Blockchain Ho How Sol olvin ing an Unsolvable e Problem In - - PowerPoint PPT Presentation
Blockchain Ho How Sol olvin ing an Unsolvable e Problem In Inspires In Innovation Be Beverly ly Proh ohaska IT T Co Cons nsult ltant and and Form ormer CIO CIO Blockchain is the Tech. Bitcoin is merely the first mainstream
Ho How Sol
ing an Unsolvable e Problem In Inspires In Innovation
Be Beverly ly Proh
IT T Co Cons nsult ltant and and Form
CIO
Marc Kenigsberg, Founder of Bitcoin Chaser
What is Blockchain? Blockchain, or digital ledger technology (DLT), allows digital information (also called transactions) to be distributed but not copied. This means that each individual piece of data can only have one owner. Why do we need it? Digital transactions take place every second of every day — orders, payments, account tracking and much more. Often, each participant has his own system (digital ledger)— and, thus, a version of the truth that may differ from other participants. These multiple ledgers can be a recipe for error, fraud and inefficiency. But because members on a blockchain share a common view of the truth, it’s now possible to see all details of a transaction end-to-end, reducing those vulnerabilities.
Tamper-proof + Digital fingerprint + Encryption = Security Single Ledger = Reduced Complexity Increased Speed Improved scalability Decentralized Consensus-based Transends borders Cryptography = one- to-one verification No transaction can happen twice
Rick Falkvinge, Founder of the Swedish Pirate Party
The first major application of Blockchain technology was Bitcoin, which was released in 2009. Bitcoin is a cryptocurrency and the Blockchain is the technology that underpins it. Cryptocurrency refers to a digital coin that runs on a Blockchain. Fast Facts about Bitcoin:
programmer named Laszlo Hanyecz, who spent 10,000 bitcoin on two Papa John’s pizzas in 2010
Pric rice in in USD
Source: bitinfocharts.com/top-cryptocurrency-list.html
Pric rice & Mar arket Tracker
Source: Coin360
Usi sing a a Sm SmartPhone
Source: IBM.com/Blockchain/What-is-blockchain?
Source: IBM.com/Blockchain/What-is-blockchain?
Source: IBM.com/Blockchain/What-is-blockchain?
Ginny Rom
CEO IBM IBM
The “Freelancer” Problem: There are real trust issues on the part of both the companies who hire them and the freelancers who do the work. They must rely on the “good faith” in
What Blockchain Offers: Apps such as Moonlighting provide a platform for freelancers and companies who hire them. Blockchain integration allows for smart contracts and more rapid payments, thereby eliminating the middleman and extra fees.
The “Pharma” Problem: The length of time and the cost that it takes to get a drug to market is two to three times as much as
due to a lack of patients in the trial process. What Blockchain Offers: Blockchain can create and store unique identities for patients enrolled into a trial, preventing them from enrolling in multiple trials at the same time. In addition, by securely sharing data on the Blockchain across trial sites, investigators can access the latest results and discover new ways to collaborate in real time.
The “Real Estate” Problem: Real estate information is currently centralized and prone to manipulation between stakeholders. This increases the potential of inaccurate sharing of information. What Blockchain Offers: Blockchain offers a decentralized and open property market database where information is published by the public rather than a central body. This separation enables independence and provides transparency around the validity of property data.
The “Ride Share” Problem: Uber disrupted the taxi industry by providing a lower-cost alternative to price- fixing of taxi fares by locale. What Blockchain Offers: Instead of putting the taxi driver out of a job, Blockchain puts Uber out of a job and lets the taxi driver work with the customer directly, again removing the middleman.
The “Voting” Problem: The manual voting problem is time-consuming, expensive, and subject to delays and inaccuracies. What Blockchain Offers: Votes that are stored on the Blockchain network are protected by encryption, ensuring one to one traceability from the voter to the ballot. This also could enable voting to be conducted on a smart device, which saves time and public resources. Last, votes are processed efficiently and accurately, and results published in a timely manner.
Jeffrey Gundlach, DoubleLline Capital CEO and Chief Investment Officer
51% Attack: If more than half of the mining hash rate (compute power) is controlled by a malicious party, they get to choose what transactions go through. Why it matters: For hackers, the key beauty of permissionless blockchains is anyone can run a node & small cryptocurrencies can be brought down with adequate manpower and financial resources. This is partly the reason for the Bitcoin community’s worry about Chinese domination; they control approximately 45% of hash power.
Jurisdictional Issues:
Blockchain based transactions could arguably be subject to the jurisdiction and laws of every country where a node is physically located. This creates a mess of laws and regulations (potentially conflicting) that would apply to transactions on the blockchain which muddies legal disputes and drives up costs associated with litigating them.
Why it matters:
Resolution of disputes will be more complicated as issues relating to jurisdiction, liability, and enforcement with respect to transactions
more complex than with standard transactions.
The privacy paradox: Most blockchains are public ledger systems and there are certain applications with private data that cannot legally be stored on a public blockchain. This is ironic because data is more secure on a distributed storage system. Why it matters: Consumers are not comfortable with this application yet, and laws prevent this for certain types of data such as financial or health data, or any personal data that could be subject to GDPR in Europe.
Legacy Institutions: There are a lot of third parties making significant amounts of money from the infrastructure currently in place. These middle men include credit bureaus, banks, processors, security services, consultants, associations, etc. Why it matters: Asking people to change the way they do business and cut out their trusted advisors is a big task. Entire industries are built around the need to provide guidance and assurance for large, service-based industries.
Vitalik Buterin, co-founder of Ethereum and Bitcoin Magazine
effective way.
handle any information that can be digitized.
Coindesk Media Website started in 2003 Todayonchain News aggregator for Blockchain and Cryptocurrency Cointelegraph News, analysis, and reviews on Blockchain and Crypto Blockchain News Explores the wider Blockchain industry. Large proliferation of articles, videos, and interviews Blockgeeks A Hub for Finding Courses on Blockchain Technology with a regularly updated blog CCN Focused on Crypto, this site gives up-to- the minute rates of the top currencies