[Madmagz] Blockchain in a nutshell
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This document provides an overview of blockchain technology. It defines blockchain as a distributed database that uses trust and consensus to create a permanent, non-repudiable record of transactions. Blockchain removes middlemen and increases authenticity through its use of hash functions, proof-of-work, and a large number of miners and addresses. The document discusses some issues like decentralized autonomous organizations and ethics. It also outlines applications of blockchain in areas like finance, IoT, and smart contracts.
[Madmagz] Blockchain in a nutshell
- 1. Innovation Report: Blockchain in a nutshellDaniel Voignac • 08.2017
- 2. Overview I. Definition II. Issues III. Applications
- 3. Motivation
- 4. Motivation On the 17th of August a Tesla 3 would have cost you 7.9 Bitcoin In 2011 it would have cost you 17,500,000 Bitcoin
- 5. Motivation Figure 1: Bitcoin/USD exchange rate,10 year period (source: xe.com (date of access: 14/08/2017)) START
- 7. The Concept Block is broadcast to every party in the network Youssef wants to send Tanguy some money 1st Block is created online and represents the transaction Those in the network approve the transaction and validate it Block is added to the chain which provides permanent nonrepudiable and transparent record of the transaction Tanguy receives the money from Youssef
- 8. The Concept ● Distributed Database ● Trust and consensus ● Decentralised organisation ○ Removing the middleman ○ Increasing Authenticity
- 9. Digital Record ● Transaction Number ● Address ● Size ● Block Number ● Date & Time
- 10. II. Issues
- 11. So what makes Blockchain so secure? ● Hash function enforces clear and thorough records ● Multiplicity of miners (5000+ for Bitcoin) and consensus requirement ● Proof-of-work ● Protocol definition 1 MB max data per block ● Quantity of addresses ( 10⁴⁸ for Bitcoin while there are 10⁵⁰ atoms on constituting Earth)
- 12. Issues ● Decentralized Autonomous Organisation (DAO) ● Finance ● IoT ● Smart Contracts ● Smart Governance ● Ethics
- 14. Source : https://blog.coinbase.com/a-beginners-guide-to-ethereum-46dd486ceecf (date of access: 04/08/2017) Bitcoin vs. Ethereum Info from end of Feb 2017. What about today in terms of market cap?
- 15. Source : https://coinmarketcap.com/ (date of access: 04/08/2017)
- 16. HyperLedger ● A Linux Foundation initiative ● Five projects : Fabric, Iroha, Sawtooth, Burrow, Indy ● Fabric is the most used one for developing blockchain based applications ● Open-source as everything from Linux ● Allows components such as consensus to be plug-and-play Source: https://www.hyperledger.org/about
- 17. How about groups like AWS? ● AWS annouced partnership with Digital Currency Group (DCG) in May 2016 to research on a possible intgration ● In turn, DCG announced in May 2017 DCG connect dcg.co ● Updates are coming in very fast ● Race to who is the quickest ● https://azure.microsoft.com/fr-fr/blog/the-microsoft-vision-for- accelerating-enterprise-blockchain-development/
- 18. Thank you ! ● Distributed database ● Smart Contracts ● Financial application ● IoT application