Bitcoin SV Blockchain Dr. Craig S. Wright January 2019 Storing - - PowerPoint PPT Presentation

Satoshi Vision: Technical Inventions & Enterprise Uses for the Bitcoin SV Blockchain

• Dr. Craig S. Wright

January 2019

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Storing data on a blockchain has the obvious advantage that a payment mechanism is built into the system. Payments can be used to purchase:

Decryption data in order to view/use Permission to insert data at a particular address

• 1. Security - Metanet agnostic to external systems and

resilient to security attacks.

• 2. Codebase - Smaller codebase as an artefact of the

inserted data and the blockchain relying on a single encryption scheme.

• 3. Communication Channels - Fewer communication

channels are required to exchange and purchase access to encrypted data.

• 4. Purchasing Keys - Decryption keys can be purchased

using the underlying cryptocurrency.

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Scaling on-Chain Works
 


The Metanet solves the problem inherent with caching internet data that it is mutable and can be changed or censored by web- browsing software depending on the provider. When caching Metanet data a user can always easily verify that it is in the same state as when originally included as an immutable record on the blockchain.

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The concept is to make the Internet a subset of Bitcoin
 


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Advantages
 


To open the trade of commodities over blockchain – exchanging messages and financial transactions involved.

▪ Digital rights management ▪ New architecture – less resource hungry and less processing ▪ Timed element of accessing data ▪ Access Tokens ▪ Currently known techniques for embedding data into blockchain

An intrinsic advantage of the Metanet is that it uses the same data-structure – the blockchain – to record both payments and content data.

Software wallets can be used to write content data to the Metanet infrastructure in addition to creating transactions that are purely based on the exchange of cryptocurrency.

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Functionality
 


The specification for the Metanet browser-wallet ensures the following functionalities of the application:

▪ Hierarchical key-management ▪ Pointing to an external cryptocurrency wallet ▪ Searching of Metanet content ▪ Reading and writing data to blockchain ▪ Decompression and decryption of data ▪ Catching node identities ▪ Bypassing web-servers

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1 million megabyte blocks can be viable

EDI on the Blockchain
 


Computer-to-computer exchange of business documents in a standard electronic format between commercial organisations (or business partners) – trading partners

EDI files hold data in one of many standardised formats – some of these are;

▪ ANSI X12 (developed by the American National Standards Institute) ▪ UN/EDIFACT (EDI for Administration and Transport) – international standard, UN-recommended ▪ SWIFT (Society of Worldwide Interbank Financial Telecommunication) ▪ TRADACOMS/UNGTDI (General Trade Data Interchange, in widespread use by UK businesses) ▪ VDA (Verband der Automobilindustrie is a German automotive standards body) ▪ Details of all standards are available here: https://www.edibasics.co.uk/edi-resources/document-standards/

Each format has its own syntax for defining data

What is EDI (Electronic data Interchange)?

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Traditional EDI implementation (Architecture)
 


• Upfront effort required to set up and manage the process of producing EDI files
• Requires buy in from stakeholders responsible for the relevant end-to-end business process
• Once setup, relatively simple, point-to-point communication, some use Value-Added-Networks

(VANs – dedicated EDI networks)

• EDI payload is transported as a text file of a specific format (e.g. ANSI X12)
• Ongoing costs are high, especially using VANs (i.e. high TCO – investment in hardware, resources

to deliver new services, onboard new partners, or, in the case of VANs, pay by the ‘kilocharacter’)

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EDI Global Market


Source: ELECTRONIC DATA INTERCHANGE (EDI) GLOBAL MARKET AND ITS APPLICATIONS IN INDUSTRIES

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Benefits of EDI


Infographic created by Liaison

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EDI-on-the-Blockchain: USPs, Benefits & Market


• SMEs are a likely starting point – pilot rollout
• Pitch to EDI Managed Service providers
• Supply Chain and Logistics industries (heavy, but established, users of EDI)

Key USPs: Immutability, Security & Privacy

• Timestamped, immutable record of EDI transactions (Example: in case of a dispute, EDI data can be pulled off

Blockchain, used for arbitration, contest that dispute or use for evidential purposes)

• Verify any cached copies of data against the original version of that data

Only authorised parties can search for, and gain access to, EDI data stored on the blockchain

Benefits:

• Hugely reduced operating costs: EDI-on-the-Blockchain can reduce this cost to less than 1 cent per transaction
• EDI protocols are only concerned with the exchange of information, but a blockchain can store EDI data on

chain, process this data with smart contracts, trigger appropriate actions, and, based on the privacy model and consensus rules, communicate and exchange EDI data with many trading partners

• Offers value-add services such as Analytics, Insights, AI and Machine Learning – Big Data solutions

Market/Opportunities:

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Bitcoin is a Commodity


The goal of Bitcoin is to be cash, but there is only one way to achieve this:

Bitcoin must be a commodity ledger.

• To be money, Bitcoin cannot be a speculative gambling asset.
• For many, this short-term zero-sum game and “get-rich-fast

ponzi” are all Bitcoin means.

• To them, Bitcoin is all about HODL and the false idea that

money and value come from simple scarcity

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BSV Peer to Peer Web Payments


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BSV Peer to Peer Web Payments


▪ Seamless integration and facilitation of payments on the web using Bitcoin. ▪ It allows both fiat and bitcoin (and any tokens for that matter) to be safely accepted for value of consideration or payment. ▪ The solution is an application of nChain’s patent innovations for Deterministic Key Generation and Secure Split Key Technique.

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Payment Mechanism and Timed Access


Allows consumers to pay merchants directly without another application or third-party payment service. Allows the purchase and delivery of digital content to take place via the same blockchain platform. Facilitates timed access to content by synchronising with the blockchain and using it to enforce access permissions based on its current state. Timed access removes the need for third party services to monitor a users’ privileges over time while protecting the rights of the original owner.

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Instant Transactions


• 1. Client requests

a product

• 2. Merchant hands

template to the Client

• 3. Client accepts the template

and add the input coins Merchant and Client seek to complete and exchange

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Instant Transactions


Output = Miner fee

• 5. Merchant
• checks the input-it has not been spent
• Ensures transaction matches the template
• Sends it to multiple mining nodes
• Rechecks the transaction input with miners
• If detects double spend fraud
• 6. Merchant provides

the good to the client If the merchant sets the template, pays the mining fees, and sends the transaction, there is no measurable risk of a double spend.

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Smart-Card-Based Mobile Wallets


A system that allows uses to authenticate to computers or to create a wallet-key store that can work with a smart card and a mobile phone to allow a single-use Bitcoin key that always updates the address. ECDSA – securely share and create keys Biometric Smart Cards Passports ID Cards Communication channels Payments File encryption

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Smart-Card-Based Mobile Wallets


▪ New key pairs are formed for every transaction (and thereby access) and stored amongst a smartphone, a smart card, and the BSV blockchain Secure ▪ Digital-signature verification at every exchange of information. “Identity keys” allow backups and repeated use of the same card. Authentic Fast and reliable ▪ Smart cards mean: faster authentication, secure public blockchain

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Smart-Card-Based Mobile Wallets


Using the card and the app you can have a secure wallet that requires the card to sign. Separate wallet can be created for each device and for multiple reasons. Each coin is used only once. The card and app work only when the user’s biometrics are there to sign.

A backup of the smart card can be created.

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Advanced File-Storage Solutions Using the Bitcoin SV Blockchain
 


Each file is secured in a new transaction

• The security breach of one file does not affect the security of other files held in the

same organised drive

Enabling cross-platform capability

• The same file is stored on the same secure blockchain (BSV); seamlessly and without the

need to duplicate the file or affecting the file path.

File authorisation can be organised in a hierarchical key structure

• User keeps his privacy and complete control of his files

Easy to use

• Storage is secured through a new key pair, for every transaction. Use of passwords no longer
• required. Security device (smartphone) can be used instead.

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Advanced File-Storage Solutions Using the Bitcoin SV Blockchain
 


Seed k0 k0,1 k0,2 k0,3

k0,1,1 k0,1,2 k0,1,3 k0,2,1 k0,2,2 k0,3,1 k0,3,2 K0,3,3 k0,2,3

Master Key Deterministic Keys

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IP on the Blockchain
 


Using blockchain as an IP registry, authors can store IP as an encrypted document, representing a digital certificate of authenticity. ▪ Cost-effective ▪ Simple ▪ Private ▪ Immutable ▪ Transparent through BSV-powered storage capacities.

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IP on the Blockchain
 


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