A Comprehensive Performance Analysis of a Hyperledger Fabric-powered Blockchain Network for Cross-Border Fund Transfers

Abstract

Ample acceptance of Blockchain Technology in today's business world has increased number of use cases tremendously beyond cryptocurrencies for which it was originally developed. Hyperledger Fabric, as an enterprise-grade permissioned Blockchain platform, offers a secure and scalable infrastructure for diverse applications, including financial services. Since performance evaluation of the platform play major role in acceptability of the technology for various applications, in this research article we are presenting a comprehensive performance analysis of the Hyperledger Fabric Blockchain platform with the help of standard benchmarking tool-Hyperledger Caliper for Cross-Border Fund Transfer (CBFT) application and results are validated using existing queuing theory based theoretical model for Hyperledger Fabric. The primary objective of this study is to evaluate the most popular Blockchain platform's performance under various workloads and network conditions. By capturing the interactions between network participants and consensus mechanisms, we have presented latency analysis along with the insights into the platform's scalability and efficiency. This research contributes to a deeper understanding of Blockchain technology and aids in the design of more efficient and robust Blockchain-based applications.