A blockchain is a distributed ledger that ensures maximum security and connects associated parties in a network of integrity and trust, helping with the smooth transfer of assets and their related information. Digital transactions are recorded in a sequence of chains using keys that are cryptographically enabled and authenticated by the network. Each computer in the blockchain is notified when there is a change to a transaction, which provides maximum security to the distributed ledger. So, the security of the blockchain depends on the depth and width of its network: the wider and longer it is with complex keys, the more secure that blockchain becomes.
Recently, I completed the Blockchain essentials course on developerWorks, and I developed a keen interest in this technology. After reading through the course, I was able to create my first blockchain network! Today, I am going to share with you how easily transactions can be carried out within a blockchain with Hyperledger Composer’s browser-based UI, Hyperledger Composer Playground. With the Playground, you can edit and perform simple tests on sample business networks.
Blockchains in action
- In the Hyperledger Composer Playground, I start a basic sample business network. For this example, my business is a car auction, where bidders bid their offers for the car with their personal and account details. The highest offered bid becomes the winning bid offer and the car is sold out. I fill in the selections according to the type of the business transaction that is going to carried out, along with details (name and starting balance) of the members who will participate in the transaction. This information is added into the JSON data structure, and members are added to the business network.
- I add the selling object (in this example, a car) in the asset registry and enter it in the vehicle registry list later.
The transaction is submitted and bidders bid with their offer. After successfully closing the bidding, the object is sold to the bidder with the highest bid.
Now you have an idea about how easy and efficient it is to carry out a transaction using blockchain and Hyperledger Composer. This is only the beginning, and the example I shared is just a simple one. Hyperledger Composer is much more powerful and can carry complex transactions at an enterprise level.