Blockchain Consortium Hyperledger Releases Hyperledger Fabric 2.0

Hyperledger, a distributed ledger technology (DLT) consortium created by a host of highly reputed companies including Linux and IBM, has announced the release of the version 2.0 of Hyperledger Fabric, an enterprise-grade blockchain platform, according to a blog post on January 30, 2020.

Hyperledger Fabric 2.0 Now Live

After nearly three years of creating the first iteration of the Fabric enterprise blockchain solution, Hyperledger released an upgrade to its Hyperledger Fabric framework to offer users more functionalities.

As stated in its blog post, Hyperledger Fabric v2.0 is loaded with numerous features that were absent in the v1.0, including a new chaincode lifecycle management which supports decentralized governance for smart contracts.

The firm says the new chaincode lifecycle management feature makes it possible for multiple organizations to reach a consensus on the parameters of a chaincode first before the chaincode can interact with the blockchain.

In the Hyperledger Fabric blockchain platform, chaincodes are like vessels with which smart contracts are added to the network. In the latest version of Fabric, it’s now impossible for a single organization to make changes to a smart contract without the consent of other enterprises using the network, unlike what was obtainable in version 1.0.

More Features

What’s more, the firm says the new Hyperledger Fabric version 2.0 offers improved performance. A new cache has been integrated into the peer to offer users a more frictionless experience when using the Apache CouchDB database.

That’s not all, the new upgrade also comes with enhanced privacy. The Hyperledger Fabric 2.0 enables an organization to easily share data with other organizations on the network, on a “need-to-know” basis.

Other features include a new external chaincode launcher, which allows any organization to develop and deploy their chaincode with their preferred technology, and a new consensus type Raft.

Commenting on the release of Hyperledger Fabric v2.0, IBM said:

“IBM is excited about this significant milestone in Hyperledger Fabric’s development life cycle. We are proud to have been part of the community that has collaborated on its development, and we are eager to upgrade the IBM Blockchain Platform, the industry’s first multi-cloud implementation of Hyperledger Fabric, to leverage take advantage of the new capabilities and improved performance in his milestone release.”

Since its launch, the Hyperledger Fabric has continued to gain traction and it’s currently being used by a vast array of enterprises, including Intel.

In July 2019, SK Telecom, South Korea’s leading telecommunications firm launched its enterprise blockchain platform powered by Hyperledger Fabric.