Blockchain- Why, How and Where to use?
- 1. BLOCKCHAINA mysterious monster! By Mohammed Asghar Khan, For Microsoft, Dubai
- 2. Blockchain is just Bitcoin! ■ NO! ■ But they are closely related. ■ Bitcoin is a digital currency whose underlying “system” is called Blockchain.
- 3. Let’s get the basics clear ■ Blockchain is a distributed system. ■ A collection of individual computers ■ Working together for a common goal ■ Eg. WWW
- 4. Peer to Peer (P2P) ■ Every computer can become a client and a server! ■ Eg. BitTorrent Protocol ■ Over internet (TCP/IP) ■ Individuals can share data without any central control
- 5. So, what is Blockchain? ■ Is it a database? ■ Is it a network application? ■ Blockchain is special! ■ But, what makes it special? ■ Blockchain is a system for validating, clearing, settling, tracking and recording the ownership of assets that are being traded.
- 6. Normal Transaction ■ Note the no. of participants for a single transaction. ■ Intermediaries involved: 6 ■ Intermediaries are needed for trust. ■ Security: Can be compromised
- 7. Blockchain Transaction ■ Intermediaries involved: 2 ■ A knows B’s computer address (or B’s public key) ■ A encrypts the message – Timestamp + B’s Public Key ■ B decrypts it using his own private key
- 8. What’s inside a block? ■ Block ID: A unique identifier ■ Block ID= Code (Hash) derived from the information in the block.
- 9. Who makes the block? ■ Volunteers in the network, start to “mine” the blocks ■ All miners race to finish the block ■ These miners try to compute a hash based on: – The Merkle root ■ Which is a hash of the transactions in a block – Other Meta Data ■ Rest of the stuff in the block
- 10. This is how a Blockchain looks like ■ Blocks added every 10 minutes ■ Current hashing power of BitCoin network is more than 500 supercomputers combined ■ 340,000,000,000,000,000 hashes per second
- 11. Enough Theory!
- 12. B-a-a-S ■ Microsoft Azure DevTest Labs ■ For developers and testers who aim to create environments quickly in Azure. ■ Re-usable templates and artifacts. ■ Integration with on-demand environment
- 13. What are benefits of using a blockchain for trade?
- 14. A few pilot use cases… Shipping industry
- 15. A few pilot use cases… Healthcare industry
- 16. A few pilot use cases… ■ Music Industry : ■ Diamond Industry : ■ Bio Science:
- 17. ■ When Henry Ford made cheap, reliable cars people said, 'Nah, what's wrong with a horse?' That was a huge bet he made, and it worked. – Elon Musk