Distributed ledger technology (Blockchain)

Voxxed days 2018 Singapore

Transcript

1. Distributed ledger technology (Blockchain) Senior Consultant +65 92415246 | mmurugan@palo-it.com Minisha Murugan
2. 1. Roots of blockchain 2. How it work under the hood? 3. Consensus algorithm 4. Types of blockchain 5. Interesting application of blockchain (Architecture) CONTENT
3. Roots of Blockchain: Distributed System Single Value
4. Byzantaine General Problem
5. Byzantaine General Problem
6. Byzantaine General Problem Attack Attack Attack Retreat Retreat Attack A, A, R A, A, R A, A, R
7. Byzantaine General Problem Attack Attack Attack Retreat Retreat Attack A,A,R A, A, R A,R 2/3
8. ! 1982 David Chaum - Blind Signatures ! 1990 David Chaum - Ecash ! 1997 Adam Back - Hashcash (Pow System to control email spam) ! 1998 Wei Dai - B-money (Sybil attack - A Single user can take over the node pretending to be other user. An analogy would be attackers can DDos any websites. Sending lot of fake request(what service is fake/real). Completely take over the peer network) ! 1998 Nick Szabo - BitGold ! 1999- Tomas Sander and Ammon - Ecash scheme with Merkel trees ! 2004 Hal Finney - Reusable proof of work ! Conclusion: Relay on a central server that is required to be trusted by everyone Roots of blockchain
9. Three basic components: • A data model that captures the current state of the ledger • A language of transactions that changes the ledger state • A protocol used to build consensus among participants around which transactions will be accepted, and in what order, by the ledger. How it works?
10. A block commonly consists of four pieces of metadata: • The reference to the previous block • The proof of work, also known as a nonce • The timestamp • The Merkle tree root for the transactions included in this block. How it works?
11. How it works?
12. Block Structure
13. Transaction Details
14. Merkle Tree
15. ! Proof of work Hash(Previous Tx + Current Tx + Nounce) = 000480360beac62116abf5da5362d98451d7abbwew ! Proof of stake Consensus Algorithm
16. What it takes to mutate blockchain? A1 A2 A3 A4 A5 A6 A7 A8 A9 A10 A11 A12 1 2 3 4 5 6 7 8 9 10 11 12 A1 A2 A3 A4 A5 A6 A7 A8 A9 A10 A11 A12 1 2 3 4 5 6 7 8 9 10 11 12 A1 A2 A3 A4 A5 A6 1 2 3 4 5 6 A7 A8 A9 A10 A11 A12 8 9 10 11 12 NULL
17. ! Public blockchain ! Private blockchain Types of Blockchain
18. Smart Contracts
19. ! Kadena blockchain ! Ethereum ! Ripple ! Steller ! RootStock ! Tezos ! Storj (filecoin, Enigma) ! MaidSafe ! BigChainDB ! MultiChain ! Tendermint Alternate Blockchains
20. ! Everledger ! Blockcerts ! Electrify asia Some interesting applications of blockchain
21. Difference between Distributed Ledger Technology and Blockchain Technology Distributed ledger technology Blockchain
22. Other Dlts example Blockchain