Blockchain Introduction
- 1. R A 1 7 1 1 0 0 4 0 1 0 2 5 3 Z A I D S H A R I F F – S E M I N A R 2 BLOCKCHAIN AN INTRODUCTION
- 3. THE INTERNET ENABLES MANY THINGS BUT… • No mechanism to reliably establish trust without a Third Party • Third Parties are typically Governments and Businesses that invade our privacy for Security and Profit • Single points of failure are insecure and cybercrime flourishes • Types of Cybercrime: Spammers, Identity Thieves, Phishers, Zombie Farmers, Cyberbullies, Hackers, Ransomware, etc.
- 4. ESTABLISHING TRUST HAS BEEN A PERSISTENT PROBLEM… • Cryptography introduced in the early 1980s to help secure data • Fails because of Third Party involvement and users have to divulge personal information • DigiCash (1993~1998) attempts to solve trust with “eCash” which enables secure, anonymous online payments
- 5. THEN IN 2008 A WHITE PAPER IS PUBLISHED… • Establishes a protocol for secure peer-to- peer value transfer using cryptography • “Satoshi Nakamoto” authored the protocol to support the cryptocurrency Bitcoin: the Bitcoin Blockchain • Decentralized database that stores a registry of assets and transactions across a p2p network • Eliminates role of Trusted Third Parties (TTP) by using distributed computations to ensure integrity
- 6. TODAY THE BLOCKCHAIN IS CHANGING THE WORLD. • 2017 has been a landmark year (again?) for Blockchain • No one knows what will become of bitcoin. It is mostly unregulated, but some countries like Japan, China and Australia have begun weighing regulations. Governments are concerned about taxation and their lack of control over the currency. • Japan recognizes Bitcoin as legal tender
- 7. THE BLOCKCHAIN USES THREE OLD TECHNOLOGIES… • Public Key • Private Key • The Internet
- 9. NODES • A node is a device on a blockchain network, that is in essence the foundation of the technology, allowing it to function and survive. • Nodes are distributed across a widespread network and carry out a variety of tasks. ... Each cryptocurrency has its own nodes, maintaining the transaction records of that particular token.
- 10. HYPERLEDGER • Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, IoT, supply chain, manufacturing and technology.
- 11. ETHEREUM • Ethereum is a global, decentralized platform for money and new kinds of applications. On Ethereum, you can write code that controls money, and build applications accessible anywhere in the world.
- 12. DAPPS • A decentralized application is a computer application that runs on a distributed computing system. • DApps have been mostly popularized by distributed ledger technologies (DLT), namely the Ethereum Blockchain, where DApps are often referred to as smart contracts.