Agenda
Blockchain background and basics
Decentralization with DLT
Blockchain evolution
Challenges
Opportunities
Q&A
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When did it all start?
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➔ Several cypherpunks attempted to
implement cryptocurrencies in
1990s.
◆ Bit gold, DigiCash
Satoshi Nakamoto
Published the idea in a paper: "Bitcoin: A
Peer-to-Peer Electronic Cash System" on Oct 2008.
➔ The Bitcoin implementation wanted
to achieve decentralized accounting
system
Background
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Why was it created?
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Trust issues
➔ We approach trusted third
party for certainty
➔ This has led to the
centralization of power
Alice Bob
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➔ Cyber attacks on major institutions.
◆ Sony pictures, JP Morgan Chase data breach.
◆ Target customer confidential data breach.
➔ Expensive transaction fee.
➔ Subprime mortgage crisis in 2008.
Centralization concerns
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Decentralization
problem (Byzantine
failure)
➔ Trustless entities
➔ How to believe on single
truth?
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Enter Bitcoin
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How Bitcoin solved it?
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Distributed Ledger
Technology (DLT)
➔ Each node holds a copy of the
ledger
➔ Blockchain + P2P+ Consensus
algorithm = DLT
Consensus
mechanism
➔ Algorithm to reach a global truth
➔ Consensus mechanism solves the
byzantine generals’ problem.
➔ Bitcoin’s proof-of-work is the first and
well known consensus algorithm
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Blockchain evolution
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Blockchain 1.0
➔ Many cryptocurrencies were
evolved after Bitcoin
➔ Few projects tried to:
◆ facilitate Bitcoin
◆ Solve inefficiencies
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Blockchain 2.0
➔ Post 2014, several blockchain
platforms paved a way for
decentralized applications
(DApps)
➔ These platforms enabled turing
complete scripting capabilities
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Enterprise blockchain
➔ Blockchain platforms created to cater the enterprise use cases to provide:
◆ High performance
◆ Resilient
◆ Privacy
➔ Numerous permissioned blockchain platforms were proposed
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Any challenges?
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Limitations
➔ Difficult to achieve high
throughput in decentralized
systems
vs
vs
Decentralization
User experience
Scalability
➔ Usability of applications are
challenging for the end users.
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Opportunities
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DApp popularity
➔ DApp popularity continues even
after ICO fad
➔ Blockchain platforms boost the
growth of DApps
➔ Over 2500 apps are built on
Ethereum, EOS, Steem, POA
Source: www.stateofthedapps.com
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Can I get in?
➔ 2017 had an 100 % increase in
the job posting
➔ One of the highest paid jobs in
the software industry
Source: burning-class.com