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An Introduction to Blockchain Technology and Its Applications
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Ariel Elkin
December 12, 2016
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An Introduction to Blockchain Technology and Its Applications
Ariel Elkin
December 12, 2016
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Transcript
An Introduction to BLOCKCHAIN TECHNOLOGY and Its Applications December 12,
2016 Ariel Elkin
ME • iOS Developer, > 10 apps in store •
Adopted Bitcoin in 2014 • Member of Berlin’s Bitcoin/Blockchain communities • I don’t make Goodenough jokes
STRUCTURE I. Introducing Blockchain Technology 1. The problem 2. Centralising
trust 3. Blockchains 2. Applications of Blockchain Technology 1. Value transferring 2. Truth machines 3. Smart contracts
TAXONOMY BLOCK BLOCK BLOCK BLOCK Blockchain technology is a platform.
Bitcoin is an application of this platform.
INTRODUCING BLOCKCHAIN TECHNOLOGY BLOCK BLOCK BLOCK BLOCK
THE PROBLEM How can we achieve financial transactions at a
distance? 10 € ? € ? €
CENTRALISING TRUST A trusted third party processes the transactions and
keeps track of everyone’s balance. 200 € 5 € 10 €
CENTRALISING TRUST: BENEFITS • Fraud detection • Abstraction of complexity
• Provision of infrastructure • Customer service • Tradition
CENTRALISING TRUST: DISADVANTAGES • 1-3% fee per transaction • High
on-boarding costs • Bureaucracy (KYC, AML, PCI) • Slow international transfers • Doesn’t entirely prevent fraud Crucially: Trusting many different intermediaries is required
DECENTRALISING TRUST 20€ 5€ BL BL BL BL BL BL
BL BL BL BL BL BL BL BL BL BL
BLOCK BLOCKS ALICE SENDS BOB €20 BOB SENDS STEVE €10
FRED SENDS JULIA €40 MARY SENDS JIM €10
BLOCKCHAIN BLOCK BLOCK BLOCK BLOCK
DEMO
STRENGTHS • Immutable Ledger • Fast settlement • Easy to
Audit • Trustless • Secure
WEAKNESSES • Vulnerable to 51% attacks • Vulnerable to DDoS
and spam • Slow transaction clearing • Privacy concerns • Slow adoption BLOCK
APPLICATIONS OF BLOCKCHAIN TECHNOLOGY BLOCK BLOCK BLOCK BLOCK
VALUE TRANSFERRING • No fraud • No monthly fees •
Minimal transaction fees • No chargebacks • No special equipment needed • Democratic CURRENCY: BITCOIN PAYMENTS
VALUE TRANSFERRING FINANCIAL SERVICES
VALUE TRANSFERRING USING THE BLOCKCHAIN FINANCIAL SERVICES bitcoin payments, deposited
to your bank account pay your bills with bitcoins and use a bitcoin credit card invest in crowdfunded micro-loans all over the world
TRUTH MACHINE • Create a permanent and unchangeable link between
a person and an asset • Easily and securely transfer ownership • Blockchain benefits: • Nobody owns the database • Transparent • Auditable
TRUTH MACHINE simplify records management, record business processes, and address
security and compliance issues. claim attribution over works of art, create limited digital editions and transfer rights. create your own digital assets on the Bitcoin Blockchain.
SMART CONTRACTS • Programmable, unbreakable, and self- executing • Transparent
• No intermediary, no central authority
BLOCKCHAIN IS MORE THAN A TECHNOLOGY. IT’S A STRATEGY. ”
“
THANK YOU
QUESTIONS?