Blockchain Die nächste digitale Revolution · Intangible assets subdivide Cash is also an asset...

1© 2017 IBM Corporation

Blockchain

benedikt.klotz@at.ibm.com8. Juni 2017

Die nächste digitale Revolution

Vision of Satoshi Nakamoto, creator of Bitcoin

“With e-currency based on cryptographic proof, without the need to trust a third party middleman,

money can be secure and transaction effortless“

Nakamoto’s Whitepaperbitcoin.org/bitcoin.pdf

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Contents

is Blockchain?

is it relevant

for our business?

can IBM help

us apply Blockchain?

5

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What are Assets?

Two fundamental

types of asset

Intangible assets

subdivide

Cash is also

an asset

– Tangible, e.g. a house

– Intangible, e.g. a mortgage

– Financial, e.g. bond

– Intellectual, e.g. patents

– Digital, e.g. music

– Has property of anonymity

Anything that is capable of being owned or controlled to produce value, is an asset

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… inefficient, expensive, vulnerable

Insurer records

Auditor records

Regulator records

Participant A’s records

Bank records

Participant B’s records

The Problem …

8© 2017 IBM Corporation … with consensus, provenance, immutability and finality

Blockchain A shared replicated, permissioned ledger…

Key Advantages of Blockchain:

Decentralized Storage of Transactions

Elimination of intermediaries

Transparency

Immutability of Transactions

Simplicity of Use

Easy Verification of Transactions

Improved Trust and Security

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– Ledger is THE system of record for a business.

Business will have multiple ledgers for multiple business networks in which they participate.

– Transaction – an asset transfer onto or off the ledger

• John gives a car to Anthony (simple)

– Contract – conditions for transaction to occur

• If Anthony pays John money, then car passes from John to Anthony (simple)

• If car won't start, funds do not pass to John (as decided by third party arbitrator) (more complex)

Terms

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Requirements of blockchain for business

Append-only

distributed system of

record shared across

business network

Business terms

embedded in

transaction database

& executed with

transactions

Transactions are

endorsed by

relevant

participants

Ensuring appropriate

visibility; transactions are

secure, authenticated

& verifiable Privacy

Shared

ledgerSmart

contract

Trust

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• Shared between participants

• Participants have own copy through replication

• Permissioned, so participants see only appropriate transactions

• THE shared system of record

Records all transactions across business network

Shared ledger

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Smart contract

• Verifiable, signed

• Encoded in programming language

• Example:

– Defines contractual conditions under which corporate Bond transfer occurs

Business rules implied by the contract … embedded in the Blockchain

and executed with the transaction

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Privacy

• Participants need:

– Appropriate confidentiality between subsets of participants

– Identity not linked to a transaction

• Transactions need to be authenticated

• Cryptography central to these processes

The ledger is shared, but participants require privacy

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Trust

• Participants endorse transactions

– Business network decides who will endorse transactions

– Endorsed transactions are added to the ledger with appropriate confidentiality

• Assets have a verifiable audit trail

– Transactions cannot be modified, inserted or deleted

• Achieved through consensus, provenance, immutability and finality

The ledger is a trusted source of information

Security: Public vs. private blockchains

• Some use-cases require anonymity, others require privacy

– Some may require a mixture of the two, depending on the characteristics of each participant

• Most business use-cases require private, permissioned blockchains

– Network members know who they’re dealing with (required for KYC, AML etc.)

– Transactions are (usually) confidential between the participants concerned

– Membership is controlled

15

• For example, Bitcoin

• Transactions are viewable by

anyone

• Participant identity is more

difficult to control

Public blockchains Private “permissioned” blockchains

• For example, Hyperledger

Fabric

• Network members are known

but transactions are secret

16© 2017 IBM Corporation

Contents

is Blockchain?

is it relevant

for our business?

can IBM help

us apply Blockchain?

16

17© 2017 IBM Corporation

Blockchain benefits

Savestime

Removescost

Reducesrisk

Increasestrust

Transaction time

from days to near

instantaneous

Overheads and

cost intermediaries

Tampering, fraud

& cyber crime

Through shared

processes and

recordkeeping

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Typical Blockchain adoption patterns

COMPLIANCE

LEDGER

CONSORTIUM

SHARED LEDGER

ASSET

EXCHANGE

HIGH VALUE

MARKET

• Created by a small set of participants• Share key reference data• Consolidated, consistent real-time view

• Sharing of assets (voting, dividend notification)• Assets are information, not financial• Provenance & finality are key

• Transfer of high value financial assets• Between many participants in a market• Regulatory timeframes

• Real-time view of compliance, audit & risk data• Provenance, immutability & finality are key• Transparent access to auditor & regulator

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Financial Public Sector Retail Insurance Manufacturing

Trade Finance

Cross currency payments

Mortgages

Asset Registration

Citizen Identity

Medical records

Medicine supply chain

Supply chain

Loyalty programs

Information sharing (supplier –retailer)

Claims processing

Risk provenance

Asset usage history

Claims file

Supply chain

Product parts

Maintenance tracking

Potential use casesFurther examples by (selected) industry

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Low liquidity securities

trading and settlement

Cross Border

Supply Chain

Contract

Management

FX Netting Settlements through

digital currency

Identity management

Food Safety Private Equity Channel Financing

Selected References

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What?

• Ninety percent of goods in global trade are carried by the ocean

shipping industry each year. Costs associated with trade

documentation processing and administration are estimated to be

up to one-fifth the actual physical transportation costs.

How?

• A new blockchain solution from IBM and Maersk will help manage

and track the paper trail of tens of millions of shipping containers

across the world by digitizing the supply chain process.

Benefits

1. Enhance transparency and the highly secure sharing of

information among trading partners and customs officials.

2. Reduce fraud and errors, reduce the time products spend in the

transit and shipping process, improve inventory management

and ultimately reduce waste.

3. Potential to save the industry billions of dollars.

Cross Border Supply Chain

© 2017 IBM Corporation

Global Financing: Dispute Resolution

What?

• IBM Global Finance provides a $41bn channel financing per year. There are a number of disputes that take time to resolve and can lock up transactions costing time and money

How?

• Blockchain provides visibility and provenance

end-to-end across supply chain

Benefits

1. Reduced dispute resolution time by 75%

2. Released working capital from $100m

3. Combine IGF and Supplier info to further expand benefits further

4. In production since Sept 2016

© 2017 IBM Corporation 23Page

Contents

is Blockchain?

is it relevant

for our business?

can IBM help

us apply Blockchain?

23

24© 2017 IBM Corporation

How IBM can help

Technology

Hosting and Support

Making blockchain real

for clients

High Security

Business NetworkIBM Bluemix

EngagementGarages

Hyperledger

Fabric

Hyperledger

Composer

www.hyperledger.org

25© 2017 IBM Corporation

Hyperledger Members

AssociateSource: https://www.hyperledger.org/about/membersUpdated April 2017

Premier

General

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Why Hyperledger Fabric?

Open Governance (Linux Foundation)

Anyone can join or contribute

Built from the ground up for enterprise

With a maturity model to help companies move to production

Performance

Supports up to 1000 tps*

Confidentiality and privacy

Built-in channels for isolation and membership services for signing and

encryption. Supports IBM High Security Business Network.

Modularity and flexibility

Choice of consensus algorithms and programming languages

27© 2017 IBM Corporation

Hyperledger Composer: Accelerating time to value

Business Application

Hyperledger Composer

Blockchain (Hyperledger Fabric)

– A suite of high level application abstractions for business networks

– Emphasis on business-centric vocabulary for quick solution creation

– Reduce risk, and increase understanding and flexibility

– Features

– Model your business networks, test and expose via APIs

– Applications invoke APIs transactions to interact with business network

– Integrate existing systems of record using loopback/REST

– Fully open and one of eight Hyperledger projects

– Try a demo now! - http://composer-playground.mybluemix.net/

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Future Network of Networks

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IBM Engagement model overview

1. Discuss Blockchain technology

2. Explore customer business model

3. Show Blockchain Application demo

1. Understand Blockchain concepts & elements

2. Hands on with Blockchain on Bluemix

3. Standard demo customization

1. Design Thinking workshop to define business challenge

2. Agile iterations incrementally build project functionality

3. Enterprise integration

1. Scale up pilot or Scale out to new projects

2. Business Process Re-engineering

3. Systems Integration

Remote Digital Face to face Face to face

Let’s

TalkBlockchain

Hands-onFirst

ProjectScale

From the NewsEvolution or Disruption

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Legitimize Diamonds and Reduce Fraud

What?

• Track diamonds across supply chain from mine to retail

How?

• Shared ledger for storing digital certification with supporting

material

Benefits

1. Protect against the occurrence of fraud, theft, trafficking and

black markets

2. Assist in the identification and reduction of synthetic stones

being labelled as authentic

3. Increase speed of transparency for cross border

transactions for insurance companies, banks and claimants

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Food Traceability in China

What?

• Traceability of food from “farm to fork”

How?

• Blockchain holds history of food items

processed through entire supply chain

Benefits

1. Increased trust – multiplied by each

participant in food supply chain

2. Pinpoint source of compromised food,

reducing the unnecessarily broad recall

3. Improved co-ordination in food supply chain