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The Blockchain: Introduction and Implications

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A quick introduction to Blockchain and some of the use cases we can expect from it.

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The Blockchain: Introduction and Implications

  2. 2. QUICK SHOUT-OUT THANKS TO DON TAPSCOTT AND SON… This presentation draws heavily from their book: The Blockchain Revolution *SOURCES: CNBC, FORBES 2
  3. 3. ORIGINS OF THE BLOCKCHAIN THE INTERNET ENABLES MANY THINGS BUT… 1. No mechanism to reliably establish trust without a Third Party Third Parties are typically Governments and Businesses that invade our privacy for Security and Profit 2. Single points of failure are insecure and cybercrime flourishes Types of Cybercrime: Spammers, Identity Thieves, Phishers, Zombie Farmers, Cyberbullies, Hackers, Ransomeware, etc *SOURCES: CNBC, FORBES 3 Cost of online theft: $450B (2016), estimated $2T (2019)*
  4. 4. ORIGINS OF THE BLOCKCHAIN ESTABLISHING TRUST HAS BEEN A PERSISTENT PROBLEM… Cryptography introduced in the early 1980s to help secure data DigiCash (1993~1998) attempts to solve trust with “eCash” which enables secure, anonymous online payments 4 “All parties would send their inputs to God. God would reliably determine the results and return the outputs. God being the ultimate in confessional discretion, no party would learn anything more about the other parties’ inputs than they could learn from their own inputs and outputs.” The God Protocol Fails because of Third Party involvement and users have to divulge personal information
  5. 5. INTRODUCING THE BLOCKCHAIN THEN IN 2008 A WHITE PAPER IS PUBLISHED… Establishes a protocol for secure peer-to-peer value transfer using cryptography Decentralized database that stores a registry of assets and transactions across a p2p network 5 “This is the distributed trust network that the internet always needed and never had.” -Marc Andreessen “Satoshi Nakamoto” authored the protocol to support the cryptocurrency Bitcoin: the Bitcoin Blockchain Eliminates role of Trusted Third Parties (TTP) by using distributed computations to ensure integrity
  6. 6. INTRODUCING THE BLOCKCHAIN TODAY THE BLOCKCHAIN IS CHANGING THE WORLD. 2017 has been a landmark year (again?) for Blockchain 6 *SOURCES: COINDESK Bitcoin hits 287k TR per day, introduces $0.62 TR Free (Q1) Japan recognizes Bitcoin as legal tender (Q2) Sept 1, 2017 Coindesk: State of Blockchain Q1, 2017
  7. 7. THE PROMISE OF THE BLOCKCHAIN THE BLOCKCHAIN USES THREE OLD TECHNOLOGIES… Cryptography works best when established technologies are applied 7 *SOURCES: COINDESK PUBLIC KEY THE INTERNET INCENTIVES Cryptographic Validation Distributed Network Protocol to Reward Verifiers Authentication Authorization Participation
  8. 8. THE PROMISE OF THE BLOCKCHAIN TO POTENTIALLY IMPROVE HOW WE EXCHANGE… Potential benefits of the Blockchain (1) Trust: derived from the transparency of the network and assurance of immutable records protected by cryptography 8 Financial Inclusion: dramatic reductions to the cost of financial transactions mean more people can participate in the economy and capital can be repurposed Personal Identity Ownership: enables a “persistent digital ID” and enables individuals to license their personal information
  9. 9. THE PROMISE OF THE BLOCKCHAIN A VARIETY OF VALUABLE ASSETS. Potential benefits of the Blockchain (2) Protecting Rights: immutable records means corrupt governments or other institutions cannot steal assets like land titles, I.P., etc 9 Cost Reduction: new business models and smart contracts can lower various costs to business, governance, infrastructure, etc Transparent Governance: immutable records also mean votes or policies cannot be altered or subverted
  11. 11. HOW BLOCKCHAIN CHANGES BUSINESS BLOCKCHAIN CAN ALTER THE WAY WE CONDUCT SEARCH… Blockchain enables unique ways to discover both talent and customers Privacy: customers and talent enable what attestations they want to be discovered by businesses 11 Permanent Value: as long as the network is incentivized the records will exist has historical record Three-dimensional Search: horizontal, vertical, and now time
  12. 12. HOW BLOCKCHAIN CHANGES BUSINESS HOW WE MANAGE ACCOUNTING AND GOVERNANCE… Blockchain can enhance Accounting and Governance Solves four big problems: 1) reliance on good behavior, 2) human error, 3) fraud, 4) coping with new business models 12 Triple-entry Accounting: eliminates or significantly reducing the need for audit (fyi: nearly 2/3 of Deloitte’s revenue is auditing) Debit Credit 5 2 8 10 Jin Kevin -5 5 2 -2 8 -8 -10 10 Debit Credit 5 2 8 10 Jin’s Book Public Book Kevin’s Book
  13. 13. HOW BLOCKCHAIN CHANGES BUSINESS AND ENABLE SMART CONTRACTS. Institutions are the amalgamation of their contracts Business Management: 1) agency costs, 2) settle disputes between management and shareholders, 3) improve communication and consensus throughout organization 13 Could automate settlement in some cases Reduce Time and Risk: 1) negotiation price, 2) establishes capacity, 3) define scope-of-work and requirements, 4) enforcement
  14. 14. THE BLOCKCHAIN ALSO ENABLES NEW BUSINESS MODELS BLOCKCHAIN ENABLES NEW WAYS TO EARN MONEY… Potential business models enabled by Blockchain (1) Rights Creators: directly reward creators of I.P. (e.g. musicians, artists, scientists) 14 Blockchain Makers: monitor disaggregated components of any supply-chain or enable mass-customization Blockchain Cooperatives: enable a true “sharing economy” disaggregated from third-party platforms (e.g. Blockchain-Uber)
  15. 15. THE BLOCKCHAIN ALSO ENABLES NEW BUSINESS MODELS AND INCENTIVIZE COLLABORATION. Potential business models enabled by Blockchain (2) Peer Producers: incentivize contributors to social productions (e.g. wikipedia, Linux, Reddit) to improve contributions and innovation 15 Enterprise Collaboration: identify employees for effective contributions (e.g. Slack-on-Blockchain, Document Creation) Platform Builders: enable co-innovations between platform providers (e.g. Nike) and their users (e.g. Runners)
  16. 16. FIN THANK YOU! 16 Michael A. Lesniak
  17. 17. HOW DOES THE BLOCKCHAIN IMPACT YOUR BUSINESS? ACTIVITY Our Customers Our Partners Our Company Network Integrity Distributed Power Value as Incentive Security Privacy Rights Preserved Inclusion 17
  18. 18. HOW BLOCKCHAIN IMPACTS THE “GOLDEN EIGHT” APPENDIX ONE: FIN-TECH 18 Function Blockchain Impact 1. Authenticating Identity and Value Verifiable and robust identities, cryptographically secured. 2. Moving Value: making payments, transfer money, and purchase goods or services Transfer of value in very large and very small increments without intermediary will dramatically reduce cost and speed of payments. 3. Storing Value: currencies, commodities, and financial assets are stores of value. Safety deposit box, a savings account, or checking account. Money market funds or Treasury bills. Payment mechanism combined with a reliable and safe store of value reduces need for typical financial services; bank savings and checking accounts will become obsolete. 4. Lending Value: credit card debt, mortgages, corporate bonds, municipal bonds, government bonds, asset-backed securities, and other forms of credit. Debt can be issued, traded, and settled on the blockchain; increases efficiency, reduces friction, improves systemic risk. Consumers can use reputation to access loans from peers; significant for the world’s unbanked and for entrepreneurs. Function Blockchain Impact 5. Exchanging Value: speculating, hedging, and arbitraging. Matching orders, clearing trades, collateral management and valuation, settlement and custody. Blockchain takes settlement times on all transactions from days and weeks to minutes and seconds. This speed and efficiency also creates opportunities for unbanked and underbanked to participate in wealth creation. 6. Funding and Investing in an Asset, Company, Start-up: capital appreciation, dividends, interest, rents, or some combination. New models for peer-to-peer financing, recording of corporate actions such as dividends paid automatically through smart contracts. Titles registry to automate claims to rental income and other forms of yield. 7. Insuring Value and Managing Risk: protect assets, homes, lives, health, business property, and business practices, derivative products. Using reputational systems, insurers will better estimate actuarial risk, creating decentralized markets for insurance. More transparent derivatives. 8. Accounting for Value: new corporate governance. Distributed ledger will make audit and financial reporting real time, responsive, and transparent, will dramatically improve capacity of regulators to scrutinize financial actions within a corporation. COPIED FROM “THE BLOCKCHAIN REVOLUTION”