Building Digital Transaction Systems in the new Banking World

How can you develop new ways to support digital transaction systems in Banks?

Transcript

1. Building Digital Transaction Systems in the new Banking World (BankOps) Ramit Surana @ramitsurana /in/ramitsurana
2. Agenda • What is Fintech ? • What is a blockchain ? • Current Infrastructure • What is Bitcoin ? • Seriously,Be Careful • About Ethereum • Mist Browser • Building Dapps • IPFS • IOTA
3. What is Fintech ? • Fintech is the short form for Financial Technology • The term explores and empowers the beauty of how the future of financial banks will be in the future with technology.
4. What is Blockchain ? • Blockchain is a shared, immutable ledger for recording the history of transactions. • Blockchain is offered using P2P communication and cryptocurrency methodology.
5. Current Infrastructure(General Idea) Middleware like RuPay,VISA,MasterCard
6. What is Bitcoin ? • Bitcoin is the first blockchain. • Introduced in a white paper by Satoshi Nakamoto. • Works on a series of new concepts that have been introduced in the whitepaper.
7. Seriously !! Be careful !
8. About Ethereum • Decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. • Comes along a wallet and mist browser for secure transactions.
9. How to do It ? • Installing the ethereum cli $ sudo apt-get install software-properties-common
10. How to do It ? • Adding the repository of ethereum $ sudo add-apt-repository -y ppa:ethereum/ethereum • Update your system $ sudo apt-get update
11. How to do It ? • Adding the repository of ethereum $ sudo apt-get install ethereum Try it out using: $sudo geth console
12. Geth • Geth is a go based implementation of a console by Ethereum • Geth has been audited for security and will be the future basis for the end user-facing Mist Browser. • For C++ implementation checkout eth.
13. Mist Browser • Tool to browse, test and develop Dapps. • Easy to use • Separate browser for all your transactions.
14. How to do It ? • Installing Mist Browser from Downloads page:
15. How to do It ? • Installing Mist Browser from Downloads page:
16. How to do It ? Wait for the Download to complete & setup your account to get started
17. Ethereum Wallet • Simple open source wallet to maintain your ether currency. • Easily store currency on your system. • You can also use several different 3rd party companies for managing the wallet.
18. How to do It ? • Installing Ethereum wallet from Downloads page: • Rest setup is similar to mist browser setup and ends us with formation as a account.
19. Building Dapps • Decentralized Application (or 'Dapp') is a piece of software consisting of a user interface (UI) and a decentralized backend; typically making use of a blockchain and smart contracts. • Can be built using various frameworks such as Truffle.
20. About IPFS • IPFS is peer-to-peer hypermedia protocol • Future replacement for https certificate methodology. • Each file and its block is given a unique fingerprint called cryptographic hash. • Uses Git like provisioning.
21. The IPFS Stack • IPFS is peer-to-peer hypermedia protocol • Future replacement for https certificate methodology. • Each file and its block is given a unique fingerprint called cryptographic hash. • Uses Git like provisioning.
22. How to do It ? • Download the tar package available at https://ipfs.io/docs/install/. • Run the installation script, found in the package • $ ipfs init Please Note it Down
23. How to do It ? • Try showing the output using: • $ipfs cat ($Hash)
24. IoTA • Applying IoT(Internet of Things) on blockchain. • Aims to provide a distributed ledger for implementing transaction through IoT. • Directed acyclic graph (DAG) as a distributed ledger which stores all transaction data of the IOTA network.
25. Banks using it • NASDAQ – Linq • CitiBank – CitiCoin – Internal Trading System • US Federal Reserve – IBM Implementation
26. IBM Blockchain • The aim of IBM is to have a blockchain that is reliant on the exchange of cryptocurrencies with anonymous users on a public network (e.g. Bitcoin), a blockchain for business provides a permissioned network, with known identities, without the need for cryptocurrencies. • Can be integrated with Bluemix and Watson.
27. Hyperledger Project • Open source collaborative effort created to advance cross- industry blockchain technologies. • Fabric is way to easily connect different nodes,blocks and identities in a secured manner so that transactions can happen in a secure manner.
28. Comparing Bitcoin, Ethereum & Hyperledger
29. Banks Embracing Blockchain & Clouds
30. Thank You