IBM Adds Decentralized Smart Contract Management to Its Blockchain Platform

IBM is upgrading its enterprise blockchain solution to provide customersthe possibility of decentralized management and changes in the parameters of smart contracts.

IBM Blockchain Platform Adds SupportHyperledger Fabric 2.0 which, according to the company, will "significantly improve" the overall security and usability of the platform. The company said on its blog that the update will completely change the management of smart contracts for the platform, as well as increase its performance and data privacy.

“IBM Blockchain Platform will supportHyperledger Fabric 2.0 will continue to add additional features as part of the new decentralized life cycle management of smart contracts, as well as other improvements. In addition, the platform will allow the user to choose which version of Fabric to deploy and upgrade from one version to another, ”said IBM.

In the existing version of Hyperledger Fabric 1.0 smart contract management is largely centralized. The ability to offer new parameters is reserved for one object, while other parties are faced with the choice: either accept them as they are, or completely abandon them and leave the current transaction.

Linux Foundation says HyperledgerFabric 2.0 will add a decentralized model in which several parties can propose and change parameters before they become active in the transaction channel. Updating the protocol also means that the party proposing the changes cannot simply activate the new parameters at its discretion - other participants in the transaction must approve the update in advance.

IBM said integration with Hyperledger Fabric2.0 "is in full swing", but did not disclose the date of the official launch of the new version. Recall that IBM launched its blockchain platform in early 2017. In addition, in March, technology giants Oracle and IBM announced that they were working on the compatibility of their blockchains and logistics projects based on Hyperledger Fabric.

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