THE INCLUSION BLOCKCHAIN PROVING WHO I AM, WHAT I OWN, AND WHAT I’VE DONE Global Symposium On Innovative Financial Inclusion WORLD BANK / BANK NEGARA September 22, 2016 MICHAEL CASEY SENIOR ADVISOR, DIGITAL CURRENCY INITIATIVE,
BLOCKCHAIN: A DEFINITION 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. 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 KY A KYC ALTERNA C ALTERNATIVE TIVE Photo: Institute for Money, Technology and Financial Inclusion, Flickr SOLVING FOR DOUBLE-SPENT IDENTITY MICHAEL CASEY SENIOR ADVISOR, DIGITAL CURRENCY INITIATIVE, MIT MEDIA LAB
MIC MICHAEL HAEL J. J. CASEY CASEY MIT MIT MEDIA MEDIA LAB LAB DIGITAL DIGITAL CURRENC CURRENCY Y INITIATIVE INITIATIVE Email: caseymj@media.mit.edu Twitter: @mikejcasey
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