Improving Smart Contract Transaction Performance in Hyperledger Fabric

Abstract

Block chain is a time-stamped series of records of data that cannot be altered and is managed by a cluster of systems not owned by a single person, company, or entity. A chaincode, also known as a smart contract, is a digital code that controls the transfer of cryptocurrencies or assets directly, among the parties under specific conditions. A major drawback with regards to Blockchain as a technology is the fact that its transaction speed is less compared to the centralized system.In the future, for Blockchain technology to be accepted in industries, there is a need for improvement with regards to the speed.To counter this drawback, we have come up with this paper in which an approach to increase the speed of transactions by changing the current Hashing Algorithm (SHA3) in the Hyperledger Fabric to Blake3 has been done.