Architecture and core components
Hyperledger is an open source framework that allows businesses to build enterprise-grade solutions based on distributed ledger technology. This framework consists of the following building blocks:
- Shared ledger: It is an append-only ledger, and it stores the blocks in chronological order
- Consensus algorithm: It's a method to achieve a common agreement over a change in the distributed ledger
- Privacy: The main purpose of building the Hyperledger was to achieve a permissioned network for secure and reliable transactions in mission-critical business environments
- Smart contract: This is a granular method to plan and process transaction requests
Let's understand the Hyperledger architecture:
- Consensus layer: This is mainly responsible for generating an agreement on each order and validating transactions based on a predefined set of rules
- Smart contract layer: This takes care of transaction requests and applying business logic
- Communication layer: This facilitates a platform...
