposal (or simply, proposal) to one or more endorsers for execution.
Recall that every chaincode implicitly specifies a set of endorsers via the endorsement policy. A proposal contains the identity of the submitting client, the transaction payload in the form of an operation to execute, parameters, and the identifier of the chaincode, a nonce to be used only once by each client (such as a counter or a random value) and a transaction identifier derived from the client identifier and the nonce.
The endorsers simulate the proposal, by executing the operation on the specified chaincode, which has been installed on the blockchain. The chaincode runs in a Docker container, isolated from the main endorser process.
Executing a transaction before the ordering phase is critical to tolerating non-deterministic chaincodes. A chaincode in Fabric with non-deterministic transactions can only endanger the liveness of its own operations, because a client might not gather a sufficient number of endorsements, for instance. This is a fundamental advantage over order-execute architecture, where non-deterministic operations lead to inconsistencies in the state of the peers.
Finally, tolerating non-deterministic execution also addresses DoS attacks from untrusted chaincode as an endorser can simply abort an execution according to a local policy if it suspects a DoS attack. This will not endanger the consistency of the system, and again, such unilateral abortion of execution is not possible in order execute architectures.
Step 2: Ordering Phase
When a client has collected enough endorsements on a proposal, it assembles a transaction and submits this to the ordering service. The transaction contains the transaction payload (i.e., the chaincode operation including parameters), transaction metadata, and a set of endorsements. The ordering phase establishes a total order on all submitted transactions per channel.
In other words, ordering atomically broadcasts endorsements and thereby establishes consensus on transactions, despite faulty orderers. Moreover, the ordering service batches multiple transactions into blocks and outputs a hash-chained sequence of blocks containing transactions. Grouping or batching transactions into blocks improves the throughput of the broadcast protocol, which is a well-known technique used in fault-tolerant broadcasts.
The ordering service ensures that the delivered blocks on one channel are totally ordered.
However, every individual ordering implementation is allowed to come with its own liveness and fairness guarantees with respect to client requests.
Step 3: Validation Phase
Blocks are delivered to peers either directly by the ordering service or through gossip. A new block then enters the validation phase which consists of three sequential steps:
The endorsement policy evaluation occurs in parallel for all transactions within the block. The evaluation is the task of the so-called validation system chaincode (VSCC), a static library that is part of the blockchain’s configuration and is responsible for validating the endorsement with respect to the endorsement policy configured for the chaincode.
A read-write conflict check is done for all transactions in the block sequentially. For each transaction it compares the versions of the keys in the read set field to those in the current state of the ledger, as stored locally by the peer, and ensures they are still the same. If the versions do not match, the transaction is marked as invalid and its effects are disregarded.
The ledger update phase runs last, in which the block is appended to the locally stored ledger and the blockchain state is updated. In particular, when adding the block to the ledger, the results of the validity checks in the first two steps are persisted as well, in the form of a bit mask denoting the transactions that are valid within the block. This facilitates the reconstruction of the state at a later time.
Fabric allows components, such as consensus and membership services, to be plug-and-play. It leverages container technology to host smart contracts called “chaincode” that contain the business rules of the system. And it’s designed to support various pluggable components and to accommodate the complexity that exists across the entire economy.
Starting from the premise that there are no “one-size-fits-all’’ solutions, Fabric is an extensible blockchain platform for running distributed applications. It supports various consensus protocols so it can be tailored to different Blockchain use cases and trust models.
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The small island nation of Singapore consistently ranked as the world’s best place to do business, witnessed a massive growth in the number of businesses using Blockchain technology and cryptocurrencies. A free-market economy, investor-friendly laws combined with high levels of education and internet penetration, are some reasons for Singapore’s conducive reputation.
Singapore have become the up-and-coming destination for companies that want to raise funds using blockchain technology.
The number of companies launching initial coin offerings (ICO) in Singapore has rocketed in recent months, according to fintech businesses, lawyers and industry groups.
Key initiatives around blockchain development in Singapore:
Global eTrade Services (GeTS), a subsidiary of CrimsonLogic (a leading provider of eGovernment products and services based in Singapore), has launched Open Trade Blockchain (OTB), an inclusive and extensible blockchain service built for the trade communities to boost overall efficiency, security, and transparency for global trade. The geolocation of existing and upcoming nodes provides an extensive blockchain network across Asia. With OTB linking China to the rest of the region provides a strategic edge to businesses wanting to participate in China’s BRI initiatives as it offers greater connectivity with the country’s “Digital Silk Road”.
Singapore Airlines has officially launched its blockchain-based loyalty program for frequent customers. KrisPay, a digital wallet developed in partnership with KPMG and Microsoft, allows Singapore Airlines customers to turn travel miles into units of payment, which can be used with partner merchants in Singapore. The innovative platform allows members to choose from using as little as 15 KrisPay miles (equivalent to about $0.10) to pay for their purchases at partner merchants, either partially or in full.
Singapore’s leading higher education institution Ngee Ann Polytechnic announced in May, 2017 that it has teamed up with United Overseas Bank’s FinLab blockchain startup Attores. Ngee Ann students will be awarded digital certificates called Diploma Plus Certificates, which will be deployed directly on the students’ LinkedIn profiles. Ngee Ann Polytechnic’s blockchain initiative is in line with Singapore’s massive efforts to become a Smart Nation.
Project Ubin, a Monetary Authority of Singapore-led initiative where DLT (Digital Ledger Technology) can be used for the clearing and settlement of payments and securities, specifically the use of a tokenized form of the Singapore dollar on a distributed ledger.
Averspace, a Singapore P2P real estate startup launched a new feature of blockchain-enabled house rentals. Homeowners and prospective tenants can enter into a digital tenancy agreement right on their smartphones, without needing both parties to meet face to face – all communication can be facilitated through the in-app online chat feature.
The Intellectual Property Intermediary (IPI), an organisation established under Singapore’s Ministry of Trade and Industry, has been working on a ‘Blockchain Technology for Food’ project. This technology tracks and traces materials and products using the blockchain database to store information gathered from all the actors that take part in the food production chain. The solution ensures leading-edge data structure management and data storage standards, ensuring food quality, guaranteeing food safety and reducing food waste.
SGInnovate, Singapore’s government-owned deep technology development firm, has invested in MediLOT Technologies, a Singapore-based blockchain andhealthcare analytics startup, for an undisclosed amount as part of its strategy to develop research-based deep tech startups. Blockchain could help to reduce those admin tasks considerably and help doctors spend more time with those who really need them – their patients.
Electrify, an energy-based startup changed the way in which people buy electricity in Singapore. Through a web and mobile platform, consumers can buy energy from electricity retailers through “smart contracts” which directly write the terms between the buyer and the seller into lines of code, enforcing the agreement through a blockchain network.
The Asia Pacific region is currently the fastest growing market for blockchain in the world, according to a report by Genesis Market Insights. Another report by the consulting firm PwC highlights that 82 percent of executives in Singapore have reported that blockchain initiatives are underway in their organizations. Out of which, 13 percent have brought the initiatives live to the market.
The world’s best blockchain researcher along with the government that supports innovation is giving Singapore an edge over other countries in leading the blockchain revolution.
Sharing, analyzing and verifying data is key to more efficient healthcare and blockchain technology may be the vehicle to get us there. A blockchain powered health information exchange could unlock the true value of interoperability. Blockchain-based systems have the potential to reduce or eliminate the friction and costs of current intermediaries.
So to comprehend the topic well, let us start with “What is Blockchain?”– Blockchain became one of the hot topics of the year 2018 and it came into the picture because of the overall buzz about cryptocurrency and Bitcoin but it should be noted that it was invented in 2008 which is more than ten years ago at this point of time. Blockchain is not that complexed as it seems to be, so to breakdown it in simple terms it can be referred as a digital ledger which keeps records of all transactions taking place on a peer to peer network. All information transferred via blockchain is encrypted and recorded, meaning once the block is created and added to the chain, it cannot be altered.
Breaking down Barriers- What Blockchain can do for Healthcare
Blockchain in Healthcare reduces cost by eliminating manual processes like reconciliation between multiple isolated ledgers and administrative processes, provides increased speed of transactions and settlements through immediate distribution and increased security through use of cryptography. It also reduces fraud by time-stamping entries and sharing a common, immutable ledger across the network and reduces risk of single points of failure and attack through distributed network nodes.
The current state of health care records is disjointed and stovepiped (transmitting information higher in a hierarchy while bypassing intervening levels that remain uninformed about this information) due to a lack of common architectures and standards. Health care providers track and update a patient’s common clinical dataset each time a medical service is provided. This information includes standard data, such as the patient’s gender and date of birth, as well as unique information pursuant to the specific service provided, such as the procedure performed, care plan, and other notes. Traditionally, this information is tracked in a database within a singular organization or within a defined network of health care stakeholders. This flow of information originating from the patient through the health care organization each time a service is performed does not need to stop at the individual organizational level. Instead, health care organizations could take one more step and direct a standardized set of information present in each patient interaction to a nationwide blockchain transaction layer.
Even with the use of digital files, data loss continues to be one of the biggest problems in healthcare which resulted in $1.7 billion in damages and equivalent to 2,000 lives lost in the US. Adopting new technology can be intimidating, especially for an industry as heavily regulated as healthcare. Blockchain technology has already been adopted by several organizations, but before embracing this trend, one needs full-time IT experts to assess the systems and manage security. The stakes of security breaches are high – not just in monetary costs and losses to industry providers but to patients whose personal information is at risk. Blockchain technology holds a great deal of promise for the healthcare industry, and it is time for all providers and researchers to explore the potential.
Amazon was a tough start in the late 1990s. But soon after e-commerce become popular and relaible platform for the consumers. And many other organisation start coming on this platform such as Amazon, eBay and Alibaba dominate the market. Although there are a lot benefits of e-commerce platform on the blockchain, but apart from this there is a dark side of e-commerce.
Seller need to pay high commission charges to the e-commerce platform for selling their products but they don’t have any special privileges to grab the audience attention. And they need to pay these charges for each platform. And these fees is really high. Additionally there are further charges for payment processing of credit card and paypal.
With conventional e-commerce organisation, the platform and company behind it act as watchman who limit communication between buyer and seller. Merchants struggle to build a long-term relationship with customers, since the marketplace company does not want them trading outside of its e-commerce platform. Communication is often restricted, or takes place within strict parameters, and the platform is able to view any messages exchanged between buyer and seller.
Use Of Personal Information
Each and every large online e-commerce service use personal data of its users it in various ways, from advertising through to selling it or sharing it with 3rd parties. Additionally, data breaches are an all-too-common occurrence. Personal data has been called the oil of the internet, and its value makes it a popular target for hackers. Although GDPR has somewhat improved matters, in many jurisdictions the laws around data use are far less clear. There may be no straightforward procedure for how companies should act in the case of a data breach, and they may not tell their customers that their personal information has been compromised for months, if at all. In short, data loss has gone from being an embarrassment or inconvenience for a company to little more than the price of doing business.
The Benefits Of Crypto Integration
Blockchain and crypto-currencies offer plenty of solutions to these problems. However, bitcoin was the first currency which made the Blockchain so much popular but over the time, Blockchain has also evolved and explored the new solution for different challenges.
The first fully decentralised market places are now taking shape. These aim to replace the entire functionality current e-commerce platform with a blockchain-based solution, using DAPP(Decentralized Application) to recreate the backend and inventory database. For example, BitBoost is exploring one such platform on the Ethereum network. One of the advantages of this approach is that it enables a completely different business model, which does not charge commission fees — it is a decentralized approach that does not involve a organization or require any watchman.
Merchants with their own website-based solution, there are still a lot of benefits on integration of cryptocurrency as payment gateway as an alternative or add on for traditional payment methods such as PayPal or credit cards.
When you start taking about the crypto-currency they can reach anywhere at anytime that’s why they also known as border-less payment gateway . So it really doesn’t make any difference whether you are buying a product from local store or another side of the world. That quickly overcome one of the major problem of fund transferring. (Banks will charge additional fee for foreign payments, and offer an exchange rate that is far from the market spot price — an extra stealth charge.)
This further can be used with the other processing resources of the E-commerce platform such as the shipping provider.
The major benefit of blockchain technology is that it eliminates the risk of distrust factor between all parties. It removes the problem of payment disputes or order details. It also makes the system tamper-proof.
Merchants also get benefited from crypto’s irreversible transactions, which ends the fraudulent chargebacks. There is no reverse payment processing mechanism, it is beneficial when a customer makes false claims they never received an item. At that time we can track back the transaction log from merchants to customers and find out the reality.
Everyone is looking for the Blockchain implementation without knowing the Understanding Blockchain Priorities and the technology preferences. Now we not only have a single Blockchain where we start implementing our project. There are a variety of the Blockchain flavors available in the market and every flavur has its own feature and function.
Public Blockchain: There are a variety of Public Blockchain available in the market but few of them are open for you as a developer. Bitcoin is the most popular cryptocurrency who used the Blockchain platform to provide the 1st cryptocurrency to the world. But as developer bitcoin is not open to deploy your data on it. To overcome and provide additional benefit Ethereum came into the market, Ethereum launched on 30 July 2015, which has 72 million coins.
It is the 1st ever platform who provided the smart contract deployment.
Now the next question in your mind is “What is the Smart contract?”
Smart contract is “a computerized transaction protocol that executes the terms of a contract“. It means that you can write your own code which will get store and perform action on Ethereum.
Yes you’re correct that ethereum is that platform where you can deploy, run and Save your data. And building these application are known as DAPPS ( decentralized applications).
As technology is developing day by day and world is gaining attention towards the Blockchain.
Many of you will think that why Ethereum will save our data, what’s the benefit of this.
The 1st main benefit of Ethereum is gaining the Audience attention. As you all know that who so get popular the demand of that thing will go up.
So indirectly Ethereum prices are going up. By deploying and running your Dapps.
We all know that there is no free lunches in the world, in case of Deploying your Smart contract you need to pay the Execution cost of Smart contract. The cost is entirely depend on your Smart contract , the Logical Approach you choose for Writing the smart contract.
But as the prices of ethereum going up there are several other Coins are giving same benefits as the ethereum providing like TOMOCHAIN. These are very cheap in comparison of Ethereum and proving the same benefits as Ethereum providing it to you.
Public Blockchain mainly provides benefits when you need to have the audience attention in terms of Security, Transparency and immutability.
You can also create your own currency like ethereum. They have open there technology and you can have your own currency in less than 30 minutes.
Apart for this you can also have the Private Blockchain. Private is completely opposite with the Public Blockchain.
This is because of the Functionality of Private Blockchain used to develop the complete system.
In private Blockchain you can’t write, read and audit the data unless you are authorized for it.
Private Blockchains have it’s own owner’s. Owner of the Blockchain is a single entity or an enterprise which can override/delete commands on a Blockchain if needed. That’s why in its true sense it is not decentralized and hence can just be called a distributed ledger or database with cryptography to secure it.
The famous private Blockchain is hyperledger. Hyperledger is an umbrella project of open source Blockchains and related tools, started in December 2015 by the Linux Foundation and supported by big industry players like IBM, Intel, and SAP to support the collaborative development of the Blockchain-based distributed ledgers.
There are several different framework of Hyperledger are: