Introducing the Hedera Consensus service
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The document outlines the features and services of Hedera Hashgraph, emphasizing stability and decentralized consensus through the Hedera Consensus Service. It discusses the technology's potential applications across various industries, including finance, logistics, and health, highlighting its unique aspects like asynchronous Byzantine fault tolerance (ABFT) and fair access. Additionally, it addresses the importance of privacy and scalability in the system's architecture.
Introducing the Hedera Consensus service
- 1. Dr.LeemonBaird Co-Founder + Chief Scientist HEDERA HASHGRAPH
- 2. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. !2 The MarchtoOpenAccess HEDERA WEBINAR SERIES Coming Soon 4| Unblocked-ExploringtheUnique FeaturesofHederaHashgraph 2| AStableLedgerinan UnstableForkingWorld 1| OurPathToDecentralization 3| Introducingthe HederaConsensusService Today AVAILABLE FOR REPLAY youtube.com/hederahashgraph AVAILABLE FOR REPLAY youtube.com/hederahashgraph
- 3. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. !3 Stability isvital Multipleways toavoid forking We’re committedto providingbest stability possible
- 4. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. !4 Genesis Address Book hash Signatures (Supermajority) Timestamp Older Address Book Even Older Address Book Signatures Signatures Signatures Ledger ID Data: 0.0.1234 42 Merkle Path Address Book (Public keys, stakes) State Proof
- 5. HederaConsensusService ©2019 Hedera Hashgraph, LLC. All rights reserved. A HEDERA WEBINAR SERIES EPISODE 3
- 6. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. AUTHOREDBY: Dr.LeemonBaird Co-Founder&ChiefScientist HederaHashgraph BryanGross PrincipalProductManager IBM DonaldThibeau Principal ProductManager HederaHashgraph Hedera Consensus Service WHITEPAPER
- 7. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. Hedera Services
- 8. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. 3rd PARTY APPLICATIONS Individuals Enterprises Devices Governments MEDIA LEGAL HEALTH GAMING LOGISTICSCOMMUNICATIONS REAL ESTATE SOCIAL CAUSESFINANCIAL END USERS PRIVATE DLT HEDERA GOVERNING COUNCIL HASHGRAPH CONSENSUS CRYPTOCURRENCY SERVICE SMART CONTRACTS SERVICE FILE SERVICE
- 9. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY SERVICE SMART CONTRACTS SERVICE FILE SERVICE • ABFT (Asynchronous Byzantine Fault Tolerant) • Fair ordering • Fair timestamps • Fair access 3rd PARTY APPLICATIONS Individuals Enterprises Devices Governments MEDIA LEGAL HEALTH GAMING LOGISTICSCOMMUNICATIONS REAL ESTATE SOCIAL CAUSESFINANCIAL END USERS PRIVATE DLT HEDERA GOVERNING COUNCIL
- 10. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. 3rd PARTY APPLICATIONS Individuals Enterprises Devices Governments MEDIA LEGAL HEALTH GAMING LOGISTICSCOMMUNICATIONS REAL ESTATE SOCIAL CAUSESFINANCIAL END USERS PRIVATE DLT HEDERA GOVERNING COUNCIL HEDERA SERVICES HASHGRAPH CONSENSUS CRYPTOCURRENCY SERVICE SMART CONTRACT SERVICE FILE SERVICE
- 11. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY SERVICE SMART CONTRACT SERVICE FILE SERVICE IMPLICIT SERVICES 2 & RevocationTimestamping
- 12. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY SERVICE SMART CONTRACT SERVICE FILE SERVICE IMPLICIT SERVICES 2 & RevocationTimestamping
- 13. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY SERVICE SMART CONTRACT SERVICE FILE SERVICE IMPLICIT SERVICES 2 & RevocationTimestamping CONSENSUS SERVICE
- 14. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY SERVICE SMART CONTRACT SERVICE FILE SERVICE IMPLICIT SERVICES 2 & RevocationTimestamping CONSENSUS SERVICE
- 15. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. HASHGRAPH CONSENSUS CRYPTOCURRENCY SERVICE SMART CONTRACT SERVICE FILE SERVICE IMPLICIT SERVICES 2 & RevocationTimestamping CONSENSUS SERVICE
- 16. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. Scaling up
- 17. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. !17 Ledger Scaling Sharding Side Ledgers Consensus Service
- 18. Sharding
- 32. ConsensusService
- 41. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. Use Cases
- 42. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. !42 Use Cases STOCK MARKET GAMESAUDIT LOG STABLE COIN
- 43. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. Concepts
- 47. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy TYPES OF MESSAGES Plaintext Encrypted (long term key) Hash of Plaintext Encrypted (short term key) + hash of plaintext Hedera ConsensusService
- 49. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy Mirror Nodes Running Hash State ProofforOrder + Timestamp AllMessages Hedera ConsensusService
- 50. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy Mirror Nodes Running Hash State ProofsState ProofforOrder + Timestamp AllMessages Hedera ConsensusService
- 51. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy Mirror Nodes Running Hash State Proofs Topics 0.0.1234 Hedera ConsensusService
- 52. CONCEPTS Alice Carol Bob Alice Carol Bob Messages Privacy Mirror Nodes Running Hash State Proofs Topics 0.0.1234 Hyperledger Fabric Hedera ConsensusService
- 53. +
- 55. Trade Finance Universal Payments Global Trade Identity Healthcare Bank Guarantees Food Government Distributed Energy Clearing & Settlement Provenance Unlisted Securities Insurance IBM is making blockchain real for business with over 100 active networks
- 56. 56 What? • An open, extensible platform for sharing shipping events, messages, and documents across all the actors and systems in the supply chain ecosystem. How? • Providing Shared Visibility and Shared State for Container Shipments Benefits • Increase speed and transparency for cross border transactions through real time access to container events. • Reduced cost and increased efficiency through paperless trade TradeLens improves global trade efficiency Open global trade digitization platform Exporter Terminal Trucker Rail Forwarder Carrier Consignee Authority Authority
- 57. 57 What? • IBM Food Trust is a set of modules providing traceability to improve food transparency and efficiency How? • Blockchain is used to create a trusted connection with shared value for all ecosystem participants, including end consumers. Benefits • Reduce impact of food recalls through instant access to end- to-end traceability data to verify history in the food network and supply chain. • Help to address the 1 in 10 people sickened and 400,000 fatalities WW which occur every year from food-born illnesses. IBM Food Trust for supply chain transparency
- 58. 58 Financial Public Sector Retail Insurance Manufacturing • Trade Finance • Cross currency payments • Mortgages • Letters of Credit • Asset Registration • Citizen Identity • Medical records • Medicine supply chain • Supply chain • Loyalty programs • Information sharing (supplier – retailer) • Claims processing • Risk provenance • Asset usage history • Claims file • Supply chain • Product parts • Maintenance tracking Further examples by (selected) industry
- 61. 61 Ordering Service The ordering service packages transactions into blocks to be delivered to peers. Communication with the service is via channels. Fabric v1.4.1 has the following options for the ordering service: –Raft (recommended) • Crash fault tolerant (minimum of 5 nodes to tolerate 2 faults) • No additional dependencies required • Not Byzantine Fault Tolerant (yet) • Works more efficiently than Kafka over geographically diverse networks –Solo • Single node for development –Kafka • Crash fault tolerant • Requires Kafka and Zookeeper Ordering-Service O O O
- 62. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. Summary
- 63. hedera.com ©2019 Hedera Hashgraph, LLC. All rights reserved. Typical Steps Createa topic Starta mirrornode Clients submit messages Thirdparties canvalidate stateproofs Privacy Multiple participants couldrun mirrornodes • SentdirectlytoHedera • Usetopicofapplication • Encryptedwithpublickey ofapplication • Mirrornodereceives order/timestamps/ proofs • Applicationprocesses messages Hyperledger Fabric 1 2 3 4 5 6 7
- 65. THANK YOU
- 66. ©2019 Hedera Hashgraph, LLC. All rights reserved. For more information please visit: hedera.com