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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: [email protected]
Twitter: @mikejcasey