Frequently Asked Questions
Below we’ve provided a bit of background on Applied Blockchain, blockchain technology, cryptocurrencies, mining and smart contracts. If you have any other questions, please get in touch directly with our team using the contact form below.
Applied Blockchain FAQs
What is your blockchain solutions experience?
Applied Blockchain has a team of 8 in house developers that have been building the full stack of blockchain solutions for two years. To date, we have built 10 end-to-end blockchain solutions, including mobile applications with biometrics and wallets, enterprise blockchain adapters, blockchain data cache for analytics, and private, permissioned smart contracts. We have worked with both enterprises and startups across banking, wealth management, trade finance, property, aviation, recruitment and legal sectors.
In which countries do you operate?
We are based out of the Level39 Fintech Accelerator in Canary Wharf, London, but we operate globally. We have experience building blockchain solutions for both corporates and startups in the UK, Switzerland, Australia, China, USA and South America.
How are you different to a (big) consulting firm?
Through building several real world, public domain solutions for startup clients, our team have the hands on experience in using the technology and building several 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 corporates requirements for components such as security, privacy and interoperability, hardening our technology stack and factoring scale in from the architectural design stage. For our startup clients, we sometimes also offer partnership opportunities with a range of benefits for early stage companies.
Is there support at the implementation stage?
Yes, we work closely with our clients to develop and refine the scope throughout the engagement, from inception of the idea through to the public launch of the full solution. Adi Ben-Ari, Applied Blockchain CEO and Chief Architect, has over 20 years working in enterprise IT across Telecoms and Banking, so is well versed in the end-to-end project management of large and complex strategic implementation programmes.
How long is a typical project?
Our team operate with an agile methodology and build solutions with quick turnaround, usually completing a proof of concept or minimum viable product solution within 6-12 weeks.
Do you provide training?
Yes, we have delivered blockchain training workshops for many corporate clients to explain the principles of blockchain and its use cases to c-level executives and directors. We have worked with institutions such as the British Bankers Associate, Siemens and Lloyds Banking Group.
Is your team available to work at the client site?
Yes, if required. Although our agile approach lends itself better to having our developers working around the same table. In any case, we schedule weekly or fortnightly update meetings with our clients to provide peace of mind that the project is being delivered on schedule and to the high standards our clients rightly expect.
How do we know if blockchain is right for us?
All our engagements begin with a complimentary consultation to explore the business proposition and the use case for blockchain. Use the contact form below to send us a message and we will get back to you as soon as possible.
Blockchain Technology FAQs
What Is Blockchain?
Blockchain is the core technology behind bitcoin. At its heart is a distributed data store. Anyone who participates in the blockchain network has their own data store that stores all of the transactions that ever happened on the network (this is also known as the distributed ledger).
Entries are stored within a cryptographic chain of blocks. At every stage, the network of participants must agree about the latest block of transactions. Agreement is reached through a process of majority consensus, eliminating duplicate entries, double spending etc. This process and the cryptographic layering of the blocks makes the agreed blockchain irreversible and immutable. The ‘history’ of events within the blockchain cannot be modified by any one of the participants without majority consensus from the group.
What Is A Private Blockchain?
Private blockchains are deployed either within an organisation, or shared between a known group of participants. Private blockchains can be limited to a predefined set of participants. In this case, no one else can access the blockchain or the data residing in the blockchain. These blockchains can be secured in a similar way to securing other integrated enterprise applications (e.g. firewalls, VPN etc).
What Is A Smart Contract?
A Smart Contract is code that is deployed to the blockchain. Each smart contract contains code that can have a predefined set of inputs. Smart contracts can also store data. Following the distributed model of the blockchain, smart contracts run on every node in the blockchain, and each contract’s data is stored in every node. This data can be queried at any time. Smart Contracts can also call other smart contracts, enforce permissions, run workflow logic, perform calculations etc. Smart contract code is executed within a blockchain transaction – so the data stored as a result of running the smart contract (i.e. the state) is part of the blockchain’s immutable ledger.
What Is A Private Blockchain App?
A private blockchain app is a combination of one or more Smart Contracts, and some client code to call and present the application interface to a user. We’re developing apps using node.js, and these can be presented as web applications that run in any browser.
What About Mining?
Mining is used a proof of work for participants in the blockchain. Whenever a block of transactions is to be agreed, every participating node attempts to ‘mine’ the block (a mathematical algorithmic process that requires extensive CPU capacity). In public blockchains successful mining is rewarded with a cryptocurrency token.
Is Mining Relevant To Private Blockchains?
Mining, and the resulting cryptocurrency tokens may not be required in private blockchains, where the parties are already trusted (in the sense that you know who they are – we still might not trust them when it comes to attempting to modify the transaction history). Mining would simply use up costly CPU resource for no gain. Blocks could still be created and agreed by consensus without the CPU overhead of processing artificially difficult algorithms created to prevent a 51% attack.
What About Cryptocurrency?
We’re not interested in cryptocurrency. Our solutions involve private blockchains that are not connected to cryptocurrency blockchains (Bitcoin, Ethereum).
How Is This Related To Ethereum?
Ethereum is a group of incredibly smart individuals who have developed the next generation of blockchain and cryptocurrency. The Ethereum project involves a large single network (much like Bitcoin), and runs on a cryptocurrency that can be mined (Ether). We are looking at deploying private networks of the Ethereum blockchain (or similar) within organisations, or across small predetermined groups of organisations.
If you would like further information about blockchain application development services, send us a message and we will be in touch.
We’re a rapidly growing team, so if you want to work with a dynamic group of people on a technology that is set to change the world, then send us a message with your background and why you think you would make a good fit.
Applied Blockchain Ltd is a company based out of Level39, One Canada Square, Canary Wharf, E14 5AB.