What is Blockchain?
Blocklime specialises in using blockchain technology to build applications. Why blockchain? Blockchain is decentralised and transparent that acts as a distributed ledger that stores transaction data. Each transaction is verified by multiple parties therefore ensures that the data is immutable before permanently stored in the network.
What is Distributed Ledger Technology (DLT)?
Distributed ledger technology (also known as shared ledger or DLT) is a term describing technology that records and distributes data and information in either a public or private network. It has no central data store therefore relies on consensus in order to verify every item in the system. We believe this is a revolutionary way of how record-keeping is being done and managed.
So what is the difference between Blockchain and DLT? Blockchain is a form of Distributed Ledger Technology, a subcategory under an umbrella term. The two are sometimes used interchangeably.
TYPES OF BLOCKCHAIN WE CAN BUILD
A public blockchain is also called a permissionless blockchain network. As the name suggests, it allows anyone to join and maintain the network. Have you heard of bitcoin or ethereum? Those are examples of large public blockchains. All transactions are open and public. In Blocklime, we work more on public permissioned blockchain.
We also work on private blockchains. A private or permissioned blockchain network is where participants are decided by the network creator, or a set of rules made by the network creator. Transactions on a private blockchain cannot be seen without permission, and varying levels of permission can be granted. The speed of transaction is often faster as there is less data to be processed.
A consortium blockchain is one where the consensus process is controlled by a predetermined group of nodes. For example, there may be a consortium of 3 companies, each running a node, and at least 2 must sign each block for a block to be valid. The right to view the blockchain may either be public or private. These blockchains are partially decentralized.
Customized Blockchain development
In many cases, to decide on what type of blockchain is needed, we understand who is using it and what it is for. Contact us today and we can discuss building you a blockchain that fits your exact needs and use case.
- Custom encryption methods
- Custom data storage methods
- Node permissioning
- Membership permissioning
- Custom blockchain structure
- Blockchain R&D
Tools and Technologies
Blockchain development with existing protocols and toolkits including:
What is Smart Contract?
Smart contracts, also known as digital or self executing contracts, are basically contracts in the form of computer code that are typically stored and replicated on the blockchain. They allow the exchange of assets, properties, shares and anything of value without the need for a middleman.
Did you know? With the blockchain backing up smart contracts, there is less room for error than handwritten contracts. Not only that, they tend to be cheaper and faster than normal contracts as they are automated.
But How are Smart Contracts different from normal code?
First of all, code for smart contracts are usually able to be seen by all and have a high level of transparency. This allows for easier auditing and ensuring smart contract code is safe and does what it is meant to do.
Furthermore, smart contract code is usually immutable and very very hard to update once deployed. This means that the creator of the smart contract cannot easily make changes once the contract is activated.
Possible application of Smart Contracts
While the possible applications of smart contracts are endless, here are some very obvious use cases:
- Elections - Transparency and immutability would guarantee fair and clean voting.
- Real estate - both renting and selling/buying properties could be simplified with the usage of smart contracts.
- Wills - transfer of wealth after death could automatically happen through smart contracts, without the need for a lawyer.
If you have an interesting use case for a need for smart contracts, talk to us today.
Smart Contract Auditing
A Smart Contract audit is an important part of the process to mitigate security risks by investigating the codes to find security flaws and vulnerabilities before deployment.The auditing process includes these three steps:
- Running smart contract through auditing tools to identify risks
- Custom tests providing the highest code coverage possible
- Documentation of smart contract review
One of the first steps in preventing attacks is to perform a “penetration test”, which essentially is an attempt to breach your system or network to uncover potential weaknesses that could be exploited.
The process includes:
- Reconnaissance - To gather information on tiny details about your system
- Scanning - Using automated tools to pinpoint known or potential vulnerabilities
- Manual Review - In-depth manual exploration to discover holes and behavior issues that other tools won't find
- Risk Assessment - Each issue documented is given a “Risk score”
- Report - Generate report detailing issues and recommended steps
If you would like to do a Smart Contract Audit, contact us below.
What are dApps?
dApps, which stands for decentralised applications, are open-source applications that run on a blockchain such as Ethereum, NEO or EOS. dApps typically have a cryptographic algorithm showing proof of value.
Why should I want a dApps?
There are many advantages to having a dApp over a normal app. Firstly, code can be viewed publicly and audited, meaning increased trust will be gained from users. Secondly, it is easy to do payment processing rather than going through a credit card processor.
Furthermore, instead of having a one centralized database, there are many other options such as IPFS or decentralized cloud file storages, which give a layer of security from attacks centralized databases do not have.
Are there actual working dApps live today?
Augur is a decentralized prediction market platform that fully launched in July 2018, where you can bet on the results of all sorts of things such from the US elections to World Cup games.
Cryptogames is a gambling platform where users can play a variety of games wagering certain cryptocurrencies.
Cryptokitties is a game where users can breed, buy and sell kittens. The most expensive kitten has sold for over $100,000!
For more information on dapps, have a look at Dapp.com
What are Cryptocurrency wallets?
Cryptocurrency wallets are a way for users to send and receive cryptocurrencies. Wallets contain a public key (similar to a bank account number) and private key (similar to a bank account pin). Some cryptocurrency wallets also show transaction history.
There are many different types of wallets, and their features are usually a tradeoff between convenience and security. For example, exchange wallets are very convenient because you can trade cryptocurrency instantly, but you do not have access to your own private keys, and risk the exchange getting hacked. On the other hand, writing down your keys on a piece of paper and storing it somewhere safe is very secure but inconvenient. There are other mobile, web and hardware solutions that are less extreme solutions than a paper or exchange wallet.
Blocklime offers wallet development and integration, with multi-signature software/hardware storage options. Furthermore, multi-currency wallets can be developed as an additional feature for an exchange.
What are Cryptocurrency Exchanges?
Exchanges are essentially a platform for users to trade cryptocurrencies, either for other cryptocurrencies or for fiat currencies. There are two main types of exchanges, decentralised and centralized.
A decentralised exchange is managed by smart contracts or escrow rather than a third party service. All transactions happen on the blockchain itself and no-one has control over the data except users.
A centralised exchange involved an entity that oversees and runs the exchange. Centralized exchanges normally require KYC (know your customer) procedures before trading is allowed.
Support and Maintenance
The blockchain technology is an entirely new type of technology that gives us something that defines a new meaning in trust and how we establish consensus amongst multiple parties. Therefore, we offer support for your business and developers on figuring out the best use case for the technology and provide maintenance for extensive periods of time after product launch. We also offer extended contract deals, team training and upgrades of features. Contact us to know more.