We consult on blockchain technology, whilst providing smart contract and protocol development expertise to businesses.
Blockchain is a decentralised data source enabling transparent, immutable data that is transactional in nature. By integrating with multiple technologies, data can be read and transactions made across all major networks.
Unlike traditional data sources, blockchain is decentralised across the whole network. In other words, with multiple computers linked to each other, they are all responsible for holding and sharing the data available on the blockchain. There is no central source of truth, meaning the technology must be proactively maintained to be robust, trustless, and secure.
Blockchain data is transactional in nature, and therefore cannot be changed. This property is called immutability (opposite of mutable). Being transactional means that data is stored in an initial state, with any changes tracked thereafter. This behaves similar to a “track changes” feature in a text document, holding the initial state and tracking changes since the data’s inception. Prior transactional information cannot be changed based on the properties of the blockchain, which is why it retains immutability, and consequently the capability of being decentralised.
Decentralisation means the data on the blockchain is transparent. If we consider traditional means of storing data, information presides on a single database, enabling privacy of the information. With blockchain also causing a paradigm shift to improving transparency in industries where trust is lacking, the need for transparency of certain data sets is becoming increasingly relevant from the perspective of corporate social responsibility.
We work with our clients to both develop smart contracts within existing blockchain networks, and to create custom protocols using distributed ledger technology.
To learn more, please contact us.