Blockchain (chain of blocks) is a system for storing and transmitting information in sequential chains of transaction blocks. Blocks are included in a single database, automatically updated with each new transaction.
In simple terms, a blockchain is a database that simultaneously works on thousands of computers (nodes) so that each of them always contains the most up-to-date information. Thanks to this, decentralization is achieved. That is, there is no "main server", as we are used to seeing it.
The main principle is the transparency of all transactions (each participant can view any transaction at any time) with the impossibility of changing them over past periods. Each block in this database contains information about the previous block. Therefore, it is impossible to change the information in a separate block, "backdating", since this will affect all earlier blocks up to the very first one.
At the stage of its appearance, blockchain technology was used exclusively for cryptocurrency, and a little later, it was adopted by some banking structures. However, in its development today, the new system penetrates our daily life quite profoundly. For example, platforms for developing business applications based on blockchain technology can even control copyright compliance, tracking the production processes of a particular product for its compliance with the declared standards, not to mention absolutely all financial transactions.
Private and public blockchains
A public blockchain's advantage comes from its user community acceptance. In addition, we use existing blockchain platforms such as Ethereum to develop decentralized applications, also known as DApps.
For companies needing security and privacy that offer private blockchains, we can create a custom blockchain solution to suit your needs. In addition, customizable DApps on your private blockchain allow you to manage financial records, build contracts, control inventory, track logistics, and more.
The result of our work
- Compilation of documentation for the implementation of business requirements and selection of solutions;
- Selecting encryption methods and algorithms for keys and addresses;
- Creation of the basic architecture of deterministic and non-deterministic wallet clients;
- Processing input and output transactions;
- Mathematical justification and verification of digital signatures;
- Interaction of blockchain addresses and balances;
- Write output as RETURN;
- Protection of time blocks from illegal receipt of royalties;
- Conditional expressions and script execution flow controls;
- Development of peer-to-peer network architecture;
- Developing the architecture of node types and roles;
- Implementation of full nodes and nodes with simplified validation;
- Algorithms and mechanisms for encrypting and protecting nodes;
- Authentication and encryption of nodes in a peer-to-peer network;
- Create block structure;
- Decentralized consensus selection;
- Mining and reward settlements;
- Checking the correctness of new blocks in the network;
- Preventing attacks on the network from spam;
- Working out the behavior of the network in the case of stable and unstable forks;
- The system of notifications and protocols in the network for the interaction of nodes;
- Developing payment and status channels;
- Launching the first nodes and then testing the network.