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© 2016 IBM Corporation
Esra UFACIK
esra@sg.ibm.com
Blockchain IOT Lead for
AP Systems
Making Blockchain Real for Business
...
Contents
is Blockchain?
is it relevant
for our business?
2Page© 2016 IBM Corporation
Blockchain is a technology for a new generation of transactional applications that establishes trust,
accountability and t...
Blockchain in an emerging platform for transaction
services
Party A’s
records
Bank’s
records
Auditor’s
records
Party B’s
r...
1. It all starts with one node
4. Users submit transactions
2. Each node has the shared ledger
5. Consensus and leader ele...
Shared Distributed Ledger
 Distributed
ledger is
implemented
as a chain of
blocks
 Transactions
are recorded
in each blo...
Source: On Distributed Communications Networks, Paul Baran, 1962
– Unregulated, censorship-
resistant shadow currency
– First Blockchain application
• Pioneer of Blockchain
technology
… D...
Just Google “bitcoin.pdf”
Proof of Work
 Proof of Work asks for nodes to demonstrate they have burned CPU in order
to win the right to create the n...
Mining & Miners
 Transactions are broadcast to Miners for “Consensus”
 Example:
– Miner1 & Miner2 “process” the broadcas...
Consensus
Node
Node
NodeNode
Node
Distributed to all nodes by Peer2Peer
Smart ContractShared Ledger
Block
Hash
Regulator
1...
Very CPU intensive process!
Mining & Miners
Industrial Blockchain Characteristics
Confidential
permission
control
Private
un-linkable identity
Shared
single source of...
Append-only
distributed system of
record shared across
business network
Business terms
embedded in
transaction database
& ...
• Shared between participants
• Participants have own copy through replication
• Permissioned, so participants see only ap...
Smart contract
• Verifiable, signed
• Encoded in programming language
• Example:
– Defines contractual conditions under wh...
Privacy
• Participants need:
– Transactions to be private
– Identity not linked to a transaction
• Transactions need to be...
Consensus
• When participants are anonymous
– Commitment is expensive
– Bitcoin cryptographic mining provides
verification...
Management Entity None Multiple Organizations Single Organization
Network Type Public Consortium Private
Participants
Free...
Contents
is Blockchain?
is it relevant
for our business?
22Page© 2016 IBM Corporation
Saves
time
Removes
cost
Reduces
risk
Increases
trust
Transaction time
from days to near
instantaneous
Overheads and
cost i...
Our analysis suggests blockchains can drive down
inefficiencies across networks
Blockchains have a leveling effect
by maki...
We expect blockchains to fundamentally change
how we do business in three radical ways
A new science
of organizations
Codi...
Summary
Blockchain …
– is a shared, replicated, permissioned
ledger technology
– can open up business networks by
taking o...
© 2016 IBM Corporation
Thank you!
1. ibm blockchain explained
1. ibm blockchain explained
1. ibm blockchain explained
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1. ibm blockchain explained

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Bitcoin: A Peer-to-Peer Electronic Cash System
Satoshi Nakamoto
satoshin@gmx.com
www.bitcoin.org
Abstract.
A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network.
The network timestamps transactions by hashing them into an ongoing chain of
hash-based proof-of-work, forming a record that cannot be changed without redoing
the proof-of-work. The longest chain not only serves as proof of the sequence of
events witnessed, but proof that it came from the largest pool of CPU power. As
long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they'll generate the longest chain and outpace attackers. The
network itself requires minimal structure. Messages are broadcast on a best effort
basis, and nodes can leave and rejoin the network at will, accepting the longest
proof-of-work chain as proof of what happened while they were gone.

Publicado en: Tecnología

1. ibm blockchain explained

  1. 1. © 2016 IBM Corporation Esra UFACIK esra@sg.ibm.com Blockchain IOT Lead for AP Systems Making Blockchain Real for Business Explained
  2. 2. Contents is Blockchain? is it relevant for our business? 2Page© 2016 IBM Corporation
  3. 3. Blockchain is a technology for a new generation of transactional applications that establishes trust, accountability and transparency while streamlining business processes. Think of it as an operating system for interactions. It has the potential to vastly reduce the cost and complexity of getting things done. Blockchain is a design pattern made famous by its use in Bitcoin. But it’s uses go far beyond. Blockchain can reimagine the world's most fundamental business interactions and open the door to invent new styles of digital interactions. IBM is adopting Blockchain to a very broad range of business applications Blockchain defined`
  4. 4. Blockchain in an emerging platform for transaction services Party A’s records Bank’s records Auditor’s records Party B’s records Digitally signed/encrypted transactions and ledger All parties have same replica of the ledger Party A Bank Auditor Party B Types of Use Cases • Trusted registry of ownership of assets • Asset transfer • Smart contracts Attributes • Shared replicated immutable ledger • Digitally signed/encrypted transactions • Business logic linking transactions into business processes • Automation Blockchain technology has the potential to radically transform multi-party business networks, enabling significantly faster, less expensive, lower risk transactions and innovative new business models Inefficient, expensive, vulnerable Consensus, provenance, immutability, finality • Difficult to maintain a single source of truth • Difficulty to maintain transparency • Not timely in delivery or access • Business logic implementation linking transactions can be different between parties • Can be overly complex due to the evolution and use of older technology.
  5. 5. 1. It all starts with one node 4. Users submit transactions 2. Each node has the shared ledger 5. Consensus and leader election 3. Nodes form a peer network 6. Execution & Recovery Each block has a digital fingerprint of the previous block Has an Owner Issues Transaction ID = Digital Cert Copy of Ledger Sign Transactions Answer Validated Update A = 100 Then A=10 Now A=100 5 Blocks How it works
  6. 6. Shared Distributed Ledger  Distributed ledger is implemented as a chain of blocks  Transactions are recorded in each block block 1020 Hash of previous block transaction(TX) Create vehicle registration TX's hash value block time stamp ● ● ● ● ● ● block 1021 Hash of previous block transaction(TX) Transfer vehicle registration TX's hash value block time stamp block 1022 Hash of previous block transaction(TX) TX's hash value block time stamp block 1023 Hash of previous block transaction(TX) TX's hash value block time stamp Update vehicle registration Transfer vehicle registration block 1024 Hash of previous block transaction(TX) Transfer vehicle registration TX's hash value block time stamp block 1025 Hash of previous block transaction(TX) Transfer vehicle registration TX's hash value block time stamp block 1026 Hash of previous block transaction(TX) TX's hash value block time stamp block 1027 Hash of previous block transaction(TX) TX's hash value block time stamp Transfer vehicle registration Dispose vehicle registration Distributed Ledger
  7. 7. Source: On Distributed Communications Networks, Paul Baran, 1962
  8. 8. – Unregulated, censorship- resistant shadow currency – First Blockchain application • Pioneer of Blockchain technology … Digital currencies different from cryptocurrency 8Page© 2016 IBM Corporation BUT is not bitcoin Blockchain underpins Bitcoin …
  9. 9. Just Google “bitcoin.pdf”
  10. 10. Proof of Work  Proof of Work asks for nodes to demonstrate they have burned CPU in order to win the right to create the next block  Mining is usually the process by which this proof occurs  Nodes attempt to solve mathematics problems  Called ‘miners’ because they receive payment for being the first to solve a problem.  Hash functions make it easy for other nodes to validate solutions – Difficult to find (Brute Force) – Easy to Check
  11. 11. Mining & Miners  Transactions are broadcast to Miners for “Consensus”  Example: – Miner1 & Miner2 “process” the broadcast transactions – Miner1 & Miner2 collect transactions into a block – Miner1 & Miner2 work to solve a difficult maths problem based on the block – Consider “Miner1” reaches the “solution” first – Miner1 broadcasts the “solution” to Miner2 – Miner2 verifies the “solution” – Miner2 also broadcasts consensus – Block is added to the chain – by Miner1
  12. 12. Consensus Node Node NodeNode Node Distributed to all nodes by Peer2Peer Smart ContractShared Ledger Block Hash Regulator 1. Manufacturer 2. Dealer 3. Lease Company 4. Lessee 5. Scrap Merchant Node Hash of TX nonce Hash of TX nonce Hash of TX nonce Hash of TX nonce Hash of TX nonce Hash of TX nonce Create V5C (Send transaction) Proof of WorkDiscover nonce! OK OK OKOK V5C Data Owner: Regulator VIN: Make: Model: Method Create Transaction Create V5C Create BlockConsensusCreate V5C (Execute transaction) 635840321837 000000012345 OK Block Hash Transfer V5C (Send transaction) Hash of TX nonce OK Proof of Work Hash of TX nonce Hash of TX nonce Hash of TX nonce Hash of TX nonce Hash of TX nonce Hash of TX nonce Hash of TX nonce Timestamp 759710275638 000000067890 Discover nonce!Create BlockConsensus OK OK OKOK OK OK Transfer V5C (Execute transaction) Block Hash Manufacturer Transfer Update V5C (Send transaction) Transaction Update V5C Proof of Work Hash of TX nonce Hash of TX nonce Hash of TX nonce Hash of TX nonce Hash of TX nonce Hash of TX nonce Discover nonce!Create Block Hash of TX nonce Timestamp 387291845274 000000037648 OK OK OKOK OK OK Consensus Update 123 Alfa Romeo MiTO Update V5C (Execute transaction) Shared Ledger Smart Contract Transaction Transfer V5C Timestamp
  13. 13. Very CPU intensive process! Mining & Miners
  14. 14. Industrial Blockchain Characteristics Confidential permission control Private un-linkable identity Shared single source of truth (ledger) Secure tamper proof Auditable prove identity & ownership Scalable architecture
  15. 15. Append-only distributed system of record shared across business network Business terms embedded in transaction database & executed with transactions All parties agree to network verified transaction Ensuring appropriate visibility; transactions are secure, authenticated & verifiable Privacy Shared ledger … Broader participation, lower cost, increased efficiency Smart contract Consensus Blockchain for business …
  16. 16. • Shared between participants • Participants have own copy through replication • Permissioned, so participants see only appropriate transactions • THE shared system of record Records all transactions across business network Shared ledger
  17. 17. Smart contract • Verifiable, signed • Encoded in programming language • Example: – Defines contractual conditions under which corporate Bond transfer occurs Business rules implied by the contract … embedded in the Blockchain and executed with the transaction
  18. 18. Privacy • Participants need: – Transactions to be private – Identity not linked to a transaction • Transactions need to be authenticated • Cryptography central to these processes Ledger is shared, but participants require privacy
  19. 19. Consensus • When participants are anonymous – Commitment is expensive – Bitcoin cryptographic mining provides verification for anonymous participants but at significant compute cost (proof of work) • When participants are known & trusted – Commitment possible at low cost … the process by which transactions are verified • Multiple alternatives – proof of stake where fraudulent transactions cost validators (e.g. transaction bond) – multi-signature (e.g. 3 out of 5 participants agree) – PBFT (cross checked secure message exchange) • Industrial Blockchain needs “pluggable” consensus
  20. 20. Management Entity None Multiple Organizations Single Organization Network Type Public Consortium Private Participants Free Permissioned Anonymous, could be malicious Identified and trusted Consensus Mechanisms Mining (Proof-of-Work) Voting / multi-party consensus algorithm • Large energy consumption • No finality • 51% attack • Lighter, faster • Low energy consumption • Enable finality Transaction Approval Frequency Long (e.g., 10 min) Short (100x msec) Use Cases Crypto Currency Transactions in business networks, e.g., cross- border payment, securities transactions, etc. Comparison of consensus approaches In business use, it is important the the platform supports different consensus mechanisms depending on the use case
  21. 21. Contents is Blockchain? is it relevant for our business? 22Page© 2016 IBM Corporation
  22. 22. Saves time Removes cost Reduces risk Increases trust Transaction time from days to near instantaneous Overheads and cost intermediaries Tampering, fraud & cyber crime Through shared processes and recordkeeping Blockchain benefits
  23. 23. Our analysis suggests blockchains can drive down inefficiencies across networks Blockchains have a leveling effect by making business networks more homogeneous in how they can operate This illustrative example of shrinking inefficiencies suggests that enterprises, ecosystems and economies can function at substantial higher levels of efficiency and trust Source: IBM Institute for Business Value analysis
  24. 24. We expect blockchains to fundamentally change how we do business in three radical ways A new science of organizations Codifications of contracts, compliance and certifications will redefine how trust is embodied in business transactions Efficient and accessible market-places built on blockchains will accelerate the exchange of value and flow of wealth The tightening of trust A new nexus for value exchange Highly efficient distributed business networks will challenge our notions of traditional enterprise management Source: IBM Institute for Business Value analysis
  25. 25. Summary Blockchain … – is a shared, replicated, permissioned ledger technology – can open up business networks by taking out cost, improving efficiencies and increase accessibility – addresses an exciting and topical set of business challenges, which cross every industry IBM … – supports the Linux Foundation Hyperledger open standard, open source, open governance Blockchain – has an easy to access, proven and incremental engagement model giving customers the confidence to get started NOW
  26. 26. © 2016 IBM Corporation Thank you!

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