Unlocking the Potential of Blockchain
At Sate devlopment, we develop, maintain and evaluate blockchain and cryptocurrency related products and web services and provide long-term assistance and advice on related technological and operational matters for our partners worldwide. You'll find the full spectrum of blockchain technology in one company, as our teams operate in multiple disciplines. This includes low level kernel optimization in hardware near mining operation and data centre build outs. We also actively develop financial trading frameworks and web services operating on top of the blockchain, whilst creating beautiful and intuitive UI/UX.
Optimize your business case with blockchain technology.
Explore tailor-cut products and services for your business.
Dive into the blockchain architecture and investigate its potential.
Blockchain Technology FAQs
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.
A Smart Contract is a 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.
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).
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.
Mining is use as 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.
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.
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.