Your Definitive Guide To Blockchain For Business

Your Definitive Guide To Blockchain For Business
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Why Blockchain

  • The business value-add of Blockchain will grow to slightly more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030 – Gartner
  • Blockchain is the future of Business – IBM
  • Next Big Thing After Internet
  • Blockchain will revolutionize transactions like Internet did for information
  • Dubai Govt plans to go paperless by 2020 by shifting all government services to Blockchain – Dubai Blockchain Strategy
  • Expectations of at least 10% of the global GDP being stored on Blockchain platforms by 2025”  – World Economic Forum

The Need for Blockchain

  • Events in 2008 exposed flaws of banking system
  • Slow settlement time
  • Fraud, cyberattacks – compromise of central authority will risk all participants
  • Duplication lead to errors

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Transactions volume growing exponentially

  • E-Commerce Growth
  • Online Banking
  • In App purchases
  • Increased Mobility

About to Explode with IoT

  • Smart Objects
  • Referigerators that buy groceries
  • Autonomous Cars that stop by at fuel station

Magnify inherent issues like complexities, vulnerabilities, inefficiencies and cost.

Fundamentals of Blockchain

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  • Blockchain is a secure, shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a business network.
  • An asset can be tangible — a house, a car, cash, land — or intangible like intellectual property, such as patents, copyrights, or branding.
  • Virtually anything of value can be tracked and traded on a Blockchain network, reducing risk and cutting costs for all involved.

What is Blockchain?

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Three Principle Technologies Combine to Create Blockchain

  • Not new but their orchestration and application
  • Cryptography
  • Distributed P2P Network that hosts a shared ledger
  • Incentive to service the network’s txns, record keeping  and security

Key Characteristics of Blockchain

  • Consensus: For a transaction to be valid, all participants must agree on its validity
  • Provenance: Participants know where the asset came from and how its ownership has changed over time.
  • Immutability: No participant can tamper with a transaction after it’s been recorded to the ledger. If a transaction is in error, a new transaction must be used to reverse the error, and both transactions are then visible.
  • Finality: A single, shared ledger provides one place to go to determine the ownership of an asset or the completion of a transaction.

Participants and Roles

Blockchain Network Participants and their Roles

  • User
  • Regulator
  • Developer
  • Network Operator
  • Traditional processing platforms
  • Traditional Data sources
  • Certificate Authority

Blockchain Checklist

  • Does my business network need to manage contractual relationships?
  • Do we need to track transactions that involve more than two parties?
  • Is the current system overly complex or costly, possibly due to the need for intermediaries or a central point of control?
  • Can the network benefit from increased trust, transparency, and accountability in recordkeeping?
  • Is the current system prone to errors due to manual processes or duplication of effort?
  • Is the current transaction system vulnerable to fraud, cyber-attack, and human error?

What is Bitcoin?

  • Cryptocurrency
  • Public Blockchain Network
  • Application over Blockchain
  • Email over Internet

o   – An unregulated shadow-currency

o   – The first blockchain application

o   – Resource intensive

  • Blockchain underpins Bitcoin

o   Blockchain for business differs in key areas:

o   Identity over anonymity

o   Selective endorsement over proof of work

o   Assets over cryptocurrency

Challenges & Weaknesses in Blockchain for Businesses

  • Double Spend Problem
  • 51% Attack
  • Democratic Nature – The majority of a crowd is always right
  • Code is Law
  • All executions are final, all transactions are immutable.
  • Lack of consumer protection
  • OpenBazaar P2P uses partial moderator
  • Scaling
  • Bitcoin split
  • Network size, speed, cost
  • New Technology

Blockchain as a Service (BAAS)

  • IBM Blockchain
  • Premier Member behind Hyperledger Project
  • IBM Bluemix container hosting
  • IBM Blockchain platform
  • Microsoft Azure Blockchain
  • Founding member of Enterprise Ethereum Alliance
  • Offers both Hyperledger and Ethereum cloud hosting available
  • Vision is to become chain agnostic middleware
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