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ITU Workshop on “Security Aspects of Blockchain”(Geneva, Switzerland, 21 March 2017)
Blockchain: Definitions, Use Cases & Challenges
Siân JonesChief of Staff, Credits - [email protected]
Geneva, Switzerland, 21 March 2017
Geneva, Switzerland, 21 March 2017
“Any sufficiently advanced technologyis indistinguishable from magic”
- Arthur C. Clarke
Credits
• Enterprise- & government-grade blockchain• Blockchain enablement platform• Framework & tools to build apps & services• Built from ground up to be highly scalable,
interoperable & secure• First & only blockchain platform on G-Cloud• Blockchain PaaS launched April 2016• Credits Core to be released April 2017
Geneva, Switzerland, 21 March 2017
Siân Jones
• Chief of Staff, Credits
• Founder, COINsult
• Head, European Digital Currency & Blockchain Technology Forum
• Member, BSI DLT/1 Technical Committee
• Chair, DLT/1 Interoperability Advisory Group
• 46 years in IT, security, InfoSec & data protection
Geneva, Switzerland, 21 March 2017
Confusion
• Digital currency
• Virtual currency
• Cryptocurrency
• Bitcoin
• Blockchain
• Distributed ledger
• Smart contracts
Geneva, Switzerland, 21 March 2017
Virtual currency
• Medium of exchange
• Unit of account
• Store of value
• Not legal tender status anywhere
• Not issued nor guaranteed by any jurisdiction
• Functions only by agreement of its users
Geneva, Switzerland, 21 March 2017
De-centralised virtual currency
• Cryptocurrency allows two peopleto exchange value directly with one another, without the need for an intermediary, and to do it wholly digitally
• Both a currency and a payment system
Geneva, Switzerland, 21 March 2017
Breakthrough
• Cryptocurrency allows two peopleto exchange value directly with one another, without the need for an intermediary, and to do it wholly digitally
• Both a currency and a payment system
• Just one application for underlying technology:blockchain
Geneva, Switzerland, 21 March 2017
De-centralised virtual currency
• Cryptocurrency allows two peopleto exchange value directly with one another, without the need for an intermediary, and to do it wholly digitally
• Both a currency and a payment system
• Just one application for underlying technology:blockchain or distributed ledger
Geneva, Switzerland, 21 March 2017
Use cases
• Payment-related– Digital cash e.g. bitcoin, ether, z-cash
• Non-payment related financial applications– Post-trade in capital markets– Insurance
• Non-financial applications– Government & public sector– Identity– Supply chain
Geneva, Switzerland, 21 March 2017
Use cases
• Post-trade settlement
• Securities custody
• Trade finance
• Reference data
• Regulatory reporting
• Cross-border payments & remittances
• Mortgage loan application
Geneva, Switzerland, 21 March 2017
Use cases
• Insurance placement and documentation
• Insurance claims management
• Proof of insurance
• Reconciliation
• Identity management
• Know-Your-Customer (KYC/AML)
Geneva, Switzerland, 21 March 2017
Use cases
• Identity management
• Companies register
• Land register
• Asset tracking
• Supply chain
• Provenance
Geneva, Switzerland, 21 March 2017
Regulation and standards
• Legislation to regulate activities
– New York State
– EU
– Gibraltar
• International standardisation
– ISO TC/307
• Sector-specific standardisation
Geneva, Switzerland, 21 March 2017
Challenges
• Over-estimate short-term impact
• Under-estimate long-term impact
• Over-emphasis on payments & finance
• Under-estimate non-financial applications
• Over-regulate & under-standardise
• Over-estimate potential for disintermediation
• Over-reliance on permissionless model
Geneva, Switzerland, 21 March 2017