International Business Machines (IBM) is offering a new decentralized governance option in its blockchain that allow clients to make transactions in smart contract parameters.
IBM Blockchain Platform will make changes in their Hyperledger fabric 2.0 – its base layer and is claiming that it will improve security and usability. Hyperledger fabric is an open source blockchain framework and serves as a foundation for developing blockchain- based products, applications and solutions. Hyper ledger fabric has a versatile design and enables performance by preserving privacy and is using by PayPal, Amazon, Oracle and many other companies.
Blockchain platform of IBM will support Hyperledger 2.0 and will have additional capabilities that enables decentralized smart contract management and allow users to choose the desired version of the fabrics. On the existing fabric, that is Hyperledger Fabric 1.0, smart contracts are centralized and all the parameters are reserved for one entity and other parties have only a limited choice either accept or refuse entirely on the ongoing transaction. Linux foundation launched Hyperledger 2.0 that enables the parties to propose and amend the parameters before they can become active on the transaction channel.
- New fabric offers several improvements over the previous one;
- Multiple organizations have to agree the parameters of the chain code- as decentralization require a sufficient number of organizations to agree upon the endorsement policy.
- New model allows the upgradation of the chain code only after a sufficient number of organizations have approved the upgrade.
- Makes it easier to inspect the chain code.
- New fabric helps the users to change the private data without reinstalling or repackaging the chain code.
- It allows to use a single chain code package and deploy it in multiple times in the same channel or on different channels.
Hyperledger Fabric development community comprises world class technology providers and individual contributors and are collaborating to make the best out of blockchain technology. Innovation, quality and quick delivery supports this diverse ecosystem. Since Block chain technology is an open source technology, there will be a strong community behind it for supporting it. Hyperledger community can continuously improve the security, usability and the performances which have critical importance to the users.