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Blockchain for Enterprise - B2B


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Blockchain for Enterprise - B2B

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Blockchain for Enterprise - B2B

  1. 1. Agenda ● Blockchain Architecture ● Hyperledger V/s Ethereum ● Advantages and Disadvantages of Fabric ● HL Fabric is B2B Framework ● HL Composer
  2. 2. Hyperledger v/s Ethereum The basic difference between Ethereum and Hyperledger lies in the way they are designed and their target audience. Hyperledger has a modular architecture and which provides a lot of flexibility in terms of what you want to use and what you don't. It is targeted at businesses wanting to streamline their process by leveraging blockchain technology where as Ethereum is designed for targeting the applications which are distributed in nature and are for mass consumption. Since the Ethereum has its own cryptocurrency (ether), it can be advantageous over Hyperledger in the use cases which require a cryptocurrency. Also, it is not possible in Ethereum to have a transaction visible to someone, but not visible to others (a requirement that is very common in business). Fabric allows this and much more. If we look at the mode of operation, Ethereum can be either public or private without any permissions where as the Hyperledger is private and Permissioned. It is clear that Hyperledger Fabric allows fine-grained control over consensus and restricted access to transactions which results in improved performance scalability and privacy. Many people think that Blockchain platforms should use Bitcoin and that is why many people back Counterparty and Blockstream. The should argument is irrelevant to most application developers who just want to know whether their app needs Bitcoin or an Ether or Alt based currency or no currency. The Consensus algorithm used in Ethereum is PoW (Proof of work), whereas Fabric allows one to choose between No-op (no consensus needed) and PBFT (Practical Byzantine Fault Tolerance).
  3. 3. ● Unlike other blockchain implementations like Bitcoin or Ethereum, Hyperledger Fabric fulfills all four key elements of a blockchain for Business: ● Permissioned network: Collectively defined membership and access rights within your business network ● Confidential transactions: Gives businesses the flexibility and security to make transactions visible to select parties with the correct encryption keys ● Doesn’t rely on cryptocurrencies: Doesn’t require mining and expensive computations to assure transactions ● Programmable: Leverages the embedded logic in smart contracts to automate business processes across your network. ● Some of the key concepts in Hyperledger fabric are: Ledger Block Chaincode Consensus Member Membership Services Multi-Channel Peer Transaction Policy Private Channels
  4. 4. Ethereum VS Hyperledger ● The Major difference between Ethereum vs Hyperledger is defined the objective audience and designed. The Ethereum is based on the smart contract, EVM & Public Blockchain that desire toward application and distributed in the cryptocurrency natures. ● In another word, the Hyperledger is a Trending architecture of cryptocurrency record and provides the best spring in term of cryptocurrency using. You can use this service in the blockchain technology to streamline your business process. ● In the Ethereum you can’t see your transaction records but the Hyperledger is much more reliable to present the transaction record of the user. Ethereum is permission is full transparency that cost rendering is protected and scalable but the Hyperledger is depended on permission based.
  5. 5. ● Another major difference is the consensus algortihm used in Ethereum v/s Fabric. Ethereum uses PoW (Proof of work), whereas Fabric allows one to choose between No-op (no consensus needed) and PBFT (Practical Byzantine Fault Tolerance). PoW is known to be energy sucker and could really impact the practicality of using Ethereum in the long run. However, one must mention that Ethereum too is trying to move towards proof of stake in it’s next release Casper. ● Ethereum has a built in cryptocurrency (eth) and thus can be a very good match for applications that need this inbuilt. However, this could also be a disadvantage as there are several use cases where the cryptocurrency is not really needed. ● This is not to say that Ethereum can not be deployed as a private block chain for a business. The fact that it has a really matured ecosystem and makes the development of smart contract and business logic really simple is a huge plus. Also, at the moment it is easier to find ethereum dapps developer than fabric developer. Fabric on the other hand is pretty new on the block and just warming up. ● To conclude, we feel that in future most enterprise apps would get tilted towards Fabric, whereas Ethereum would continue to be a hotbed for dapps that are more B2C.
  6. 6. HL - Permissionable (not visible to others) ● HL seems to be a b2b framework enabling companies to build their own trusted blockchain with their own infrastructure (nodes etc), and a self defined set of rules (smart contracts). ● Importantly HL does not offer its own currency but permits any agreed upon token as exchange. ● Therefore to my mind as the fundamental difference: ● ETH/C have enabled an incredible amount of companies to raise vast sums of money based on innovative (and of course very speculative) new business models. (ICO’s) ● HL as a framework will require (mostly ‘traditional’) companies to experiment with new technologies, build and maintain their own systems, ultimately becoming an expensive item in the IT budget.
  7. 7. ● What is Hyperledger Fabric? ● Hyperledger Fabric is a private blockchain network that provides a foundation for transactional enterprise application. ● What is Hyperledger Composer? ● Hyperledger Composer is a framework to accelerate the development of applications built on top of Hyperledger Fabric ● Relationship between Fabric and Composer ● The diagram below shows the relationship between the Fabric network and the Composer framework.
  8. 8. ● The Composer framework runs in its own isolated runtime, and it is connected to the Fabric network through the means of connection profiles that allows deployment of defined Business Network Definition (BND) archive files (.bna files) that is generated by the Composer framework.