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How Will Blockchain Affect Me? - June 2017

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How Will Blockchain Affect Me? - June 2017

  1. 1. Lynn Sutherland Industrial Technology Advisor Industrial Research Assistance Program lynn.sutherland@nrc-cnrc.gc.ca How will Blockchain Affect Me? Presentation CEO Group June 23, 2017
  2. 2. The Headlines 2 Harvard Business Review, March 2017 https://hbr.org/2017/03/the-blockchain-will-do-to-banks-and-law-firms-what-the-internet-did-to-media Forbes, May 2016 https://www.forbes.com/sites/laurashin/2016/05/26/how-the-blockchain-will-transform-everything- from-banking-to-government-to-our-identities/#22b581b0558e Forbes, June 2016 https://www.forbes.com/sites/francescoppola/2016/06/13/blockchain-meh/#5608706c35ef
  3. 3. Topics • Information and Communications Technology (ICT) Platform Technologies • Blockchain (Distributed Open Ledgers) • Bitcoin (Digital Currencies) • Other Applications • How it Works • Current Markets • What now? What next? What should I do? • References • Questions 3
  4. 4. Recent ICT Platform Technologies • Email (1990s) • Web 1.0 (1993) • Web 2.0: Google, Wikipedia.. • E-Commerce: Ebay, Online Shopping, Banking, Travel… • Feature Cell phone (2000) • Social Media: Facebook, LinkedIn, Twitter… • Smart phone (2007) • The Cloud (2008) • Streaming Media: Netflix,YouTube… • The Crowd: Indigogo, Kickstarter, GoFundMe, Kiva… • Peer-to-Peer/Sharing Economy: VRBO, Uber, AirBnB… • Open Source, Open Data, Open APIs, Open Education, Online Collaboration, Online Code Sharing repositories… • Bitcoin & Blockchain (2008 original paper, 2014 first mainstream news, 2017 Market cap $44B) • … 4
  5. 5. Bitcoin 101 • Bitcoin is the most popular digital currency • It uses the “Blockchain” (which can also be used for other purposes) • It uses a world-wide distributed network of unrelated computers to validate transactions • Main components: 5 Bit Coin Term Standard Term What it does Wallet Account Contains *money* (or something of value) Blockchain Ledger Records and verifies transactions Miner (or Node) Bookkeeper Performs transaction verification
  6. 6. 6 From: Bitcoin and Blockchain Technology Explained: Not just Cryptocurrencies, Economics, and Markets; Applications in Art, Health, and Literacy by Melanie Swan, Founder, Institute for Blockchain Studies
  7. 7. 7 From: Bitcoin and Blockchain Technology Explained: Not just Cryptocurrencies, Economics, and Markets; Applications in Art, Health, and Literacy by Melanie Swan, Founder, Institute for Blockchain Studies
  8. 8. Applications of Blockchain 8 From: Bitcoin and Blockchain Technology Explained: Not just Cryptocurrencies, Economics, and Markets; Applications in Art, Health, and Literacy by Melanie Swan, Founder, Institute for Blockchain Studies
  9. 9. How the Blockchain works 1) New transactions are broadcast to all nodes. 2) Each node collects new transactions into a block. 3) Each node works on finding a difficult proof-of-work for its block. 4) When a node finds a proof-of-work, it broadcasts the block to all nodes. 5) Nodes accept the block only if all transactions in it are valid and not already spent. 6) Nodes express their acceptance of the block by working on creating the next block in the chain, using the hash of the accepted block as the previous hash. 7) Nodes get paid in digital currency for doing work. 9 (from the original paper, see References)
  10. 10. Bitcoin & Other Digital Currencies Value (June 2017) 10 From http://www.coindesk.com/price/ From https://coinmarketcap.com/charts Late 2013 First public awareness 2010 1 BTC = US$0.06 Many Digital Currencies, not just Bitcoin
  11. 11. Digital Currencies Markets (June 2017) 11 From https://coinmarketcap.com/
  12. 12. What Now? What Next? • Many applications are being piloted now on Blockchain, Etherium and other distributed open-ledger technologies. • The platform will support applications that were not possible with proprietary, centralized, closed data. • This will disrupt business models that rely on closed information and reduced the need for “trusted third parties” • Likely nearest-term applications: • Open contracts for shared rights • Asset tracking • Credit trading • … 12
  13. 13. What Should I do? • If you are curious to see how it works: • Watch some of Benjamin’s YouTube Channel • Install a wallet on your Smartphone • Buy some Bitcoin from an ATM in Calgary 13 Some BitNational ATMs in Calgary http://bitnational.com/Bitcoin-ATM-Locations
  14. 14. More Information Calgary-based Blogger YouTube Channel https://www.youtube.com/channel/UChzLnWVsl3puKQwc5PoO6Zg BTC Sessions, Benjamin Tyler Perrin How It Works & FAQ & Who Controls It https://bitcoin.org/en/how-it-works https://bitcoin.org/en/faq https://bitcoin.org/en/about-us Material from bitcoin.org Bitcoin and Blockchain Technology Explained: Not just Cryptocurrencies, Economics, and Markets; Applications in Art, Health, and Literacy http://www.slideshare.net/lablogga/bitcoin-and-blockchain-technology-explained-not-just-cryptocurrencies-economics- and-markets-applications-in-art-health-and-literacy A deeper analysis by Melanie Swan, Founder, Institute for Blockchain Studies, who also has a book, Blockchain Blueprint for a New Economy https://www.amazon.ca/Blockchain-Blueprint-Economy-Melanie-Swan/dp/1491920491
  15. 15. Technical References • Main org that co-ordinates the open source for the bitcoin core https://bitcoin.org/en/about-us • Original Paper: Bitcoin: A Peer-to-Peer Electronic Cash System https://bitcoin.org/bitcoin.pdf • What is the bitcoin core https://bitcoin.org/en/bitcoin-core/ https://bitcoin.org/en/bitcoin-core/features/ • How to run a Node, minimum specs for a server https://bitcoin.org/en/full-node#what-is-a-full-node • A group that researches Blockchains http://blockchainstudies.org/ • Key Terms/Vocabulary https://bitcoin.org/en/vocabulary • Bitcoin, Litecoin, Altcoin price board https://bitcoinwisdom.com/ • Beyond Bitcoin: Blockchain is Coming to Disrupt Your Industry http://dupress.com/articles/trends-blockchain-bitcoin-security-transparency/ Deloitte University Press 15
  16. 16. Questions? • What are the primary current use cases? • How soon will it be mainstream? • How secure is it? • Which platform will be the standard? • … 16

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