Commercial paper tutorial

Audience: Architects, application and smart contract developers, administrators

This tutorial will show you how to install and use a commercial paper sample application and smart contract. It is a task-oriented topic, so it emphasizes procedures above concepts. When you’d like to understand the concepts in more detail, you can read the Developing Applications topic.

commercialpaper.tutorial In this tutorial two organizations, MagnetoCorp and DigiBank, trade commercial paper with each other using PaperNet, a Hyperledger Fabric blockchain network.

Once you’ve set up the test network, you’ll act as Isabella, an employee of MagnetoCorp, who will issue a commercial paper on its behalf. You’ll then switch roles to take the role of Balaji, an employee of DigiBank, who will buy this commercial paper, hold it for a period of time, and then redeem it with MagnetoCorp for a small profit.

You’ll act as an developer, end user, and administrator, each in different organizations, performing the following steps designed to help you understand what it’s like to collaborate as two different organizations working independently, but according to mutually agreed rules in a Hyperledger Fabric network.

This tutorial has been tested on MacOS and Ubuntu, and should work on other Linux distributions. A Windows version is under development.

Prerequisites

Before you start, you must install some prerequisite technology required by the tutorial. We’ve kept these to a minimum so that you can get going quickly.

You must have the following technologies installed:

  • Node version 8.9.0, or higher. Node is a JavaScript runtime that you can use to run applications and smart contracts. You are recommended to use the LTS (Long Term Support) version of node. Install node here.
  • Docker version 18.06, or higher. Docker help developers and administrators create standard environments for building and running applications and smart contracts. Hyperledger Fabric is provided as a set of Docker images, and the PaperNet smart contract will run in a Docker container. Install Docker here.

You will find it helpful to install the following technologies:

  • A source code editor, such as Visual Studio Code version 1.28, or higher. VS Code will help you develop and test your application and smart contract. Install VS Code here.

    Many excellent code editors are available including Atom, Sublime Text and Brackets.

You may find it helpful to install the following technologies as you become more experienced with application and smart contract development. There’s no requirement to install these when you first run the tutorial:

  • Node Version Manager. NVM helps you easily switch between different versions of node – it can be really helpful if you’re working on multiple projects at the same time. Install NVM here.

Download samples

The commercial paper tutorial is one of the samples in the fabric-samples directory. Before you begin this tutorial, ensure that you have followed the instructions to install the Fabric Prerequisites and Download the Samples, Binaries and Docker Images. When you are finished, you will have cloned the fabric-samples repository that contains the tutorial scripts, smart contract, and application files.

commercialpaper.download Download the fabric-samples GitHub repository to your local machine.

After downloading, feel free to examine the directory structure of fabric-samples:

$ cd fabric-samples
$ ls

CODEOWNERS            basic-network             first-network
CODE_OF_CONDUCT.md    chaincode                 high-throughput
CONTRIBUTING.md       chaincode-docker-devmode  interest_rate_swaps
Jenkinsfile           ci                        off_chain_data
LICENSE               ci.properties             scripts
MAINTAINERS.md        commercial-paper          test-network
README.md             docs
SECURITY.md           fabcar

Notice the commercial-paper directory – that’s where our sample is located!

You’ve now completed the first stage of the tutorial! As you proceed, you’ll open multiple command windows for different users and components. For example:

  • To show peer, orderer and CA log output from your network.
  • To approve the chaincode as an administrator from MagnetoCorp and as an administrator from DigiBank.
  • To run applications on behalf of Isabella and Balaji, who will use the smart contract to trade commercial paper with each other.

We’ll make it clear when you should run a command from particular command window; for example:

(isabella)$ ls

indicates that you should run the ls command from Isabella’s window.

Create the network

This tutorial will deploy a smart contract using the Fabric test network. The test network consists of two peer organizations and an ordering organization. The two peer organizations operate one peer each, while the ordering organization operates a single node raft ordering service. We will also use the test network to create a single channel named mychannel that both peer organizations will be members of.

commercialpaper.network The Fabric test network is comprised of two peer organizations, Org1 and Org2, each with one peer and its ledger database, an ordering node. Each of these components runs as a Docker container.

The two peers, the peer ledgers, the orderer and the CA each run in the their own Docker container. In production environments, organizations typically use existing CAs that are shared with other systems; they’re not dedicated to the Fabric network.

The two organizations of the test network allow us to interact with a blockchain ledger as two organizations that operate separate peers. In this tutorial, we will operate Org1 of the test network as DigiBank and Org2 as MagnetoCorp.

You can start the test network and create the channel with a script provided in the commercial paper directory. Change to the commercial-paper directory in the fabric-samples:

cd fabric-samples/commercial-paper

Then use the script to start the test network:

./network-starter.sh

If the command is successful, you will see the test network being created in your logs. You can use the docker ps command to see the Fabric nodes running on your local machine:

$ docker ps

CONTAINER ID        IMAGE                               COMMAND                  CREATED             STATUS              PORTS                                        NAMES
321cc489b10f        hyperledger/fabric-peer:latest      "peer node start"        2 minutes ago       Up 2 minutes        0.0.0.0:7051->7051/tcp                       peer0.org1.example.com
ad668671f95f        hyperledger/fabric-peer:latest      "peer node start"        2 minutes ago       Up 2 minutes        7051/tcp, 0.0.0.0:9051->9051/tcp             peer0.org2.example.com
caadbe4d8592        hyperledger/fabric-couchdb          "tini -- /docker-ent…"   2 minutes ago       Up 2 minutes        4369/tcp, 9100/tcp, 0.0.0.0:7984->5984/tcp   couchdb1
ebabe52903b8        hyperledger/fabric-couchdb          "tini -- /docker-ent…"   2 minutes ago       Up 2 minutes        4369/tcp, 9100/tcp, 0.0.0.0:5984->5984/tcp   couchdb0
7c72711c6e18        hyperledger/fabric-orderer:latest   "orderer"                2 minutes ago       Up 2 minutes        0.0.0.0:7050->7050/tcp                       orderer.example.com

See if you can map these containers to the nodes of the test network (you may need to horizontally scroll to locate the information):

  • The Org1 peer, peer0.org1.example.com, is running in container 321cc489b10f
  • The Org2 peer, peer0.org2.example.com, is running in container ad668671f95f
  • The CouchDB database for the Org1 peer, couchdb0, is running in container ebabe52903b8
  • The CouchDB database for the Org2 peer, couchdb1, is running in container caadbe4d8592
  • The ordering node orderer.example.com is running in container 7c72711c6e18

These containers all form a Docker network called net_test. You can view the network with the docker network command:

$ docker network inspect net_test

    {
          "Name": "net_test",
          "Id": "b77b99d29e37677fac48b7ecd78383bdebf09ebdd6b00e87e3d9444252b1ce31",
          "Created": "2020-01-30T23:04:39.6157465Z",
          "Containers": {
              "321cc489b10ff46554d0b215da307d38daf35b68bbea635ae0ae3176c3ae0945": {
                  "Name": "peer0.org1.example.com",
                  "IPv4Address": "192.168.224.5/20",
              },
              "7c72711c6e18caf7bff4cf78c27efc9ef3b2359a749c926c8aba1beacfdb0211": {
                  "Name": "orderer.example.com",
                  "IPv4Address": "192.168.224.4/20",
              },
              "ad668671f95f351f0119320198e1d1e19ebbb0d75766c6c8b9bb7bd36ba506af": {
                  "Name": "peer0.org2.example.com",
                  "IPv4Address": "192.168.224.6/20",
              },
              "caadbe4d8592aa558fe14d07a424a9e04365620ede1143b6ce5902ce038c0851": {
                  "Name": "couchdb1",
                  "IPv4Address": "192.168.224.2/20",
              },
              "ebabe52903b8597d016dbc0d0ca4373ef75162d3400efbe6416975abafd08a8f": {
                  "Name": "couchdb0",
                  "IPv4Address": "192.168.224.3/20",
              }
          },
          "Labels": {}
      }
  ]

See how the five containers use different IP addresses, while being part of a single Docker network. (We’ve abbreviated the output for clarity.)

Because we are operating the test network as DigiBank and MagnetoCorp, peer0.org1.example.com will belong to the DigiBank organization while peer0.org2.example.com will be operated by MagnetoCorp. Now that the test network is up and running, we can refer our network as PaperNet from this point forward.

To recap: you’ve downloaded the Hyperledger Fabric samples repository from GitHub and you’ve got the test network running on your local machine. Let’s now start to play the role of MagnetoCorp, who wish to trade commercial paper.

Monitor the network as MagnetoCorp

The commercial paper tutorial allows you to act as two organizations by providing two separate folders for DigiBank and MagnetoCorp. The two folders contain the smart contracts and application files for each organization. Because the two organizations have different roles in the trading of the commercial paper, the application files are different for each organization. Open a new window in the fabric-samples repository and use the following command to change into the MagnetoCorp directory:

cd commercial-paper/organization/magnetocorp

The first thing we are going to do as MagnetoCorp is monitor the components of PaperNet. An administrator can view the aggregated output from a set of Docker containers using the logspout tool. The tool collects the different output streams into one place, making it easy to see what’s happening from a single window. This can be really helpful for administrators when installing smart contracts or for developers when invoking smart contracts, for example.

In the MagnetoCorp directory, run the the following command to run the monitordocker.sh script and start the logspout tool for the containers associated with PaperNet running on net_test:

(magnetocorp admin)$ ./configuration/cli/monitordocker.sh net_test
...
latest: Pulling from gliderlabs/logspout
4fe2ade4980c: Pull complete
decca452f519: Pull complete
(...)
Starting monitoring on all containers on the network net_test
b7f3586e5d0233de5a454df369b8eadab0613886fc9877529587345fc01a3582

Note that you can pass a port number to the above command if the default port in monitordocker.sh is already in use.

(magnetocorp admin)$ ./monitordocker.sh net_test <port_number>

This window will now show output from the Docker containers for the remainder of the tutorial, so go ahead and open another command window. The next thing we will do is examine the smart contract that MagnetoCorp will use to issue to the commercial paper.

Examine the commercial paper smart contract

issue, buy and redeem are the three functions at the heart of the commercial paper smart contract. It is used by applications to submit transactions which correspondingly issue, buy and redeem commercial paper on the ledger. Our next task is to examine this smart contract.

Open a new terminal in the fabric-samples directory and change into the MagnetoCorp folder to act as the MagnetoCorp developer.

cd commercial-paper/organization/magnetocorp

You can then view the smart contract in the contract directory using your chosen editor (VS Code in this tutorial):

(magnetocorp developer)$ code contract

In the lib directory of the folder, you’ll see papercontract.js file – this contains the commercial paper smart contract!

commercialpaper.vscode1 An example code editor displaying the commercial paper smart contract in papercontract.js

papercontract.js is a JavaScript program designed to run in the node.js environment. Note the following key program lines:

  • const { Contract, Context } = require('fabric-contract-api');

    This statement brings into scope two key Hyperledger Fabric classes that will be used extensively by the smart contract – Contract and Context. You can learn more about these classes in the fabric-shim JSDOCS.

  • class CommercialPaperContract extends Contract {

    This defines the smart contract class CommercialPaperContract based on the built-in Fabric Contract class. The methods which implement the key transactions to issue, buy and redeem commercial paper are defined within this class.

  • async issue(ctx, issuer, paperNumber, issueDateTime, maturityDateTime...) {

    This method defines the commercial paper issue transaction for PaperNet. The parameters that are passed to this method will be used to create the new commercial paper.

    Locate and examine the buy and redeem transactions within the smart contract.

  • let paper = CommercialPaper.createInstance(issuer, paperNumber, issueDateTime...);

    Within the issue transaction, this statement creates a new commercial paper in memory using the CommercialPaper class with the supplied transaction inputs. Examine the buy and redeem transactions to see how they similarly use this class.

  • await ctx.paperList.addPaper(paper);

    This statement adds the new commercial paper to the ledger using ctx.paperList, an instance of a PaperList class that was created when the smart contract context CommercialPaperContext was initialized. Again, examine the buy and redeem methods to see how they use this class.

  • return paper;

    This statement returns a binary buffer as response from the issue transaction for processing by the caller of the smart contract.

Feel free to examine other files in the contract directory to understand how the smart contract works, and read in detail how papercontract.js is designed in the smart contract topic.

Deploy the smart contract to the channel

Before papercontract can be invoked by applications, it must be installed onto the appropriate peer nodes of the test network and then defined on the channel using the Fabric chaincode lifecycle. The Fabric chaincode lifecycle allows multiple organizations to agree to the parameters of a chaincode before the chainocde is deployed to a channel. As a result, we need to install and approve the chaincode as administrators of both MagnetoCorp and DigiBank.

commercialpaper.install A MagnetoCorp administrator installs a copy of the papercontract onto a MagnetoCorp peer.

Smart contracts are the focus of application development, and are contained within a Hyperledger Fabric artifact called chaincode. One or more smart contracts can be defined within a single chaincode, and installing a chaincode will allow them to be consumed by the different organizations in PaperNet. It means that only administrators need to worry about chaincode; everyone else can think in terms of smart contracts.

Install and approve the smart contract as MagnetoCorp

We will first install and approve the smart contract as the MagnetoCorp admin. Make sure that you are operating from the magnetocorp folder, or navigate back to that folder using the following command:

cd commercial-paper/organization/magnetocorp

A MagnetoCorp administrator can interact with PaperNet using the peer CLI. However, the administrator needs to set certain environment variables in their command window to use the correct set of peer binaries, send commands to the address of the MagnetoCorp peer, and sign requests with the correct crypto material.

You can use a script provided by the sample to set the environment variables in your command window. Run the following command in the magnetocorp directory:

source magnetocorp.sh

You will see the full list of environment variables printed in your window. We can now use this command window to interact with PaperNet as the MagnetoCorp administrator.

The first step is to install the papercontract smart contract. The smart contract can be packaged into a chaincode using the peer lifecycle chaincode package command. In the MagnetoCorp administrator’s command window, run the following command to create the chaincode package:

(magnetocorp admin)$ peer lifecycle chaincode package cp.tar.gz --lang node --path ./contract --label cp_0

The MagnetoCorp admin can now install the chaincode on the MagnetoCorp peer using the peer lifecycle chaincode install command:

(magnetocorp admin)$ peer lifecycle chaincode install cp.tar.gz

If the command is successful, you will see messages similar to the following printed in your terminal:

2020-01-30 18:32:33.762 EST [cli.lifecycle.chaincode] submitInstallProposal -> INFO 001 Installed remotely: response:<status:200 payload:"\nEcp_0:ffda93e26b183e231b7e9d5051e1ee7ca47fbf24f00a8376ec54120b1a2a335c\022\004cp_0" >
2020-01-30 18:32:33.762 EST [cli.lifecycle.chaincode] submitInstallProposal -> INFO 002 Chaincode code package identifier: cp_0:ffda93e26b183e231b7e9d5051e1ee7ca47fbf24f00a8376ec54120b1a2a335c

Because the MagnetoCorp admin has set CORE_PEER_ADDRESS=localhost:9051 to target its commands to peer0.org2.example.com, the INFO 001 Installed remotely... indicates that papercontract has been successfully installed on this peer.

After we install the smart contract, we need to approve the chaincode definition for papercontract as MagnetoCorp. The first step is to find the packageID of the chaincode we installed on our peer. We can query the packageID using the peer lifecycle chaincode queryinstalled command:

peer lifecycle chaincode queryinstalled

The command will return the same package identifier as the install command. You should see output similar to the following:

Installed chaincodes on peer:
Package ID: cp_0:ffda93e26b183e231b7e9d5051e1ee7ca47fbf24f00a8376ec54120b1a2a335c, Label: cp_0

We will need the package ID in the next step, so we will save it as an environment variable. The package ID may not be the same for all users, so you need to complete this step using the package ID returned from your command window.

export PACKAGE_ID=cp_0:ffda93e26b183e231b7e9d5051e1ee7ca47fbf24f00a8376ec54120b1a2a335c

The admin can now approve the chaincode definition for MagnetoCorp using the peer lifecycle chaincode approveformyorg command:

(magnetocorp admin)$ peer lifecycle chaincode approveformyorg --orderer localhost:7050 --ordererTLSHostnameOverride orderer.example.com --channelID mychannel --name papercontract -v 0 --package-id $PACKAGE_ID --sequence 1 --tls --cafile $ORDERER_CA

One of the most important chaincode parameters that channel members need to agree to using the chaincode definition is the chaincode endorsement policy. The endorsement policy describes the set of organizations that must endorse (execute and sign) a transaction before it can be determined to be valid. By approving the papercontract chaincode without the --policy flag, the MagnetoCorp admin agrees to using the default endorsement policy, which requires a majority of organizations on the channel to endorse a transaction. All transactions, whether valid or invalid, will be recorded on the ledger blockchain, but only valid transactions will update the world state.

Install and approve the smart contract as DigiBank

By default, the Fabric Chaincode lifecycle requires a majority of organizations on the channel to successfully commit the chaincode definition to the channel. This implies that we need to approve the papernet chaincode as both MagnetoCorp and DigiBank to get the required majority of 2 out of 2. Open a new terminal window in the fabric-samples and navigate to the older that contains the DigiBank smart contract and application files:

(digibank admin)$ cd commercial-paper/organization/digibank/

Use the script in the DigiBank folder to set the environment variables that will allow you to act as the DigiBank admin:

source digibank.sh

We can now install and approve papercontract as the DigiBank. Run the following command to package the chaincode:

(digibank admin)$ peer lifecycle chaincode package cp.tar.gz --lang node --path ./contract --label cp_0

The admin can now install the chaincode on the DigiBank peer:

(digibank admin)$ peer lifecycle chaincode install cp.tar.gz

We then need to query and save the packageID of the chaincode that was just installed:

(digibank admin)$ peer lifecycle chaincode queryinstalled

Save the package ID as an environment variable. Complete this step using the package ID returned from your console.

export PACKAGE_ID=cp_0:ffda93e26b183e231b7e9d5051e1ee7ca47fbf24f00a8376ec54120b1a2a335c

The Digibank admin can now approve the chaincode definition of papercontract:

(digibank admin)$ peer lifecycle chaincode approveformyorg --orderer localhost:7050 --ordererTLSHostnameOverride orderer.example.com --channelID mychannel --name papercontract -v 0 --package-id $PACKAGE_ID --sequence 1 --tls --cafile $ORDERER_CA

Commit the chaincode definition to the channel

Now that DigiBank and MagnetoCorp have both approved the papernet chaincode, we have the majority we need (2 out of 2) to commit the chaincode definition to the channel. Once the chaincode is successfully defined on the channel, the CommercialPaper smart contract inside the papercontract chaincode can be invoked by client applications on the channel. Since either organization can commit the chaincode to the channel, we will continue operating as the DigiBank admin:

commercialpaper.commit After the DigiBank administrator commits the definition of the papercontract chaincode to the channel, a new Docker chaincode container will be created to run papercontract on both PaperNet peers

The DigiBank administrator uses the peer lifecycle chaincode commit command to commit the chaincode definition of papercontract to mychannel:

(digibank admin)$ peer lifecycle chaincode commit -o localhost:7050 --ordererTLSHostnameOverride orderer.example.com --peerAddresses localhost:7051 --tlsRootCertFiles ${PEER0_ORG1_CA} --peerAddresses localhost:9051 --tlsRootCertFiles ${PEER0_ORG2_CA} --channelID mychannel --name papercontract -v 0 --sequence 1 --tls --cafile $ORDERER_CA --waitForEvent

The chaincode container will start after the chaincode definition has been committed to the channel. You can use the the docker ps command to see papercontract container starting on both peers.

(digibank admin)$ docker ps

CONTAINER ID        IMAGE                                                                                                                                                               COMMAND                  CREATED             STATUS              PORTS                                        NAMES
d4ba9dc9c55f        dev-peer0.org1.example.com-cp_0-ebef35e7f1f25eea1dcc6fcad5019477cd7f434c6a5dcaf4e81744e282903535-05cf67c20543ee1c24cf7dfe74abce99785374db15b3bc1de2da372700c25608   "docker-entrypoint.s…"   30 seconds ago      Up 28 seconds                                                    dev-peer0.org1.example.com-cp_0-ebef35e7f1f25eea1dcc6fcad5019477cd7f434c6a5dcaf4e81744e282903535
a944c0f8b6d6        dev-peer0.org2.example.com-cp_0-1487670371e56d107b5e980ce7f66172c89251ab21d484c7f988c02912ddeaec-1a147b6fd2a8bd2ae12db824fad8d08a811c30cc70bc5b6bc49a2cbebc2e71ee   "docker-entrypoint.s…"   31 seconds ago      Up 28 seconds                                                    dev-peer0.org2.example.com-cp_0-1487670371e56d107b5e980ce7f66172c89251ab21d484c7f988c02912ddeaec

Notice that the containers are named to indicate the peer that started it, and the fact that it’s running papercontract version 0.

Now that we have deployed the papercontract chaincode to the channel, we can use the MagnetoCorp application to issue the commercial paper. Let’s take a moment to examine the application structure.

Application structure

The smart contract contained in papercontract is called by MagnetoCorp’s application issue.js. Isabella uses this application to submit a transaction to the ledger which issues commercial paper 00001. Let’s quickly examine how the issue application works.

commercialpaper.application A gateway allows an application to focus on transaction generation, submission and response. It coordinates transaction proposal, ordering and notification processing between the different network components.

Because the issue application submits transactions on behalf of Isabella, it starts by retrieving Isabella’s X.509 certificate from her wallet, which might be stored on the local file system or a Hardware Security Module HSM. The issue application is then able to utilize the gateway to submit transactions on the channel. The Hyperledger Fabric SDK provides a gateway abstraction so that applications can focus on application logic while delegating network interaction to the gateway. Gateways and wallets make it straightforward to write Hyperledger Fabric applications.

So let’s examine the issue application that Isabella is going to use. Open a separate terminal window for her, and in fabric-samples locate the MagnetoCorp /application folder:

(isabella)$ cd commercial-paper/organization/magnetocorp/application/
(isabella)$ ls

addToWallet.js      issue.js        package.json

addToWallet.js is the program that Isabella is going to use to load her identity into her wallet, and issue.js will use this identity to create commercial paper 00001 on behalf of MagnetoCorp by invoking papercontract.

Change to the directory that contains MagnetoCorp’s copy of the application issue.js, and use your code editor to examine it:

(isabella)$ cd commercial-paper/organization/magnetocorp/application
(isabella)$ code issue.js

Examine this directory; it contains the issue application and all its dependencies.

commercialpaper.vscode2 A code editor displaying the contents of the commercial paper application directory.

Note the following key program lines in issue.js:

  • const { Wallets, Gateway } = require('fabric-network');

    This statement brings two key Hyperledger Fabric SDK classes into scope – Wallet and Gateway.M

  • const wallet = await Wallets.newFileSystemWallet('../identity/user/isabella/wallet');

    This statement identifies that the application will use isabella wallet when it connects to the blockchain network channel. Because Isabella’s X.509 certificate is in the local file system, the application creates a new FileSystemWallet. The application will select a particular identity within isabella wallet.

  • await gateway.connect(connectionProfile, connectionOptions);

    This line of code connects to the network using the gateway identified by connectionProfile, using the identity referred to in ConnectionOptions.

    See how ../gateway/networkConnection.yaml and User1@org1.example.com are used for these values respectively.

  • const network = await gateway.getNetwork('mychannel');

    This connects the application to the network channel mychannel, where the papercontract was previously instantiated.

  • const contract = await network.getContract('papercontract');

    This statement gives the application access to the papercontract chaincode. Once an application has issued getContract, it can submit to any smart contract transaction implemented within the chaincode.

  • const issueResponse = await contract.submitTransaction('issue', 'MagnetoCorp', '00001', ...);

    This line of code submits the a transaction to the network using the issue transaction defined within the smart contract. MagnetoCorp, 00001… are the values to be used by the issue transaction to create a new commercial paper.

  • let paper = CommercialPaper.fromBuffer(issueResponse);

    This statement processes the response from the issue transaction. The response needs to deserialized from a buffer into paper, a CommercialPaper object which can interpreted correctly by the application.

Feel free to examine other files in the /application directory to understand how issue.js works, and read in detail how it is implemented in the application topic.

Application dependencies

The issue.js application is written in JavaScript and designed to run in the node.js environment that acts as a client to the PaperNet network. As is common practice, MagnetoCorp’s application is built on many external node packages — to improve quality and speed of development. Consider how issue.js includes the js-yaml package to process the YAML gateway connection profile, or the fabric-network package to access the Gateway and Wallet classes:

const yaml = require('js-yaml');
const { Wallets, Gateway } = require('fabric-network');

These packages have to be downloaded from npm to the local file system using the npm install command. By convention, packages must be installed into an application-relative /node_modules directory for use at runtime.

Examine the package.json file to see how issue.js identifies the packages to download and their exact versions:

  "dependencies": {
    "fabric-network": "~1.4.0",
    "fabric-client": "~1.4.0",
    "js-yaml": "^3.12.0"
  },

npm versioning is very powerful; you can read more about it here.

Let’s install these packages with the npm install command – this may take up to a minute to complete:

(isabella)$ cd commercial-paper/organization/magnetocorp/application/
(isabella)$ npm install

(           ) extract:lodash: sill extract ansi-styles@3.2.1
(...)
added 738 packages in 46.701s

See how this command has updated the directory:

(isabella)$ ls

addToWallet.js      node_modules            package.json
issue.js            package-lock.json

Examine the node_modules directory to see the packages that have been installed. There are lots, because js-yaml and fabric-network are themselves built on other npm packages! Helpfully, the package-lock.json file identifies the exact versions installed, which can prove invaluable if you want to exactly reproduce environments; to test, diagnose problems or deliver proven applications for example.

Wallet

Isabella is almost ready to run issue.js to issue MagnetoCorp commercial paper 00001; there’s just one remaining task to perform! As issue.js acts on behalf of Isabella, and therefore MagnetoCorp, it will use identity from her wallet that reflects these facts. We now need to perform this one-time activity of adding appropriate X.509 credentials to her wallet.

In Isabella’s terminal window, run the addToWallet.js program to add identity information to her wallet:

(isabella)$ node addToWallet.js

done

addToWallet.js is a simple file-copying program which you can examine at your leisure. It moves an identity from the test network sample to Isabella’s wallet. Let’s focus on the result of this program — the contents of the wallet which will be used to submit transactions to PaperNet:

(isabella)$ ls ../identity/user/isabella/wallet/

isabella.id

Isabella can store multiple identities in her wallet, though in our example, she only uses one. The wallet folder contains an isabella.id file that provides the information that Isabella needs to connect to the network. Other identities used by Isabella would have their own file. You can open this file to see the identity information that issue.js will use on behalf of Isabella inside a JSON file. The output has been formatted for clarity.

(isabella)$  cat ../identity/user/isabella/wallet/*

{
  "credentials": {
    "certificate": "-----BEGIN CERTIFICATE-----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\nXf0CSiTXIWOJIsswN4Jp+ZxkJfFVmXndqKqz+VM=\n-----END CERTIFICATE-----\n",
    "privateKey": "-----BEGIN PRIVATE KEY-----\nMIGHAgEAMBMGByqGSM49AgEGCCqGSM49AwEHBG0wawIBAQQggs55vQg2oXi8gNi8\nNidE8Fy5zenohArDq3FGJD8cKU2hRANCAAT4TnTblx0kgfqX+NN7F76Me33VTq3K\n2NUWZRreoJzq6bAuvdDR+iFvVPKXbdORnVvRSATcXsYlt20yU7n/53db\n-----END PRIVATE KEY-----\n"
  },
  "mspId": "Org2MSP",
  "type": "X.509",
  "version": 1
}

In the file you can notice the following:

  • a "privateKey": used to sign transactions on Isabella’s behalf, but not distributed outside of her immediate control.
  • a "certificate": which contains Isabella’s public key and other X.509 attributes added by the Certificate Authority at certificate creation. This certificate is distributed to the network so that different actors at different times can cryptographically verify information created by Isabella’s private key.

You can Learn more about certificates here. In practice, the certificate file also contains some Fabric-specific metadata such as Isabella’s organization and role – read more in the wallet topic.

Issue application

Isabella can now use issue.js to submit a transaction that will issue MagnetoCorp commercial paper 00001:

(isabella)$ node issue.js

Connect to Fabric gateway.
Use network channel: mychannel.
Use org.papernet.commercialpaper smart contract.
Submit commercial paper issue transaction.
Process issue transaction response.{"class":"org.papernet.commercialpaper","key":"\"MagnetoCorp\":\"00001\"","currentState":1,"issuer":"MagnetoCorp","paperNumber":"00001","issueDateTime":"2020-05-31","maturityDateTime":"2020-11-30","faceValue":"5000000","owner":"MagnetoCorp"}
MagnetoCorp commercial paper : 00001 successfully issued for value 5000000
Transaction complete.
Disconnect from Fabric gateway.
Issue program complete.

The node command initializes a node.js environment, and runs issue.js. We can see from the program output that MagnetoCorp commercial paper 00001 was issued with a face value of 5M USD.

As you’ve seen, to achieve this, the application invokes the issue transaction defined in the CommercialPaper smart contract within papercontract.js. This had been installed and instantiated in the network by the MagnetoCorp administrator. It’s the smart contract which interacts with the ledger via the Fabric APIs, most notably putState() and getState(), to represent the new commercial paper as a vector state within the world state. We’ll see how this vector state is subsequently manipulated by the buy and redeem transactions also defined within the smart contract.

All the time, the underlying Fabric SDK handles the transaction endorsement, ordering and notification process, making the application’s logic straightforward; the SDK uses a gateway to abstract away network details and connectionOptions to declare more advanced processing strategies such as transaction retry.

Let’s now follow the lifecycle of MagnetoCorp 00001 by switching our emphasis to an employee of DigiBank, Balaji, who will buy the commercial paper using a DigiBank application.

Digibank applications

Balaji uses DigiBank’s buy application to submit a transaction to the ledger which transfers ownership of commercial paper 00001 from MagnetoCorp to DigiBank. The CommercialPaper smart contract is the same as that used by MagnetoCorp’s application, however the transaction is different this time – it’s buy rather than issue. Let’s examine how DigiBank’s application works.

Open a separate terminal window for Balaji. In fabric-samples, change to the DigiBank application directory that contains the application, buy.js, and open it with your editor:

(balaji)$ cd commercial-paper/organization/digibank/application/
(balaji)$ code buy.js

As you can see, this directory contains both the buy and redeem applications that will be used by Balaji.

commercialpaper.vscode3 DigiBank’s commercial paper directory containing the buy.js and redeem.js applications.

DigiBank’s buy.js application is very similar in structure to MagnetoCorp’s issue.js with two important differences:

  • Identity: the user is a DigiBank user Balaji rather than MagnetoCorp’s Isabella

    const wallet = await Wallets.newFileSystemWallet('../identity/user/balaji/wallet');
    

    See how the application uses the balaji wallet when it connects to the PaperNet network channel. buy.js selects a particular identity within balaji wallet.

  • Transaction: the invoked transaction is buy rather than issue

    const buyResponse = await contract.submitTransaction('buy', 'MagnetoCorp', '00001', ...);
    

    A buy transaction is submitted with the values MagnetoCorp, 00001, …, that are used by the CommercialPaper smart contract class to transfer ownership of commercial paper 00001 to DigiBank.

Feel free to examine other files in the application directory to understand how the application works, and read in detail how buy.js is implemented in the application topic.

Run as DigiBank

The DigiBank applications which buy and redeem commercial paper have a very similar structure to MagnetoCorp’s issue application. Therefore, let’s install their dependencies and set up Balaji’s wallet so that he can use these applications to buy and redeem commercial paper.

Like MagnetoCorp, Digibank must the install the required application packages using the npm install command, and again, this make take a short time to complete.

In the DigiBank administrator window, install the application dependencies:

(digibank admin)$ cd commercial-paper/organization/digibank/application/
(digibank admin)$ npm install

(            ) extract:lodash: sill extract ansi-styles@3.2.1
(...)
added 738 packages in 46.701s

In Balaji’s command window, run the addToWallet.js program to add the identity to his wallet:

(balaji)$ node addToWallet.js

done

The addToWallet.js program has added identity information for balaji, to his wallet, which will be used by buy.js and redeem.js to submit transactions to PaperNet.

Like Isabella, Balaji can store multiple identities in his wallet, though in our example, he only uses one. His corresponding id file at digibank/identity/user/balaji/wallet/balaji.id is very similar Isabella’s — feel free to examine it.

Buy application

Balaji can now use buy.js to submit a transaction that will transfer ownership of MagnetoCorp commercial paper 00001 to DigiBank.

Run the buy application in Balaji’s window:

(balaji)$ node buy.js

Connect to Fabric gateway.
Use network channel: mychannel.
Use org.papernet.commercialpaper smart contract.
Submit commercial paper buy transaction.
Process buy transaction response.
MagnetoCorp commercial paper : 00001 successfully purchased by DigiBank
Transaction complete.
Disconnect from Fabric gateway.
Buy program complete.

You can see the program output that MagnetoCorp commercial paper 00001 was successfully purchased by Balaji on behalf of DigiBank. buy.js invoked the buy transaction defined in the CommercialPaper smart contract which updated commercial paper 00001 within the world state using the putState() and getState() Fabric APIs. As you’ve seen, the application logic to buy and issue commercial paper is very similar, as is the smart contract logic.

Redeem application

The final transaction in the lifecycle of commercial paper 00001 is for DigiBank to redeem it with MagnetoCorp. Balaji uses redeem.js to submit a transaction to perform the redeem logic within the smart contract.

Run the redeem transaction in Balaji’s window:

(balaji)$ node redeem.js

Connect to Fabric gateway.
Use network channel: mychannel.
Use org.papernet.commercialpaper smart contract.
Submit commercial paper redeem transaction.
Process redeem transaction response.
MagnetoCorp commercial paper : 00001 successfully redeemed with MagnetoCorp
Transaction complete.
Disconnect from Fabric gateway.
Redeem program complete.

Again, see how the commercial paper 00001 was successfully redeemed when redeem.js invoked the redeem transaction defined in CommercialPaper. Again, it updated commercial paper 00001 within the world state to reflect that the ownership returned to MagnetoCorp, the issuer of the paper.

Clean up

When you are finished using the Commercial Paper tutorial, you can use a script to clean up your environment. Use a command window to navigate back to the root directory of the commercial paper sample:

cd fabric-samples/commercial-paper

You can then bring down the network with the following command:

./network-clean.sh

This command will bring down the peers, CouchDB containers, and ordering node of the network, in addition to the logspout tool. It will also remove the identities that we created for Isabella and Balaji. Note that all of the data on the ledger will be lost. If you want to go through the tutorial again, you will start from a clean initial state.

Further reading

To understand how applications and smart contracts shown in this tutorial work in more detail, you’ll find it helpful to read Developing Applications. This topic will give you a fuller explanation of the commercial paper scenario, the PaperNet business network, its actors, and how the applications and smart contracts they use work in detail.

Also feel free to use this sample to start creating your own applications and smart contracts!