What Is Hyperledger Consensus Mechanism In Blockchain?
Hyperledger Consensus Mechanism Explained
It is a modular, general-purpose framework with distinct identity management and access control features that make it suitable for a wide range of industry applications such as supply chain tracking, trade finance, loyalty and rewards, and clearing and settlement of financial assets.
The hyperledger consensus mechanism is a multilayered mechanism designed to achieve reliability in a network involving multiple unreliable nodes, which function in three phases:
It is driven by policy, a certain number of signatures are achieved and the transaction is endorsed.
The endorsed transaction is accepted and then committed to the ledger.
The committed transaction is validated and approved.
This mechanism currently finds its use to achieve agreement on a single data value among distributed processes or systems.