Blockchain FAQ

Cryptocurrency is an application that resides on a blockchain. It is a digital or virtual currency, secured by cryptography. This makes it nearly impossible to counterfeit or double-spend.

A blockchain consists of blocks. Transactional data is stored in blocks all linked together to form a chain. Each block contains its hash, data and hash of previous block linked to it. This ensures that data cannot be altered by inserting data or new blocks. It is immutable.

These blocks are stored on nodes. Nodes all synchronise with each other and create a distributed store of immutable information.

- Smart Contracts:

Smart contract are executable code that reside on the blockchain. Similar to a every day contract, it has terms of an agreement. When these terms are met the code executes.

These smart contracts allow companies like Fluidity Software Solutions to develop decentralised applications and tokens.

- Distributed Ledger Technology:

The distributed store of immutable information is called a distributed ledger. There is no requirement to duplicate this information as per the normal business practice as this occurs naturally. Any user of the blockchain has total access to these immutable transactional records.

- Immutable Records:

All records written to the blockchain cannot be altered at all.

- Blockchain-as-a-Service (Baas):

Baas is a cloud-based solution that leverages custom-made smart contracts available to its subscribers.

- Decentralized applications (Dapps):

Decentralized applications are applications that leverage their functionality from smart contracts. This includes decentralized finance applications (DeFfi).

- Decentralized finance applications (DeFi):

Decentralized finance applications provide financial functionality to cryptoholders i.e. savings, loans, insurance as an example.

On average, FSS would develop a fully functional MVP within 3 months to complete. As a Saas Development partner we would help define concepts ideas, business goals, prototyping, before deciding on the blockchain to use.

Any blockchain project has a similar structure like all software development projects. Solving a set of problems.

Once the problem set has been overcome, then the discussion is determining on which infrastructure to build the solution. Is there a blockchain that provides this infrastructure?

An MVP is then determined and development starts.

All business require a robust platform to exist upon. How fast can accurate information be processed and consumed? The faster the information is presented, the faster a business can pivot.

Blockchain provides this to you, out the box. Information that is written to the chain is immutable and transparent to trusted network employees. This givs you the ability to track the production of goods, orders and payments, quickly and accurately.