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 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 environment
• Smart contract: This is a granular method to plan and process the transaction requests

Let's understand the Hyperledger architecture:

• Consensus layer: This is majorly 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...