The blockchain revolution is well underway, and businesses are now focusing on ways to improve performance by bettering throughput speeds.
To this end, Samsung SDS has partnered IBM to create what is considered to be the best blockchain network for application development. The two institutions are also working to improve Hyperledger Fabric, a blockchain framework developed by the Linux Foundation.
Blockchain technology has gained traction across various industries because of its fast transactions speeds, affordable costs and impenetrable security features.
Despite these benefits, only a small percentage of enterprise-level organizations have adopted this technology. This is the reason why Samsung SDS and IBM are working together to create resources that will influence organizational leaders to join the blockchain revolution.
Hyperledger Fabric is an open-source, cross-platform blockchain framework that provides an environment for developing applications and modular architecture solutions. Samsung SDS will integrate its ‘Accelerator’ code with the aim of increasing the framework’s capabilities, improving transaction speeds and enhancing performance as a whole.
The Benefits of Accelerator
While blockchain technology has several benefits, it also has a fair share of shortcomings. The most prevalent challenge across various blockchain networks is slow transaction speeds. Slow speeds are an inconvenience to the network's users as well as developers who want to build applications on top of such networks.
Obviously, enterprise blockchain frameworks such as Hyperledger Fabric are way faster public blockchain implementations. Regardless, industry stakeholders believe that the existing performances can be bettered, which is yet another reason for the collaboration between IBM and Samsung SDS.
The primary objective of the Accelerator code is increasing transaction speeds on blockchain platforms. The software works by ordering received transactions by destination, collating those transactions into a new batch and routing the patched transaction to a blockchain network for validation.
So far, tests have proven that the Accelerator can process up to 5,000 transactions per second (TPS). This is equivalent to a 10x performance improvement on the current transaction throughput.
The integration of Accelerator into the Hyperledger Fabric framework allows developers to access extra services, build out new capabilities and handle large volume transaction requests from applications without stressing about slow speeds. Moreover, Accelerator integrates seamlessly into Hyperledger Fabric without the need for any modifications. This means that organizations enjoy higher speeds and improved performances instantly.
Real-life Application of Accelerator
IBM and Samsung SDS recently released a whitepaper that indicates the findings of their joint efforts in blockchain development. The document outlines the key features of Accelerator, the result from integration tests, and recommends its use for increasing transaction speeds on permissioned blockchain networks.
These networks are almost risk-free and highly efficient, making them the closest match to enterprise-level networks. Hyperledger Fabric networks with Accelerator are more suited for business applications because of their faster performances
Furthermore, the whitepaper provides a detailed explanation if industrial blockchain applications, as well as a timeline for existing Hyperledger users to integrate Accelerator. It also lists real-world applications of this solution in the finical services industry and the Internet of Things.
One such example is True Tickets, a digital ticketing platform that generates secure and verifiable tickets for events and events. The platform was used to test the impact of integrating Accelerator into a blockchain based on the Hyperledger Fabric framework.
Matt Zarracina, the CEO and co-founder of True Tickets, said that the Accelerator code can potentially take their blockchain-driven solution to greater heights by allowing them to handle high transaction volumes more efficiently.
Impact on Business Innovation
The majority of blockchain enthusiasts are certain that the technology can potentially disrupt any industry. Their assertions are based on the benefits of blockchain technology, such as eliminating intermediaries, increasing transparency, lowering risks, improving traceability, and increasing efficiency of operations.
The integration of Accelerator into Hyperledger Fabric will only improve the benefits of blockchain technology. With these developments, businesses should expect more efficient blockchains in the near future.