The New Decentralised World - DAPPs, Smart Contracts on Blockchain
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The document discusses the emergence of decentralized applications (DApps) and smart contracts powered by blockchain technology. It describes how blockchain and DApps are attempting to solve societal problems by reducing centralized power structures, middlemen, information asymmetry, and more. The document outlines the evolution of blockchain from Bitcoin to Ethereum and newer platforms, and how DApps interact with blockchains using tools like cryptography, distributed networks, and consensus algorithms. Examples of smart contract use cases are provided from sectors like finance, law, healthcare and more. Legal recognition of smart contracts is also discussed for countries like the US, India, and others.
The New Decentralised World - DAPPs, Smart Contracts on Blockchain
- 1. THE NEW DECENTRALISED WORLD BLOCKCHAIN, DAPPS & SMART CONTRACTS Lt Cdr Ramakrishna Karolla (retd) Founder Nexivo Consulting
- 2. CHANCELLOR ON BRINK OF SECOND BAILOUT FOR BANKS THE TIMES UK, 03 JAN 2009
- 3. THE GENESIS BLOCK OF THE BITCOIN SATOSHI NAKAMOTO’S FIRST MESSAGE ON BLOCK CHAIN
- 4. PRESENT DAY CHALLENGES ACROSS THE GLOBE BLOCKCHAIN ATTEMPTING TO SOLVE SOCIETAL PROBLEMS • Centralised Power Structures > Collusion • Middle men Arbitrage > Pricing arbitrage by brokers • Information Asymmetry/Not Realtime eg. Kingfisher/Nirav modi/Stock Market crashes/Bubbles • Consensus Issues / Cartelisation e.g.. Electoral process • Wealth Distribution /Income Inequality • Privacy : Eg. Data thefts/Monitoring/Snooping
- 5. THE BLOCKCHAIN SYMBOLIZES A SHIFT IN POWER FROM CENTERS TO THE EDGES OF THE NETWORKS William Mougayar Author at The Business Blockchain A NEW SHIFT
- 6. EVOLUTION OF THE DISTRIBUTED LEDGER TECHNOLOGIES WHAT POWERS THE BLOCKCHAIN ▸ Cryptography ▸ Distributed /Decentralised Network ▸ Transfers Value in Digital format which cannot be duplicated ▸ Consensus Algorithms ▸ Crypto economics ▸ Fault Tolerant (BFT) ▸ Trustless environment
- 7. EVOLUTION OF BLOCKCHAIN GENERATIONS OF BLOCKCHAIN ▸ First Generation ▸ Bitcoin. Doesn’t have intrinsic value, Cryptocurrency, Moves Value ▸ Second Generation ▸ Ethereum - Smart Contracts & DApplications, One Global computer ▸ Protocol Layer above Internet ▸ Third Generation ▸ Cardano, EOS, NEO ▸ Focus on Scalability, Inter operability, treasury systems,On Chain Governance, Sustenance of the platform/protocol
- 8. EMERGENCE OF DAPPS PROPERTIES OF A DAPP TRULY DISTRIBUTED source: https://github.com/DavidJohnstonCEO/DecentralizedApplications OPEN SOURCE CONSENSUS ON IMPROVEMENTS PUBLIC BLOCKCHAIN USES CRYPTO TOKENS INCENTIVES
- 9. POWERING THE FUTURE OF DECENTRALISATION DECENTRALISED APPLICATIONS ▸ Low level of Control by any Centralised Authority,Self regulating ▸ Use their own Digital Currencies or Tokens ▸ Supports New type of Business Models ▸ DAPPs integrate with Blockchains and other Services ▸ Can enable true Sharing Economy ▸ Smart Contracts , Digital Autonomous Organisations
- 10. DAPP THAT USES A BLOCKCHAIN WITH SMART CONTRACTS DAPP & BLOCKCHAIN INTERACTIONS Source: Ethereum Stack exchange Authentication Identity File System Name System Storage Messaging Push notifications Media Streaming Communication Realtime Database Application Stores Truly Distributed Systems
- 11. DAPPS ECOSYSTEM DECENTRALISED APPS -INTER OPERABILITY https://www.slideshare.net/BigchainDB/blockchain-beyond-finance-cronos-groep-jan-17-2017
- 12. NEW BUSINESS MODELS BUILDING BLOCKS OF DISTRIBUTED INTERNET >STORAGE CHAINS
- 13. SMART CONTRACT INTERACTION FLOWS HOW A SMART CONTRACT WORKS
- 14. LANDSCAPE OF SMART CONTRACTS SMART CONTRACT USE CASES Source : pricewaterhousecoopers
- 15. NECESSARY CONDITIONS FOR SMART CONTRACTS/DAPPS ▸ Stability of Crypto Tokens/Currencies ▸ Trusted Oracles (Information) ▸ Interoperability between Blockchains ▸ Integration with PKI Infrastructure (CA’s)
- 16. FEATURES OF SMART CONTRACT PLATFORMS COMPARISON OF SMART CONTRACT PLATFORMS Source : https://blog.acolyer.org/2017/07/05/blockbench-a-framework-for-analyzing-private-blockchains/
- 17. LEGAL ASPECTS LEGALISATION OF SMART CONTRACTS - GLOBAL TRENDS ▸ US : Completion of a draft Uniform Regulation of Virtual Currency Business Act (Uniform VCBA) by the Uniform Law Commission (ULC) in July 2017 ▸ States like Arizona passed laws recognizing the signatures provided for smart contracts using the blockchain technology ▸ Vermont and Nevada passed laws recognizing contracts executed on the blockchain ▸ Tennessee has become the latest U.S state to pass a bill recognizing the legal authority of blockchain & smart contracts
- 18. INDIA STATUS LEGALISATION OF SMART CONTRACTS IN INDIA ▸ IT Act 2000 allows contracts or records to be validated or authenticated by using electronic signatures. ▸ Under section 35 of the IT Act, a digital signature can be obtained only from a government designated CA ▸ Section 85B of Indian Evidence Act, 1872 states that an electronic agreement would be considered as a valid agreement if above conditions are met
- 19. SMART CONTRACT LEGALISATION CLOSELY LINKED WITH CRYPTO CURRENCIES LEGAL STATUS OF BITCOIN/CRYPTO CURRENCIES
- 22. THANK YOU ramki@nexivo.co +91 7680997877 linkedin.com/in/ramkinavy Building DAPPs & Smart Contracts Come let’s all join to build a decentralised world for better future