The Whole App in a Blockchain
A smart contract describes the make-up of a blockchain transaction. The contract defines the actors in a transaction (e.g. Bitcoin accounts), the logic (e.g. transfer cryptocurrency from one account to another), and the data (e.g. update the values in each account following the transactions).
Cryptocurrency Smart Contract
Initially smart contracts only included the logic for cryptocurrency transfer between accounts.
Asset Smart Contract
Next came the representation of an asset on a blockchain, with blockchain transactions representing transfer of asset ownership between account.
Open Smart Contract
More recently we’ve seen the emergence of smart contracts that are completely flexible, and can be defined by the application developer. The Ethereum virtual machine (EVM) with its Turing-complete smart contract code is the finest example of this.
This final piece is a revolution. Why? Because it allows full blown apps to be developed and deployed on-chain.
Why is this important? Convenience, simplicity, elegance.
The need to use a Blockchain to solve a problem usually stems from a requirement to hold a transaction or at least a reference to it in an immutable ledger agreed through consensus.
Asset-based blockchains allow you to store a reference — usually in the form of a hash — to the original data or asset. This is great for proof of ownership of the asset or data — but it is very inconvenient. The reason? Because the data related to the transaction needs to be stored in a seperate data store.
Let’s take an example. Let’s say you have a mortgage conveyancing process that you would like represented on a Blockchain.
With an asset based Blockchain all of the data related to the mortgage would need to reside outside the Blockchain — you could keep a hash of that data or a reference to it in a Blockchain transaction. That would enable anyone to check that the transaction does indeed refer to that data. However, it doesn’t enable the other parties in the Blockchain to retrieve that data — because the data itself is not actually stored in the Blockchain.
In the mortgages example — a bank might create a mortgage smart contract and expect the seller and buyer to transact with that contract. With an asset based Blockchain the buyer and seller would need to access the data outside the Blockchain, update it outside the Blockchain and then put a reference of their change (e.g. their approval of the mortgage agreement) into the Blockchain. There would need to be a shared data store outside the Blockchain that holds the actual mortgage contract data. That data store would need to be shared and synchronised between the parties participating in the Blockchain. That’s not a trivial task.
Blockchain as a Synchronized Datastore
But wait a minute? Isn’t that what the Blockchain does already? Hold a data store that is synchronised and agreed between the participating parties? Why not use the Blockchain itself to hold and distribute all of the data, rather than just a reference to that data?
Smart Contract Blockchains
With a full smart contract solution (e.g. Ethereum, Tendermint) — the mortgage data resides in the Blockchain. It is an integral part of the transactions — and this provides a far simpler, more elegant design, where there is no need for an external shared data store.
The Blockchain IS the data store.
Applied Blockchain has a team of highly skilled in-house developers who have built full stack blockchain applications for many years. To date, we have built end-to-end blockchain solutions, including mobile applications with biometrics and wallets, enterprise blockchain adapters, blockchain data cache for analytics, private, permissioned smart contracts, as well as public blockchain contracts and a token issuance platform. We have worked with both enterprises and startups across banking, wealth management, trade finance, property, aviation, recruitment and legal sectors. We are blockchain agnostic.
We are headquartered at the Level39 Fintech Accelerator in Canary Wharf, London, but we operate globally: the UK, Switzerland, Netherlands, Australia, China, USA and South America.
Through building several real-world, solutions for startup clients, our team has hands-on experience in using the technology and building full end-to-end solutions for a number of use cases across a number of sectors. Simultaneously working with enterprise clients means we also build in line with corporate requirements for components such as security, privacy and interoperability, hardening our technology stack and factoring scale in from the architectural design stage.
Yes, we work closely with our clients to develop and refine the scope of work, from the inception of the idea through to the public launch of the entire solution. Adi Ben-Ari, Applied Blockchain's CEO and Chief Architect, has over 20 years working in enterprise IT across Telecoms and Banking and is well versed in the end-to-end project management of large and complex strategic implementation programmes.
Our team operates with an agile methodology and builds solutions with quick turnaround, usually completing a proof of concept or minimum viable product solution within 6-12 weeks, excluding any last minute client changed. Subsequent stages leading to fully functional solutions deployed to production environments typically take a number of months to complete.
Yes, we have delivered blockchain training workshops for many business clients to explain the principles of blockchain and its use cases.
Yes, if required. Although our agile approach lends itself better to having our developers working at their leisure. In any case, we schedule periodic meetings with our clients to provide project updates and peace of mind, to the high standards our clients rightly expect.
All our engagements begin with a complimentary consultation to explore the business proposition and the use case for blockchain. Use our contact form to send us a message and we will get back to you as soon as possible.