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Blockchain: Understanding the blockchain and its impact on financial services by ConsenSys at ArabNet Beirut 2018
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Blockchain: Understanding the blockchain and its impact on financial services by ConsenSys at ArabNet Beirut 2018
1.
THE IMPACT OF BLOCKCHAIN ON
FINANCIAL SERVICES B e i r u t , F e b r u a r y 2 1 , 2 0 1 8 @JuanLlanos @ConsenSys
2.
© 2018 Juan
Llanos Source: Bloq
3.
Source: William Mougayar
4.
96 97 98
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 + browser tokens rewards WOW Ripple Protocol EGold B i t c o i n P r o t o c o l Ven Ripple XRP Litecoin Linden Dollars Entropia Universe QQ Online Exchanges Altcoin Explosion Regulated Exchanges Beenz Flooz Colored Coins Square Cash Amazon Coin E t h e r e u m Sovereign Coin Real Estate Equities Derivatives B i t c o i n O p e n S o u r c e P r o t o c o l S o l v e s D o u b l e S p e n d P r o b l e m v i a O p e n L e d g e r S m a r t C o n t r a c t s © 2018 Juan Llanos
5.
“A peer-to-peer network
that allows for the proof and transfer of ownership without the need of a trusted third party.” Goldman Sachs “An open platform for value exchange.” Richard Brown “A Peer-to-Peer Electronic Cash System” Satoshi Nakamoto © 2018 Juan Llanos
6.
AN ACCOUNTING SYSTEM © 2018
Juan Llanos
7.
N O C
E N T R A L A U T H O R I T Y D I S T R I B U T E D C O N S E N S U S B I T C O I N REVOLUTION © 2018 Juan Llanos
8.
© 2018 Juan
Llanos
9.
D I S
T R I B U T E D CONSENSUS PROTOCOL state and state changes guaranteed via... • D I S T R I BU T E D → one trusted computer made up of many untrusted computers • C O N S E N S U S • Traditional → supermajority or benevolent dictator • “Nakamoto” → forked-choice rule (compromise) • P R O T O C O L → Mechanism to make faults expensive: • Proof-of-Work (PoW) → Make changing the state expensive © 2018 Juan Llanos
10.
N O C
E N T R A L A U T H O R I T Y O P E N + P R O G R A M M A B L E D I S T R I B U T E D C O N S E N S U S N O D O U B L E - S P E N D P2P TRANSFER WITHOUT IDENTITY B I T C O I N REVOLUTION T R A N S PA R E N T L E D G E R © 2018 Juan Llanos
11.
DISTRIBUTED LEDGER © 2018 Juan
Llanos
12.
© 2018 Juan
Llanos Source: Skry
13.
Source: Andreas Antonopoulos
14.
96 97 98
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 + browser tokens rewards WOW Ripple Protocol EGold B i t c o i n P r o t o c o l Ven Ripple XRP Litecoin Linden Dollars Entropia Universe QQ Online Exchanges Altcoin Explosion Regulated Exchanges Beenz Flooz Colored Coins Square Cash Amazon Coin E t h e r e u m Sovereign Coin Real Estate Equities Derivatives B i t c o i n O p e n S o u r c e P r o t o c o l S o l v e s D o u b l e S p e n d P r o b l e m v i a O p e n L e d g e r S m a r t C o n t r a c t s E t h e r e u m G l o b a l S u p e r C o m p u t e r i s B o r n © 2018 Juan Llanos
15.
D I S
T R I B U T E D CONSENSUS PROTOCOLS state and state changes guaranteed via... • D I S T R I BU T E D → one trusted computer made up of many untrusted computers • CONSENSUS • Traditional → supermajority or benevolent dictator • “Nakamoto” → forked-choice rule (compromise) • PROTOCOLS → Mechanisms to make faults expensive: • Proof-of-Work (PoW) → Make changing the state expensive • Proof-of-Stake (PoS) → Use security deposits to punish nodes who propose competing updates to the consensus © 2018 Juan Llanos
16.
© 2018 ConsenSys
17.
DISTRIBUTED LEDGER+ SMART CONTRACTS NATIVE
TOKEN + E T H E R E U M REVOLUTION © 2018 Juan Llanos
18.
SMART CONTRACTS © 2018 Juan
Llanos
19.
© 2018 Juan
Llanos “The basic idea behind smart contracts is that many kinds of contractual clauses (such as collateral, bonding, delineation of property rights, etc.) can be embedded in the hardware and software we deal with, in such a way as to make breach of contract expensive (if desired, sometimes prohibitively so) for the breacher.” Nick Szabo, 1997
20.
© 2018 Juan
Llanos “Smart contracts utilize protocols and user interfaces to facilitate all steps of the contracting process. This gives us new ways to formalize and secure digital relationships which are far more functional than their inanimate paper-based ancestors. Smart contracts reduce mental and computational transaction costs imposed by either principals, third parties, or their tools.” Nick Szabo, 1997
21.
© 2018 Juan
Llanos “A contract is essentially an automated agent that lives on the Ethereum network, has an Ethereum address and balance, and can send and receive transactions. A contract is “activated” every time someone sends a transaction to it, at which point it runs its code, perhaps modifying its internal state or even sending some transactions, and then shuts down.” Vitalik Buterin, 2013
22.
© 2018 Juan
Llanos SMART CONTRACT © 2018 ConsenSys
23.
© 2018 ConsenSys
24.
© 2018 ConsenSys
25.
© 2018 Juan
Llanos© 2018 ConsenSys
26.
© 2018 Juan
Llanos© 2018 ConsenSys
27.
freedom to own freedom
to transfer freedom to innovate © 2018 Juan Llanos P E R M I S S I O N L E S S I N N O V A T I O N CORRUPTION- & CENSORSHIP-RESISTANCE
28.
PARADIGMS challenged m o n
e y s o v e r e i g n t y s e c u r i t y r e g u l a t i o n p r o p e r t y i d e n t i t y l a w g o v e r n a n c e © 2018 Juan Llanos
29.
PRODUCT-FOCUSED ACTIVITY-BASED INDUSTRY-SPECIFIC JURISDICTION-DEPENDENT INTERMEDIARY-ENFORCED © 2018 Juan
Llanos
30.
permissionless-/limitless-ness borderless-/jurisdictionless-ness (pseudo) anonymity peer-to-peer (in)flexibility radical transparency/translucence probabilistic
finality DECENTRALIZED PARADIGM © 2018 Juan Llanos
31.
PRIVATE vs OPEN BLOCKCHAINS ©
2018 Juan Llanos
32.
© 2018 Juan
Llanos
33.
Quorum is an
enterprise- focused version of Ethereum ideal for any application requiring high speed and high throughput processing of private transactions within a permissioned group of known participants. © 2018 ConsenSys
34.
+ Permissioning + Privacy +
Performance + Configurable Consensus + Settlement Finality © 2018 ConsenSys
35.
© 2018 ConsenSys
36.
CRYPTO TOKENS © 2018 Juan
Llanos
37.
DISTRIBUTED LEDGER+ SMART CONTRACTS NATIVE
TOKEN + E T H E R E U M REVOLUTION © 2018 Juan Llanos + ERC20 TOKENS
38.
USE CASES USE CASES USE
CASES © 2018 Juan Llanos
39.
© 2018 ConsenSys
40.
PAYMENTS IDENTITY ASSET CUSTODY © 2018
Juan Llanos
41.
PAYMENTS PAYMENTS PAYMENTS © 2018 Juan
Llanos
42.
© 2018 ConsenSys
43.
© 2018 ConsenSys
44.
© 2018 ConsenSys
45.
IDENTITY IDENTITY IDENTITY © 2018 Juan
Llanos
46.
© 2018 ConsenSys
47.
© 2018 ConsenSys
48.
© 2018 ConsenSys
49.
KYC for loans/cards instant
onboarding © 2018 Juan Llanos
50.
ASSET CUSTODY ASSET CUSTODY ASSET
CUSTODY © 2018 Juan Llanos
51.
C R Y
P T O T O K E N S key management © 2018 Juan Llanos
52.
CAPITAL MARKETS CAPITAL MARKETS CAPITAL
MARKETS © 2018 Juan Llanos
53.
© 2018 ConsenSys
54.
INSURANCE INSURANCE INSURANCE © 2018 Juan
Llanos
55.
© 2018 ConsenSys
56.
OTHER APPLICATIONS OTHER APPLICATIONS OTHER
APPLICATIONS © 2018 Juan Llanos
57.
© 2018 Juan
Llanos
58.
© 2018 ConsenSys
59.
© 2018 ConsenSys
60.
WHY BLOCKCHAIN WHY BLOCKCHAIN WHY
BLOCKCHAIN © 2018 Juan Llanos
61.
© 2018 ConsenSys
62.
© 2018 Juan
Llanos Source: Bloq
63.
© 2018 ConsenSys
64.
SINGAPORE © 2017 Juan
Llanos
65.
THINK OCEAN NOT LAKE ©
2018 Juan Llanos
66.
@JuanLlanos @ConsenSys