New Hyperledger Fabric Updates Enable 7x Times Faster Transaction Speed: Waterloo University

Hyperledger Blockchain Project Adds 9 New Members, Passes 250 Total In CommunityHyperledger Blockchain Project Adds 9 New Members, Passes 250 Total In Community

According to the new release by the University of Waterloo the new Hyperledger Fabric will have close to seven times more Transactions Per Second (TPS).

The researchers have consolidated a new series of changes, that has significantly expanded the volume of data that the blockchain can process. Earlier, it maxed out around 3,000 TPS, while the network has operated to achieve 20,000 TPS.

Hyperledger Fabric is a blockchain framework implementation and one of the Hyperledger projects hosted by The Linux Foundation. Intended as a foundation for developing applications or solutions with a modular architecture, Hyperledger Fabric allows components, such as consensus and membership services, to be plug-and-play.

Hyperledger Fabric leverages container technology to host smart contracts called “chaincode” that comprise the application logic of the system.

The platform is currently employed by financial institutions, IT giants and engineering companies. More than 500 applications based on Hyperledger Fabric are at various stages of deployment around the world — everything from securing land registries to tracking diamond shipments to tracing the source of agricultural products.

Among the most well-known applications of Hyperledger Fabric is IBM’s Food Trust, which uses the blockchain to make food supply chains safer and more sustainable.

“Hyperledger Fabric has many applications. Our goal was to accelerate them all by accelerating the engine underneath it. Our modifications are completely under-the-hood. Fabric’s application programming interfaces and modularity stay intact, so existing applications work just as before,” said Christian Gorenflo, a Ph.D. Candidate at the University of Waterloo.

Professor Lukasz Golab said the scientists are now talking to contributors to Fabric, who would like to include their optimization techniques in upcoming releases. He defined response as quite positive.

Even professor Srinivasan Keshav related that the group is bent on to develop additional optimizations that might take the potential of Hyperledger Fabric to 50,000 TPS. The Hyperledger community grew rapidly.

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Revamped Hyperledger Fabric Records 7x Increase in Transaction Speed

Scientists re-engineered the Hyperledger Fabric blockchain used worldwide in a wide range of industries to attain nearly 7x increase in transactions per second (TPS), according to a May 2 press release from the University of Waterloo, Canada.

A new series of performance improvements improved the data volume that the blockchain — used mostly by financial institutions, IT giants, and engineering firms— can handle. Where it previously maxed out about 3,000 TPS, researchers say they managed to hit 20,000 TPS.

Research at the university centered on enhancing “end-to-end transaction throughput” by revamping Fabric’s ordering service, transaction service, and data processing layer.

This implies the blockchain is far more useful for “fast-run sectors like e-commerce.” Christian Gorenflo, one of his PhD candidates, described:

“Our modifications are completely under-the-hood. Fabric’s application programming interfaces and modularity stay intact, so existing applications work just as before.”

Over 500 Hyperledger Fabric-based programs are at different stages of worldwide installation— from safeguarding land databases to monitoring diamond shipments to monitoring the origin of agricultural products. Hyperledger Fabric’s other well-known apps include IBM’s Food Trust, which utilizes blockchain to make food supply chains secure and more viable.

Professor Lukasz Golab said the scientists are now discussing with main contributors to Fabric, who would like to embrace their optimization techniques in upcoming releases. Golab portrayed response as quite positive. Professor Srinivasan Keshav described that the group is currently bent on to develop additional optimizations that might take the potential of Hyperledger Fabric to 50,000 TPS. The Hyperledger community grew rapidly.

Intel introduced a commercial package in February via the ecosystem. The package is engineered for companies to deploy their own blockchain effectively and efficiently. The research teams also highlighted several routes for future projects, which along with the optimization they suggest can hasten Hyperledger Fabric to 50,000 transactions per second.

FastFabric: Boosting Hyperledger Fabric to 20,000 Transactions per Second, penned by Waterloo’s Faculty of Mathematics Researchers Gorenflo and Keshav, Golab Faculty of Engineering and University of Massachusetts PhD candidate Stephen Lee, will be presented at the 2019 IEEE International Conference on Blockchain and Cryptocurrency later this month.

Italy’s postal service, Poste Italiane, signed up in January joining the ranks of America’s FedEx, which declared the technology had “great, major implications” for supply chains and freight. IBM uses its Hyperledger-based blockchain platform to enhance mining supply chain administration and guarantee that commodities like cobalt are purchased in a responsible manner.

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