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The Blockchain in 13 Minutes

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www.chyp.comPlease copy and distribute
Shared Ledger Technologies
16/12/20161
Understanding the blockchain
enough to expla...
www.chyp.comPlease copy and distribute
David G.W. Birch
An internationally-recognised thought leader in digital identity a...
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The Blockchain in 13 Minutes

  1. 1. www.chyp.comPlease copy and distribute Shared Ledger Technologies 16/12/20161 Understanding the blockchain enough to explain it to your boss The Meaning Conference Brighton November 2016
  2. 2. www.chyp.comPlease copy and distribute David G.W. Birch An internationally-recognised thought leader in digital identity and digital money; Named one of the global top 15 favourite sources of business information (Wired magazine); In the London FinTech top 10 most influential commentators (City A.M.); One of the top ten Twitter accounts followed by innovators, along with Bill Gates and Richard Branson (PR Daily); One of the top ten most influential voices in banking (Financial Brand); Named one of the “Fintech Titans” (NextBank); Ranked Europe’s most influential commentator on emerging payments (Total Payments magazine). 2
  3. 3. www.chyp.comPlease copy and distribute The First Blockchain 3
  4. 4. www.chyp.comPlease copy and distribute The 4x4x4 Model 4 What is a blockchain? It’s a kind of shared ledger
  5. 5. www.chyp.comPlease copy and distribute Ledgers Banks are, basically, ledgers 5
  6. 6. www.chyp.comPlease copy and distribute Building Ledgers 6
  7. 7. www.chyp.comPlease copy and distribute Shared Ledgers 7
  8. 8. www.chyp.comPlease copy and distribute Building Shared Ledgers 8
  9. 9. www.chyp.comPlease copy and distribute Which to Build? 9 How do we make a shared ledger? We might use a blockchain, we might not
  10. 10. www.chyp.comPlease copy and distribute So… 10 Shared ledgers have communications, content, consensus and contract layers; Different choices for these layers lead to different kinds of ledgers; One set of choices is a blockchain; And there are different kinds of blockchains…
  11. 11. www.chyp.comPlease copy and distribute Bitcoin uses just one kind of SLT Yes, I know it’s wrong but hey it’s the FT 11
  12. 12. www.chyp.comPlease copy and distribute Real World… 12
  13. 13. www.chyp.comPlease copy and distribute Examples 13
  14. 14. www.chyp.comPlease copy and distribute Why Bother? Trustless Transactions 14 They constantly try to escape From the darkness outside and within By dreaming of systems so perfect that no one will need to be good. Choruses from The Rock (T.S. Eliot, 1934).
  15. 15. www.chyp.comPlease copy and distribute Long Term Vision 15 What will we do with a shared ledger? Make new markets
  16. 16. www.chyp.comPlease copy and distribute Transparency 16
  17. 17. www.chyp.comPlease copy and distribute Radical Transparency 17
  18. 18. www.chyp.comPlease copy and distribute Translucent Transactions Trust is a serious problem, we have to get to a new level of transparency – only through radical transparency will we get to radical new levels of trust (Marc Benioff, Davos 2015) 18 ambient-accountability.org
  19. 19. www.chyp.comPlease copy and distribute Visit our website: http://www.chyp.com Follow us on Twitter: @chyppings Email us: info@chyp.com Read: Tomorrow's Transactions Blog Listen: Consult Hyperion Podcasts Consult Hyperion UK Tweed House, 12 The Mount Guildford, Surrey GU24HN, UK. +44 1483 301793 Consult Hyperion USA 535 Madison Avenue, 19th Floor New York, NY 10022, USA. +1 888 835 6124 Contact 16/12/201619
  20. 20. www.chyp.comPlease copy and distribute Who Are Consult Hyperion? 20 Consult Hyperion specialises in working out the opportunities and threats which result from the harmony and collision of security, networks and transactions. We are constantly assessing these factors, as they change continuously, and delivering ideas, solutions and products to our clients
  21. 21. www.chyp.comPlease copy and distribute What Do They Do? 21 We have a structured and practical approach to secure electronic transaction systems from the local to the global Strategy Roadmapping Market Analysis Business Modelling Prototyping Requirements Analysis Risk Analysis System Architecture Technical Specification Procurement Support Software Development Vendor Management Project Management Certification Management Acceptance Testing Evaluation We can help clients in all phases of the product and service lifecycle, from the whiteboard scribble to the person in the street’s everyday use
  22. 22. www.chyp.comPlease copy and distribute Who Do They Do It For? 22 16/12/2016

Notas do Editor

  • A ledger is record of transactions
    If more than one organisation is involved, whose ledger?
    We used to have to trust someone to maintain a ledger
    Or we could federate and each maintain our own part of the ledgers
    Now, thanks to Moore’s Law, everyone can now have a copy of the entire ledger
  • A ledger is record of transactions
    If more than one organisation is involved, whose ledger?
    We used to have to trust someone to maintain a ledger
    Or we could federate and each maintain our own part of the ledgers
    Now, thanks to Moore’s Law, everyone can now have a copy of the entire ledger
  • The second is transparency. As I mentioned in the discussion about the "glass bank", transparency may be the defining characteristic of the new financial order and I expect this to be a focus of our clients' attention in the near future. I advance the theory here that the next generation of financial applications will focus on transparency as the key to the new way of doing things: the robustness and the innovation are great, but it is in area of transparency that new cryptographic techniques make it possible to create a new kind of ledger. I'll write more about this in the future, but I will exploring the idea that transparency may be the lasting legacy of the financial crisis in my keynote at Next Bank Barcelona on
  • Transparency increases confidence and trust, helping markets to develop. A story from the August 1931 edition of Popular Mechanics illustrated this point. It concerns the relationship between transparency and behaviour in the specific case of depression-era extra-judicial unlicensed wealth redistribution (Glass banks will foil hold-ups 1931) and says that banks hold-ups may become things of the past if banks are constructed with glass walls, so that a clear view of everything that is happening inside the bank will be afforded from all angles at all times. (I urge you search the article, by the way, to see the lovely drawing that goes with it.)
    The chap behind the idea was a New York architect called Francis Keally (1889-1978), the man responsible for (amongst other things) the Berlin Public Library and the Oregon State Capitol. He reasoned that transparency would be a fundamental defence against crime. No walls, no Bernie Madoff.
    In our world of 21st century finance we no longer care about the glass bank as a physical construct, we see it as a virtual one. While toughened glass and other architectural advances might have been the key to building Keally’s glass bank, the crucial technology to build the glass institutions that will revolutionise financial services today is the shared ledger.
    The idea of glass institutions may seem odd but with the advances in technology and our evolving understanding of how replicated shared ledgers might transform a variety of different kinds of systems, I think we can begin to explore their impact, which is disruptive change. I can show this by giving a couple of obvious examples: what if a company chose from a group of regulator-certified auditing applications instead of from a competing group of auditors? Auditing banks’ books would become a continual process and you might even have multiple different applications constantly auditing the same bank on behalf of regulators, shareholders, customers, pressure groups and even rival banks. Anti-money-laundering processes would shift from expensive and rather useless gatekeeping combined with floods of suspicious transaction monitoring to being a variety of different anti-money-laundering applications combing through the shared ledger entries to find transactions indicative of misbehaviour (at which point, law enforcement agencies could apply for warranted access to the unencrypted ledger entry or relevant meta data).
  • Transparency increases confidence and trust, helping markets to develop. A story from the August 1931 edition of Popular Mechanics illustrated this point. It concerns the relationship between transparency and behaviour in the specific case of depression-era extra-judicial unlicensed wealth redistribution (Glass banks will foil hold-ups 1931) and says that banks hold-ups may become things of the past if banks are constructed with glass walls, so that a clear view of everything that is happening inside the bank will be afforded from all angles at all times. (I urge you search the article, by the way, to see the lovely drawing that goes with it.)
    The chap behind the idea was a New York architect called Francis Keally (1889-1978), the man responsible for (amongst other things) the Berlin Public Library and the Oregon State Capitol. He reasoned that transparency would be a fundamental defence against crime. No walls, no Bernie Madoff.
    In our world of 21st century finance we no longer care about the glass bank as a physical construct, we see it as a virtual one. While toughened glass and other architectural advances might have been the key to building Keally’s glass bank, the crucial technology to build the glass institutions that will revolutionise financial services today is the shared ledger.
    The idea of glass institutions may seem odd but with the advances in technology and our evolving understanding of how replicated shared ledgers might transform a variety of different kinds of systems, I think we can begin to explore their impact, which is disruptive change. I can show this by giving a couple of obvious examples: what if a company chose from a group of regulator-certified auditing applications instead of from a competing group of auditors? Auditing banks’ books would become a continual process and you might even have multiple different applications constantly auditing the same bank on behalf of regulators, shareholders, customers, pressure groups and even rival banks. Anti-money-laundering processes would shift from expensive and rather useless gatekeeping combined with floods of suspicious transaction monitoring to being a variety of different anti-money-laundering applications combing through the shared ledger entries to find transactions indicative of misbehaviour (at which point, law enforcement agencies could apply for warranted access to the unencrypted ledger entry or relevant meta data).

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