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What Is Hyperledger? The Most Comprehensive Video Ever! - YouTube
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(gently chiming bells)
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- [Instructor] Hyperledger Fabric
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is the most widely used
private blockchain.
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Used primarily in enterprise settings
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to make transactions
between multiple businesses
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more seamless and efficient.
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To accommodate each cases custom needs,
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Fabric has a modular design which means
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that businesses can plug in
different functionalities
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to suit their particular needs.
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Let's take a look at
what these modules are
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and how they interact with each other.
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Like all blockchains,
fabric records a history
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of transactions in a chronological ledger.
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In Bitcoin, for example,
the ledger holds the record
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of bitcoins as they transfer
from one party to another.
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In fabric, the definition
of what gets transferred
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is a bit looser and is
defined as an asset.
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An asset can be anything
with monetary value.
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From whole foods to antique
cars to currency futures.
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Hyperledger Fabric allows the businesses
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to set their asset types
and values themselves.
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Assets are represented as a
collection of key-value pairs,
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with state changes recorded
as transactions on the ledger.
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Hyperledger Fabric provides the ability
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to modify assets using chaincode.
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Chaincode is software
defining an asset or assets,
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and the transaction instructions
for modifying those assets.
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In other words, it's the business logic.
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Smart contracts that are deployed
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to the fabric Ledger execute chaincode.
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Instead of each business having
their own business logic,
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which changes its own database,
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the businesses share the business logic.
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And all sign off on
changes to the database.
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Members of each permission
network within Hyperledger Fabric
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can interact with the
ledger using chaincode.
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Either by deploying new contracts
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that add new business logic
or invoking transactions
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that were already codified
in earlier contracts.
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To enable these permission networks,
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Hyperledger Fabric provides
a membership identity service
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that manages user IDs and authenticates
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all participants on the network.
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Access control lists
can be used to provide
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additional layers of permission
through authorization
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of specific network operations.
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For example, a specific
user ID could be permitted
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to invoke a chaincode application
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but be blocked from
deploying new chaincode.
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This permission network also assigns
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network roles by node types.
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There are two node types within
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the Hyperledger Fabric network.
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Peer nodes and ordering nodes.
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Peer nodes are responsible for executing
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and verifying transactions.
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While ordering nodes are responsible
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for ordering transactions and propagating
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the correct history of
events to the network.
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This is done to increase
efficiency and scalability
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by allowing peer nodes
to batch and process
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multiple transactions simultaneously.
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The network consensus protocol,
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which the businesses and
the network can customize,
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is then implemented by the ordering nodes
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to create a single true
record of transaction.
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Fabrics Ledger is comprised
of two components.
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A Blockchain Log to stores
the immutable sequenced record
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of transactions in blocks
and a State Database
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to maintain the
blockchain's current state.
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In the Bitcoin blockchain,
there is no database.
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And the current state of the
chain is always calculated
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by going through all the
transactions in the Ledger.
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For speed and efficiency's sake,
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Hyperledger Fabric stores
the current state as well
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and allows the members of
the network to query it
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and sequel-like transactions.
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The purpose of the log here
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is to trap an assets
providence or place of origin
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as it is exchanged
amongst multiple parties.
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To track an assets' provenance means
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to track where and when it was created
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as well as every time it was exchanged.
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Tracking an assets' providence
is extremely important
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in the world of business
because it ensures
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that the business selling an item
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possesses a chain of titles
verifying their ownership of it.
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In typical databases, where
only the current state
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of an asset is kept and not
a log of all transactions,
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tracking an assets providence
becomes very difficult.
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Add to this the fact that
transacting businesses
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each keep an incomplete record
of the assets transaction
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and it becomes nearly impossible.
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The reason many businesses
stuck to this broken model
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of data collection for as long as they did
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was for the sake of privacy.
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Having a distributed Ledger
meant that every party
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in a business network would have access
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to all the transactions even
if they weren't involved
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in the transactions themselves.
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This was a deal breaker
for many businesses
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who were perhaps in the
same business network
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as their competitors and didn't
want to reveal their data
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or transactions with other
parties to their competitors.
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Hyperledger Fabric solves
this problem by using
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Private Channels which are
restricted messaging pods
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that can be used to
provide transaction privacy
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and confidentiality for specific
subsets of network members.
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All data including transactions, member,
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and channel information on a channel,
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are invisible and inaccessible
to any network members
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not explicitly granted
access to that channel.
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This allows competing business interests
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and any groups that require private
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confidential transactions to coexist
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on the same permissions network.
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To summarize, Hyperledger
Fabric has a modular design
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that enables five core functionalities.
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Members of a business
can define asset types
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and consensus protocol
for ordering transactions.
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They can also set permissions
on who can join the network
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and what type of access
each membership can grant.
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To increase efficiency, nodes
are divided into two types.
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Peer nodes and ordering nodes.
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With peer nodes batching, verifying
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and processing transactions
and ordering nodes
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logging and ordering those transactions
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in chronological order.
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Fabric's ledger itself
consists of a database
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of the networks current
state which can be queried
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and the log of transactions
stored as a blockchain
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for tracking each assets' providence.
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Assets on the network are added, updated,
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and transferred using chaincode.
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And the form of smart contracts
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deployed and invoked on the network.
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If you've enjoyed this video,
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consider checking out our website
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where we have a full
course on Hyperledger.
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We learn more about how to
get started with Hyperledger
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and how to launch your first
networking applications.
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Thanks for watching.
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