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Lohkoketju / Blockchain���
Bisnestreffit ���TIEKE ���
@juhaviitala
11th November 2016
Testimonials
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”Technology likely to have the greatest impact on next few decades has arrived”
- Don Tapscott
“The blockchain is the most important invention since the Internet itself”
- Mark Andreessen
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PC Era
Semiconductor Technology
Internet Era
TCP/IP Protocol
Mobile Era
Supercomputer In Your Pocket
Blockchain Era BlockchainProtocol
Technology eras
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1995 vs. 2015
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Press
History
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The genesis block of shared distributed ledgers
Bitcoin: A Peer-to Peer Electronic Cash System
Satoshi NakamotoSat, 01 Nov 2008 16:16:33
I’ve been working on a new electronic cash system that’s fully Peer-to-peer, with no trusted third party.
The main properties:
• Double-spending is prevented with a peer-to-peer network.
• No mint or other trusted parties.
• Participants can be anonymous.
• The proof-of-work for new coin generation also powers the network to prevent double-spending.
The paper is available at: http://www.bitcoin .org/bitcoin.pdf
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Value proposition
+ embedded trust
10 factors of Blockchain
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Shared Ledger Single source of truth
Immutability Tamper proof
Distributed No single point of failure
Cryptography PKI, SHA256
Auditable Prove identity & ownership
Automation Autonomous,
Machine to machine
Uniqueness No double spending or
entries
Digital assets Record depository
Authentication Every action is authenticated
Validity Continuous system self &
Cross checking
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Distributed Ledger
A digital ledger that keeps a record of all transactions taking place on a peer-to-
peer network
Smart Contract
Business terms embedded in transaction database & executed with transactions
Consensus All parties agree to network
verified transaction
Privacy Ensuring appropriate
visibility, transactions are secure, authenticated &
verifiable
Blockchain main components
It is decentralized so there is no single point of failure and no need for any central authority
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A distributed ledger is network that records ownership through a shared registry
In contrast to today’s networks, distributed ledgers eliminate the need for central authorities to certify ownership and clear transactions. They can be open, verifying anonymous actors in the network, or they can be closed and require actors in the network to be already identified. The best known existing use for the distributed ledger is the cryptocurrency Bitcoin Source: https://www.ft.com/ Financial TImes
Clearing House
Distributed ledger technology
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• Private key: Ø Digital signature Ø Allows spending • Public key: Ø Allows signature verification Ø Represents the wallet address • Transactions are published in the blockchain
mechanism Decentralized control
Low latency Flexible trust Asymptotic security
Proof of work
Proof of stake
Byzantine agreement
Tendermint
maybe maybe
Transaction
Owner 1’s Public key
Owner 0’s Signature
Hash
Owner 1’s Public key
Transaction
Owner 2’s Public key
Owner 1’s Signature
Hash
Owner 2’s Public key
Transaction
Owner 3’s Public key
Owner 2’s Signature
Hash
Owner 3’s Public key
Cryptography & consensus
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Traditional contracts Smart contracts
1-3 Days
Manual remittance
Escrow necessary
Expensive
Physical presence (wet signature)
Lawyers necessary
Minutes
Automatic remittance
Escrow may not be necessary
www.pwc.com/us/en/technology-forecast/blockchain/digital-business.html
Virtual presence (digital signature)
Lawyers may not be necessary
Smart contracts
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Public / Private blockchain
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Miten lohkoketju toimii
http://www.tekniikkatalous.fi/paivan_lehti/digimaailman-kivitaulu-6589399
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Financial Institutions International payments
Corporates Governments Cross-industry
Capital markets
Trade finance
Regulatory compliance & audit
Anti-money laundering & know your customer
Insurance
Peer-to-peer transactions
Supply chain management
Healthcare
Real estate
Media
Energy
Record management
Identity management
Voting
Taxes
Government & non-profit transparency
Legislation, compliance & regulatory over sight
Financial management & accounting
Shareholders voting
Record management
Cybersecurity
Big data
Data storage
Internet of Things
Potential Blockchain Use Cases
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Future technologies
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@juhaviitala
https://fi.linkedin.com/in/juhaviitala