The History of Blockchain - From Bitcoin to Shared Ledgers
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This document provides an overview of blockchain technology and its potential applications. In 3 sentences: Blockchain offers a new way to build trust and integrity into a financial system by creating a distributed, tamper-proof database where all participants validate transactions and reach consensus, thereby making the records immutable; while originally developed for cryptocurrencies like Bitcoin, the core concept of blockchain has broader applications and can be used to securely record and share all types of data between parties; major banks and organizations now see the potential for blockchain to transform industries by reducing costs, improving transparency, and enabling novel applications.
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The History of Blockchain - From Bitcoin to Shared Ledgers
- 1. 00000000 f9 be b4 d9 1d 01 00 00 01 00 00 00 00 00 00 00 |................| 00000010 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 |................| 00000020 00 00 00 00 00 00 00 00 00 00 00 00 3b a3 ed fd |............;...| 00000030 7a 7b 12 b2 7a c7 2c 3e 67 76 8f 61 7f c8 1b c3 |z{..z.,>gv.a....| 00000040 88 8a 51 32 3a 9f b8 aa 4b 1e 5e 4a 29 ab 5f 49 |..Q2:...K.^J)._I| 00000050 ff ff 00 1d 1d ac 2b 7c 01 01 00 00 00 01 00 00 |......+|........| 00000060 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 |................| 00000070 00 00 00 00 00 00 00 00 00 00 00 00 00 00 ff ff |................| 00000080 ff ff 4d 04 ff ff 00 1d 01 04 45 54 68 65 20 54 |..M.......EThe T| 00000090 69 6d 65 73 20 30 33 2f 4a 61 6e 2f 32 30 30 39 |imes 03/Jan/2009| 000000a0 20 43 68 61 6e 63 65 6c 6c 6f 72 20 6f 6e 20 62 | Chancellor on b| 000000b0 72 69 6e 6b 20 6f 66 20 73 65 63 6f 6e 64 20 62 |rink of second b| 000000c0 61 69 6c 6f 75 74 20 66 6f 72 20 62 61 6e 6b 73 |ailout for banks| 000000d0 ff ff ff ff 01 00 f2 05 2a 01 00 00 00 43 41 04 |........*....CA.| 000000e0 67 8a fd b0 fe 55 48 27 19 67 f1 a6 71 30 b7 10 |g....UH'.g..q0..| 000000f0 5c d6 a8 28 e0 39 09 a6 79 62 e0 ea 1f 61 de |..(.9..yb...a.| 000000ff FROM BITCOIN TO BLOCKCHAIN
- 2. 2008
- 3. 2008 BofA buys struggling CountrywideJan 11 Fed forces sale of Bear StearnsMar 16 Lehman Brothers files for bankruptcySep 15 Fed bails out AIG for $85BSep 16 Washington Mutual failsSep 25 Market crashes; system almost collapsesSep 29 Gov’t authorizes $700B for bank bailoutOct 3
- 4. A B We have been solving for the wrong problem instead of solving for trust C
- 5. BA C we should have been solving for integrity We have been solving for the wrong problem
- 6. BA maybe we don’t need trust We have been solving for the wrong problem
- 7. “The root problem with conventional currency is all the trust that’s required to make it work…the history of fiat currencies is full of breaches of that trust.” — Satoshi Nakamoto (creator of Bitcoin)
- 8. What if? New financial system built on integrity instead of trust…
- 9. What if? New type of database with built-in integrity
- 10. What if? Replicate it everywhere so everyone has a copy
- 11. What if? All participants validate every change to the database
- 12. What if? We created a tamper-proof audit log of all transactions. Transactions Transactions Transactions Transactions
- 13. January 3, 2009
- 14. 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.
- 15. A A A B B A A C B Let’s combine the best of peer-to-peer… Peer to Peer No fees Resilient No single point of failure Distributed power Freedom to innovate No large attack target
- 16. A A A C And the best of centralization… C A A A B B B Central Counterparty Increased reliability Reduced reconciliation Single connection Universal system of record Reduced complexity Transaction safety
- 17. A To create the best of both worlds… A A C C A A A B B B Central Counterparty A A B B A A C B Peer to Peer
- 18. A B B A C A A blockchain built on integrity Blockchain Solution C
- 19. A B Alice wants to send money to Bob. How does a blockchain work?
- 20. The transaction is posted to a block along with other transactions. A B C D E F G H M N I J O P K L Q R
- 21. The block is sent to all validators in the network A B C D E F G H M N I J O P K L Q R Node A Node B Node C Node D Node E
- 22. The network approves the valid transactions. A B N C D E F G H M I J O P K L Q R Node A Node B Node C Node D Node E
- 23. The block is added to the blockchain A B Block 432568 + 10 Transactions Block 432567 117 Transactions Block 432566
- 24. Block 432568 + 10 Transactions Block 432567 117 Transactions Block 432566 As the chain builds, the transaction becomes immutable.
- 25. Block 432568 + 10 Transactions Block 432567 117 Transactions Block 432566 Block 432569 112 Transactions As the chain builds, the transaction becomes immutable.
- 26. Block 432568 + 10 Transactions Block 432569 112 Transactions Block 432570 38 Transactions As the chain builds, the transaction becomes immutable.
- 27. Block 432568 Block 432569 112 Transactions Block 432570 38 Transactions Block 432571 96 Transactions As the chain builds, the transaction becomes immutable.
- 28. Blockchain is… ..a technical tour-de-force - Bill Gates …a once in a generation opportunity - PriceWaterhouseCoopers …the first native digital medium for value, just as the internet was the first native digital medium for information - Harvard Business Review
- 29. Annual Blockchain VC Funding (Millions) 2012 2013 2014 2015 2016 $2.13M $95.05M $362.53M $499.08M $718.00M
- 31. July 2014 Jan 2015 July 2015 Jan 2016
- 32. 66% of Banks will adopt Blockchain by 2020 2014 2017 2020 0.00% 15.00% 66.00% source: IBM Institute of Business Value survey
- 33. Blockchain is not FinTech It’s data management
- 34. A financial transaction is just a data type…
- 35. Bitcoin proved we can move data between two non-trusting, anonymous parties. A B
- 36. But what if we know the other party? Factory Truck
- 37. But what if we know the other party? Hospital Patient
- 38. But what if we know the other party? Client Bank
- 39. That changes how we secure this Client Bank
- 40. That changes how we identify these Client Bank
- 41. That changes what we put here… Client Bank?
- 42. and what we see here. Block 432568 Block 432569 112 Transactions Block 432570 38 Transactions Block 432571 96 Transactions G H M N I J O P K L Q R
- 43. A B B A C A So whether the ledger secures currency Blockchain Solution C $ $ $ $
- 44. A B B A C A So whether the ledger secures identities Blockchain Solution C
- 45. A B B A C A So whether the ledger secures information Blockchain Solution C
- 46. A … it’s just a ledger Blockchain Solution
- 47. A Blockchain Solution $ $ … and it’s all just data
- 48. A B B A C A C $ $ The power to unlock its potential rests with us… finally.
- 49. Let’s Talk hello@gem.co gem.co Please limit to internal use.