PROVING WHO I AM, WHAT I OWN, - World...

THE INCLUSION BLOCKCHAIN

PROVING WHO I AM,

WHAT I OWN,

AND WHAT I’VE DONE

MICHAEL CASEY SENIOR ADVISOR,

DIGITAL CURRENCY INITIATIVE,

Global Symposium On

Innovative Financial Inclusion

WORLD BANK / BANK NEGARA

September 22, 2016

MICHAEL CASEY SENIOR ADVISOR, DIGITAL CURRENCY INITIATIVE, MIT MEDIA LAB

A CRYPTOGRAPHICALLY

SECURED PUBLIC LEDGER,

SHARED AMONG A DISTRIBUTED

NETWORK OF VALIDATING

COMPUTERS, EACH RUNNING

COMMON SOFTWARE THAT

GUIDES THEM TO A CONSENSUS

ON THE LEGITIMACY OF NEW

ENTRIES AND PREVENTS

ANYONE FROM UNILATERALLY

REWRITING THAT AGREED

RECORD.

BLOCKCHAIN: A DEFINITION

MICHAEL CASEY SENIOR ADVISOR, DIGITAL CURRENCY INITIATIVE, MIT MEDIA LAB

BLOCKCHAIN FUNDAMENTALS

▌ Blockchain transactions: vessels of encrypted data, verified by a secure, decentralized network

▌ Blockchain ledger: an immutable, transparent, time-stamped record of changes in the state of information

▌ A grand purpose: To attest to the veracity of society’s claims of fact

▌ Automated, real-time “proofs” obviating post-event reconciliation:

▌ Mutually updated account balances

▌ Existence of document

▌ Provenance of ownership

▌ Sequence of events

▌ Execution of “smart contracts.”

MICHAEL CASEY SENIOR ADVISOR, DIGITAL CURRENCY INITIATIVE, MIT MEDIA LAB

THE FIRST USE CASE: PEER-TO-PEER PAYMENTS

SOLVING THE DOUBLE-SPEND

PROBLEM

MICHAEL CASEY SENIOR ADVISOR, DIGITAL CURRENCY INITIATIVE, MIT MEDIA LAB

SME USE CASE: TRADE FINANCE

SOLVING FOR DOUBLE-SPENT INVOICES

MICHAEL CASEY SENIOR ADVISOR, DIGITAL CURRENCY INITIATIVE, MIT MEDIA LAB

CAPITAL ACCESS: SECURITIZING ASSETS

Photo: Pēteris

SOLVING FOR DOUBLE-SPENT TITLE

MICHAEL CASEY SENIOR ADVISOR, DIGITAL CURRENCY INITIATIVE, MIT MEDIA LAB

“RE-RISKING:” A KYC ALTERNATIVE

Photo: Institute for Money, Technology and Financial Inclusion, Flickr

SOLVING FOR DOUBLE-SPENT IDENTITY

MICHAEL J. CASEY

MIT MEDIA LAB

DIGITAL CURRENCY INITIATIVE

Email: caseymj@media.mit.edu

Twitter: @mikejcasey