Diese Präsentation wurde erfolgreich gemeldet.
Die SlideShare-Präsentation wird heruntergeladen. ×

Blockchain English

Wird geladen in …3

Hier ansehen

1 von 79 Anzeige

Weitere Verwandte Inhalte

Diashows für Sie (20)

Andere mochten auch (19)


Ähnlich wie Blockchain English (20)

Blockchain English

  1. 1. The Future of Fintech and Blockchain Speaker: Prof David Lee Kuo Chuen
  2. 2. “Stone Age” In 1946, the birth of ENIAC ( the 1st generation computer) “Agriculture Age ” In 1991, the birth of the first web site (Internet). “Industrial Age” Cloud computing framework taking over of the client/server framework. “Bronze/Iron Age” In 1977, the birth of Apple II, and in 1981 the birth of IBM (Intel 8088 )- PC source:http://www.wtoutiao.com/p/156D8bB.html “云计算”已成「老炮儿」,将被“区块链”所革命!
  3. 3. • Industrialisation – Manual labour replace by Machine production • The development of the modern computers and internet is a proven fact. • Centralization of authority – Key characteristic of feudalism • The essence of cloud computing is to provide a single platform to consolidate the hardware, and software resources administered by different groups in different regions. Why cloud computing belongs to the Feudal Industrial Age Although,cloud computing has brought down the cost of operation efficiently。 but,“Centralisation "has its shortcomings too, • Data security. • Disconnection between cloud computing and terminal server”. • Challenges to data accountability & trust mechanism. source:http://www.wtoutiao.com/p/156D8bB.html “云计算”已成「老炮儿」,将被“区块链”所革命!
  4. 4. Is there a technology to overcome these shortcomings ? One of the answers is Blockchain
  5. 5. In October 2015, the 1st Global Blockchain Summit was held in Shanghai. Geeks, entrepreneurs, academic experts, investors, corporate executives, and regulatory policy makers gathered and discussed the business applications and opportunities of blockchain technology in industry, such as Payment, Internet of Things, securities trading, digital assets management. Over 200 guests from the financial industry, including banking, payments, securities and commodities attended the summit. source:http://www.8btc.com/wanxiang-blockchain-labs-20151015
  6. 6. In a 20th January release, The People’s Bank of China (PBoC) said that it is moving toward the launch of its own cryptocurrency. The bank wants to use its control over the currency to reduce money laundering, tax evasion and other criminal acts. Blockchain will form the backbone of its cryptocurrency. source:http://www.wtoutiao.com/p/156D8bB.html “云计算”已成「老炮儿」,将被“区块链”所革命!
  7. 7. A n I n t r o t o B l o c k c h a i n
  8. 8. Blockchain:Decentralised Database- First used in Bitcoin。 Encrypted transaction Step 1 Block Every online transaction is represented in a block Step 2 Each block record, is distributed to all the participants Step 3 Participants validate the block - transaction record Step 4 Step 5 The block is added to the block chain- the transaction is recorded Step 6 Transaction completed Encrypted transaction
  9. 9. Blockchain Public chains Private chains Consortium Chains Fully Private Chains E.g.:R3 CEV E.g.:Bitcoin Types of Blockchain Features of Blockchain • Decentralised • Data is replicated on all the nodes in a P2P network, and each node’s copy of the data is identical to every other node’s copy • Consensus mechanism • All users in the network can come to collectively agree on the validity of the data recorded • Irreversibility and crypto security • One would need to command at least 51% of the computing power of all mining nodes to take control of the block chain -to overturn the consensus blockchain. • Openness • Data is open to all on the P2P network • Anonymity • Individual parties are never identified. Instead, security keys (public and private key pairs) are required to gain access to transaction output. • Multiplatform • Every blockchain node has the same calculation and data structure. Any platform will be able to compute the node. source:http://www.8btc.com/what-is-blockchain; http:// community.qingcloud.com; https://blog.ethereum.org
  10. 10. Bitmain introduce dedicated mining device AntMiner S7, and AntRouter source:https://www.bitmaintech.com/product.htm AntMiner S7 with 4.73th/s Less energy, more efficient AntRouter is a wireless networking device containing a bitcoin mining chip
  11. 11. Telecommunications Voting Healthcare Nortarizastion Banking Equity brokerage & Exchanges Insurance Web Domain Internet of Things …… More are coming
  12. 12. Stock/Securities Exchange 1 Bitshares system 2 Blockchain Equity Exchange System. • Real-time exchange; total transparency • All corporates can self issue their securities. • Open source system,enable tens of thousand of transactions per second. • Use mainly for the transactions of Private companies shares. • Overstock and project Link by NASDAQ are developing this system.
  13. 13. B a n k i n g • E.g. Cash transfer • Present:You=>bank=>friend • Future:You=>friend • BIS research report: The development of block chain technology will change how central banks operate. Benefits of block chain that banks can leverage on • Security: irreversible, immutable, traceable • Ease of governance : Utilises name base block chain, every node will be identified, e.g. alliances, issuers, general users • Low operating cost : Reduce the cost of transactions • Shortened the settlement time of financial transactions: UBS white paper: business process time can be reduced to 15 seconds. • Santander bank: using blockchain technology will help the banking sector to reduce expenses by 20 million USD. • Lower counter party risks source:http://www.businessinsider.sg/11-banks-in-r3-consortium-use-blockchain-technology-to-trade-2016-1/?r=UK&IR=T
  14. 14. Banking R3 Blockchain applications for banking: From vision to realisation •R3 (R3CEV LLC) leads a consortium of 42 financial companies in research and development of blockchain usage in the financial system. •11 banks conducted trials on transactions through distributed ledger using Ethereum and Microsoft Azure.
  15. 15. I n s u r a n c e Traditional coverage system Decentralised coverage system • All data is recorded into the blockchain. • Any user can start and end their insurance coverage at anytime. • No need for insurance funding pool. Mode of insurance coverage • Irreversible, immutable and impartial, ensure self authentication and fairness. • The decentralised system remove the need for middleman, which ensure high utilization of the fund. Advantages
  16. 16. P2P lending MoneyCircles is a mobile-decentralised P2P Savings & Loans marketplace built on private blockchain technology. Through smart contract, MoneyCircles let people with a common bond, save & borrow from each other -a kind of credit union in the cloud, but without the usual costs and restrictions. 。 • Core Advantage: *No black box mechanism or money pool issues. *Transaction flows are open and transparent. *All users can monitor where the funds are transferred to and how the fund will be used. • Millions of savers have money trapped in low interest savings accounts with institutions who want to lend, but may not be profitable for these institutions. Savers desire better rates and want their money put to better use. MoneyCircles.com aims to reconcile these two parts of the market, by making saving and lending more socially based, to better deploy deposits which will help significant parts of the society. source:http://moneycircles.com/
  17. 17. Communication Design flow of traditional communication devices: All nodes will connect through the shortest or the most efficient route. Bitmessage as a central link for message delivery : • Message is sent to users of the network, and users can only access using their private key. • Avoid being track • Ensure data security and data transfer security GetGems a decentralised hub: • communication function is similar to that of Bitmessage • Equip with Bitwallet • Transact and earn cryptocurrency“gems”. • Users can click on advertisements for monetary rewards. Bitmessage
  18. 18. V o t i n g Old, requires high maintenance , inefficient, and not fraud proof。 What does the blockchain means for voting?: • Verifiable source code for voting machines • Prevent voter fraud by eliminating the possibility of more votes than registered voters. • Instant, transparent and incorruptible voting data. • Very low cost, easy to implement Voting system that utilised block chain: • Complete voting system • Secure • Innovative Blockchain Apparatus Voting System: • Complete voting system • Focused on security: multiple audit trails, including paper and the blockchain. • Uses innovative techniques that are not present in any other voting system • Customizable ballots provide a familiar interface for voters. • Friendly admin interface. source:http://blockchaintechcorp.com/blockchain-apparatus/blockchain-voting-machine USA Current Voting system
  19. 19. V o t i n g source: https://followmyvote.com/ Open source ConvenientLow cost Secure
  20. 20. Internet of Things (IoT) Today supply chain: buyers, sellers and their banks are link with one another Tomorrow’s supply chain: maintains the same direct connections, plus complete trustable visibility into the flow of goods and the flow of transactions. • IBM and Samsung Electronics jointly developed the Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT) • ADEPT has several capabilities that are fundamental to building a decentralized (Internet of Things) IoT • ADEPT operates on three open source protocols: Telehash for messaging, BitTorrent for file sharing and Ethereum, a blockchain protocol for autonomous device coordination functions. • Once a product is assembled, the manufacturer will register the product into the production system blockchain. When a consumer purchases the product, he or she can register the product into the manufacturer regional blockchain for authentication purpose.
  21. 21. Notarization Blockai aims to develop a new tool that enable artist to prove and state their copyright to their artworks. Uproov will explore utilisting the blockchain potential optimization of time stamp ability. Stampery wish to use blockchain to replace notarizers, and provide authentication for legality of sensitive information. Chronicled utilized blockchain technology to authenticate collectibles sports shoes. Irreversibility and incorruptibility allow Blockchain to be widely utilised for notarization purposes source:http://www.8btc.com/blockchain-item?tagname=%E5%85%AC%E8%AF%81%E9%98%B2%E4%BC%AA
  22. 22. Bitproof innovated a blockchain solution to setup a one stop service to notarise Education certificates. BitSE develop Vechain the first blockchain-based anti- counterfeiting technology. Factom utilize blockchain to help businesses and government to simplify records management, record business processes, and address security and compliance issues. source:http://www.8btc.com/blockchain-item?tagname=%E5%85%AC%E8%AF%81%E9%98%B2%E4%BC%AA Notarization Irreversibility and incorruptibility allow Blockchain to be widely utilised for notarization purposes
  23. 23. M e di c a l H e a l t h c a re A collaboration between Estonia government and guardtime Healthbank:utilised blockchain technology that enable patients to management and share personal medical data with clinicians and researchers. Applications: Population Health, medical records, patient data Strengths: • Increase the transparency of healthcare services • Protect patient privacy (Insurance , credit providers, and patients can utilised the blockchain solutions to manage claims and payments.) • Major data leak e.g. Anthem – 80 million patients and employees records ; UCLA Health 4.5million patient records. • Increase the efficiency of bills payments process.
  24. 24. ( V i s a / D o c u S i g n ) The project is in the proof-of- concept stage. It brings DocuSign’s Digital Transaction Management (DTM) platform and eSignature solution together with Visa’s secure payment technology (via Bitcoin blockchain). Users, through their Cars, will be able to pay for toll fees, buy pizza ,or subscribe for satellite broadcast programs. Consumers can hop into a car in a showroom, configure the lease, insurance and other expenses such as parking and tolls, DocuSign it, pay via Visa, and drive off.。 source:https://www.docusign.com/blog/the-future-of-car-leasing-is-as-easy-as-click-sign-drive/ Contract: Utilise Docusign to verify lease and insurance. Report: Check driving records In car payment: Use Visa card Service: Connections through Apps.
  25. 25. source:http://www.wanbizu.com/fazhan/201512015809.html;http://www.wanbizu.com/news/201602186602.html; http://www.wanbizu.com/news/201602186602.html Government Administration Ukraine will be the first to employ blockchain technology in its government administration system.. Bitnation is collaborating with Estonia to utilise blockchain to administer government affairs………… A new political party in Australia is advocating for the use blockchain as the mechanism for voting.
  26. 26. 小蚁AntShares 布比区块链 Many more projects are in the pipeline
  27. 27. WanXiang Blockchain Labs is a frontier research lab focusing on blockchain technology. The lab will gather experts in this field to work on technological development, business applications, industrial strategy and other aspects. The lab will also guide entrepreneurs, and provide reference for the development of the industry and policy making. Its overall aim is to benefit the society and economy with blockchain technology. Products WanXiang Blockchain Labs source:http://www.blockchainlabs.org/ Bitcoin blockchain based development platform Ethereum blockchain based development platform Bitshares blockchain based development platform factom blockchain based development platform
  28. 28. AntShares utilised blockchain technology to digitise physical real world assets and ownership rights. Through the node to node connection in the network, Antshares decentralised financial service processes, such as registrations, security issuances, assets transfers, and settlements administrations. Areas for applications Equity Crowdfunding P2P Online lending Employee Shares Issuance Authorisation of e-contract A n t S h a r e s source:https://www.antshares.com
  29. 29. Jingtum BeiJing and HNA collaborate through blockchain 1 Corporate Wallet Procurement detailscash transfersettlement • Utilise blockchain to develop a low cost settlement system. • Increase efficiency of information dissemination 2 Supply chain financing • HNA award employees with product discounts, rewards, and bonuses through the blockchain application developed by Jingtum. • Ensures confidential information of employees are secured, and allows employee to enjoy more discounts rewards. 3 Awarding of Welfare bonuses • Utilise the encryption technology that is based on Jingtum block chain. • Aims to solve the difficulties in cashflow and financing ,and in high loan interest faced by suppliers. source:http://www.8btc.com/jingtong-hna
  30. 30. BuBi Blockchain Applications Equity Secured Private equity transactions。 Reward points Management of customer rewards points。 Supply chain immutable data management , Supply chain management。 Value Propositions source:http://www.bubi.cn/#page4 Efficient verifications of transactions Multiple signatories authorisation Efficient access to accounts ledger Multiple assets Issuance Smart contract Blockchain Exchanges
  31. 31. V i e w F i n • Customised Blockchain solutions • Accreditation of digital assets, Risks management, Products Snapshots Project Prometheus - Equity Management Solutions: Private or Permissioned Blockchain for Equity Management • Uses:Equity registration, transfer, or OTC trades. • Clients: Crowd-funding, Equity Exchanges , P2P Leading, Private Equities ,and clients requiring OTC trades. Project Gaea - Land Registration Solutions:Private or Permissioned BlockChain for Land Registration • Uses:Provide trustless proofs for cross-regional land rights-transfer , real time information validation, decentralised immutable data storage、 and instant settlement for digital transactions. Project Hermes – Royalty/reward Points management. Solutions:Manage customers reward points through Permissioned Blockchain. • Uses:Manage multiple reward points programs . • Clients:All B2C businesses and services. Project Themis - RegTech Chain Solutions:Private Chain Solution for Governments /NGOs to implement effective regulatory governance. • Uses:Immutable and time stamped record management. Improve integrity of information and increase transparency. • Clients:Governments, NGOs, Regulatory Bodies source: http://viewfin.com/
  32. 32. 数贝荷包Digital Wallet Developed by Yi Cheng Interactive Technologies ,and Sunshine Insurance Group is the first corporate user of the digital wallet。Allow Sunshine insurance client to manage, transfer and transact customer reward points. Product features and benefits • Decentralised reward points system。 • Users can self negotiate, transfer and transact reward points. Increase the liquidity of reward points. • Increases B2C and C2C interactions. source:http://m.caijing.com.cn/api/show?contentid=4090411 Traditional centralised model Decentralised model
  33. 33. Yangtze Delta Region Institute of Tsinghua University together with Canaan, Hash, and BST established the China’s blockchain applications research centre, which aims to develop the use of blockchain technology. Yangtze Delta Region Institute of Tsinghua University Companies Introduction • Founded in 2012, Canaan Creative is the worldwide leader in producing Blockchain servers and solutions for repetition ASIC. Our products are sold to over 150 countries worldwide. • 1Hash provides a professional and reliable service platform for efficient bitcoin management ,and development platform for blockchain research. • BST provides cloud computing (PaaS) service and software management service (Saas) for Beijing government to manage information resource. • Main product/service : Digital DXS-Cloud (Paas) ,and iTaxonomy source:www.btc798.com/article-8759-1.html; http://canaan.io/zh/%E7%BD%91%E7%AB%99%E9%A6%96%E9%A1%B5/ ;http://www.synball.com/synball/home/; http://www.1hash.com/index.html
  34. 34. “One Belt, One Road”Blockchain applications As the countries along the One belt ,One Road project transact using USD, the China government wishes to utilise blockchain technology to develop a cryptocurrency system which these countries can transact on. Through the Asia Financial Cooperation association ( to be established), countries members can work and decide on the rules, and protocols to ensure the security and the legality of the cryptocurrency system. Improve financial cooperation, and communication Help China corporates to internationalise Aid China corporates to minimise foreign investment pitfalls Digitise investment/trade information of the investments in countries along the “One Belt,One Road” project. Blockchain- • will ensure data security , transparency, and allow co- verification, and authorisation of information。 • Protect intellectual property rights。 Through the digitisation of production capacity ,and blockchain network, China corporates can • Attract investors in countries along the “One Belt,One Road” project • Carry out crowd funding in these countries or internationally. • Or even conduct IPO on the blockchain network. Solve China’s problem of production over capacity source:http://www.ftchinese.com/story/001065381?full=y
  35. 35. Blockchain 2.0:Ethereum Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.。 • Objective:Develop apps which run on a custom built blockchain that enable shared global infrastructure and that represent the ownership of property。 • Value proposition:enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions or a futures contract, and many other potential developments, all without a middle man or counterparty risk。
  36. 36. Microsoft, R3, Samsung ,Deloitte、RWE ,and IBM. What problem does Ethereum wish to solve ? Utilise smart contract to mitigate counter party risk and issues Blockchain 2.0 Core - Smart contract, Smart Asset - Rootstock a smart-contract peer-to-peer platform, is rising fast to challenge Ethereum in Smart asset developments. Ethereum supporter? Blockchain 2.0:Ethereum
  37. 37. Ethereum: decentralised smart application source: https://slock.it/ethereum_computer.html Rent, sell or share anything - without middlemen Slock.it: Utilise The Ethereum Computer to: - Turn Personal Assets into Income : securely rent access to any space or compatible smart object, without intermediaries. Underused assets such as temporarily vacant apartment is an opportunity to make a profit. - Develop applications for smart contract, and smart asset to find, locate, rent and control any object managed by an Ethereum Computer.
  38. 38. Making the world’s systems honest “Honesty is subversive” - Paul Snow
  39. 39. • In today’s global economy trust is in rare supply。This lack of trust requires the devotion of a tremendous amount of resources to audit and verify records. Thus reducing global efficiency, return on investment, and prosperity.。 • Incidents such as the 2010 United States foreclosure crisis demonstrate that, the current processes are terribly inaccurate, efficient and prone to failure.。 • Factom removes the need for blind trust by providing precise, verifiable, and immutable audit trail. “Honesty is subversive” - Paul Snow
  40. 40. Factom’s blockchain technology can be adapted to almost any organization. • Businesses and governments can use Factom to simplify records management, record business processes, and address security and compliance issues。 • power a remarkable range of applications, e.g. audit systems, medical records, supply chain management, voting systems, property titles, legal applications, and financial systems.。 Factom maintains a permanent, time-stamped record of your data in the blockchain. Reduce the cost and complexity of conducting audits, managing records, and complying with government regulations Application Usages Factom Proof- Network value source:http://factom.org/ Proof of Existence : Document existed in this form at a certain time Proof of Process: Document is linked to this new updated document Proof of Audit: Verifying the changes in the updated document
  41. 41. Factom Use Case 1 – Saving BoA $17 Billion Factom could utilize the bitcoin blockchain to keep Bank of America’s records permanently engrained in the distributed public ledger. The entries are then “filed” into directory blocks and secured to the bitcoin blockchain every ten minutes. They can then be audited in real time and verified instantly, allowing everyone to double check the work completed and catch mistakes if they arise before they become a problem. Background Multiple mortgage companies, were fined billions of dollars due to a mishandling of mortage records. One of these companies was Bank of America who fell victim to a $17 billion fine, also known as the largest fine in history.。 Solution source:http://factom.org/
  42. 42. Factom stores data for its clients using encryptions that are called hashes in blockchain in a decentralised system. Because the data is encoded, no one except the user who created the encryption can decipher it. Blockchain technologies could prevent the disastrous Sony hack ,and shift big companies away from central databases. Factom Use Case 2 - Protecting Sony Pictures with Blockchain Technology Background Solution On November 24, 2014, a hacker group which leaked out confidential data from the film studio Sony Pictures Entertainment. The data included personal information about employees and their families, e-mails, salaries, copies of then-unreleased Sony films…. source:http://factom.org/
  43. 43. Factom can digitized landownership documents and store them in a decentralized blockchain. Any land transactions and transfers can be track . Furthermore unauthorized or illegal changes can be detected and corrected. Factom Use Case 3: Unlocking $9 Trillion in Land Value Background Solution In many developing countries, land owners do not have proof of rights to landownership 。Hernando De Soto :”main problem of development is not that the poor in the third world lack capital, but that many lack the legal title to assets they already hold. Giving them legal title will unleash this “dead capital” so that it can be used as collateral for loans to fund businesses or expand homes.。 source:http://factom.org/
  44. 44. Global Perspectives The potential of decentralised ledgers and block chains
  45. 45. Recent Developments – Collaboration Of Governments With Industry To Explore Strategic Potential Of Block Chains Implementation of block chains is driven by: 1. The ability of block chain to provide a basis for cryptographic trust in a similar way to PKI • Block chains could leverage PKI’s deployed scale and governance • PKIs could leverage block chain’s payment and ledger functions 2. Permissioned ledgers contain a data field of unlimited size • Information about a transaction, including the contract, licence or copyright, could be included, providing a strong additional factor for trust. • Enables ‘smart contracts’, offering efficiency and non-repudiation.
  46. 46. 3. Smartphones are becoming the de facto trusted user device The latest smart phones include new security features such as: • Trusted Platform Module – secures digital certificates and cryptographic keys for authentication, encryption and signing • Consumers can sign transactions (eg using a block chain) and payments (eg using a ‘trusted Bitcoin’) using smartphones. Recent developments – Collaboration of Governments with Industry to Explore Strategic Potential of Block Chains
  47. 47. “Airbnb Co-founder Eyes Blockchain Tech For User Reputation And Trust” 13 Mar 2016 • Blecharczyk, Airbnb’s CTO said that Airbnb would be looking into Blockchain integration this year, or a similar distributed ledger system, to authenticate a user’s reputation and establish trust on the platform. Source: http://www.theblockchain.com/2016/03/13/airbnbcofoundereyesblock chaintechforuserreputationandtrust/
  48. 48. “Microsoft & IBM Declare Blockchain Open For Business” 17 Feb 2016 • IBM has announced the official launch of its digital ledger deliverance • Brings blockchain services to a cloud-based system • Platform allows users to create, deploy and run blockchain-based applications. • The London Stock Exchange Group is engaged in the development of open blockchain technologies with IBM • create solutions that will help manage risk and bring additional transparency to global financial markets Source: https://news.bitcoin.com/microsoftibmdeclareblockchainopenbusiness/
  49. 49. Formed 9 Feb 2016
  50. 50. Although, At present Blockchain still have shortcomings.
  51. 51. • Is blockchain really superior to current solutions?What are the benchmarks? * Can blockchain really reduce resources cost , improve service quality or enhance users experience? • Immutable public ledger, standardised contracts, accounting, and transactions may seems too idealistic . * Different nature of businesses ,and changing organisation needs will impede the establishment of a single standard. • To succeed, blockchain applications need to create true value to the users. • Issues on the consolidation and allocation of resources: *How should research resources be allocated ?Can related or similar resources be consolidated to create synergies? • What solutions ,and which industry domains should receive the most resource funding? source:“区块链落地还有多远”《财新周刊》 2016年第7期 出版日期 2016年02月22日 Application suitability Consolidation and allocation Of research resources.
  52. 52. • Ensuring security and immutability of data may drive up cost. *To ensure the immutability of data(One needs enough computing power to control more than 51% of the data copies to gain control of the blockchain) ,implies incurring huge storage and resource power cost. *Low storage efficiency:1.Huge amount of copies. 2.Blockchain size cannot be reduced(expired and useless data will also be stored.). • Rebooting of data is time consuming:New content X number of copies,and coupled with distance and bandwidth, will be time consuming。 Affect user experience, e.g. high volume trading , processing huge data base. • Illegal activities e.g. money laundering, financing terrorism, fraud, and impersonation. * A decentralised framework may not meet regulatory requirements. * Early intervention and overregulation by regulators, may impede blockchain developments, and the potential benefits of blockchain may not realised. source:“区块链落地还有多远”《财新周刊》 2016年第7期 出版日期 2016年02月22日 The likelihood of reducing costs? Regulatory requirements Concerns ?
  53. 53. But Don’t Get Left Behind! Noah's Ark
  54. 54. What is happening and what will happen? • Unbundling and decentralisation of financial services • Same data, same page, less errors • Real time settlement without need for financial intermediaries • Shaving off duplicative and redundant services • Security boost FINTECH Banks Are Only The Beginning…
  55. 55. Capital Markets • Smart Contract post trade settlement • Automated • Efficient • No need for trusted third parties Personal Insurance + Digital Identities • Distributed ledgers with hospitals • Seamless processing • KSI authentication • Boost claims efficiency As Wide As Your Imagination Can Take You!
  56. 56. Real-time Accounting • Immediate data flow • Programmable accounting entries • One master prime ledger to serve management, bank lending, regulatory purposes • Less errors, free of manipulation Company A IRAS B.O.D Suppliers SH Permissioned Public Ledger Trade Flows Real-time GDP Reporting As Wide As Your Imagination Can Take You! Government Budgets • Programmable smart contracts for budget allocation • Real-time GDP and key data reporting • Verifiable and trusted
  57. 57. Don’t rise with internet , but trip by blockchain。。。 Some internet companies may not pay much attention to ,or even disregard blockchain. If they miss this chance to utilise the blockchain development, the raise of blockchain may disrupt their technology roadmap. -Yao Yu Dong(Director of China Central Bank- Institute of Finance) 千万别生于互联网死于区块链。。。
  58. 58. Regulators should keep up with financial innovations MAS Ravi Menon: “If you start regulating every one of those, you stifle a lot of innovation, and they don’t get a chance to grow,” MAS will regulate fintech firms only when they pose risks. Support for FinTech: • Promote Greater inter-operability across data systems is a key priority. E.g. an “all-in-one” addressing system, that will enable e-payments using the payee’s mobile number, email address, social network account, or other proxies. Without the need to know the payee’s bank account number. • MAS will therefore introduce a “regulatory sandbox” approach that aims to give FIs more confidence to experiment and launch their innovative products or services within controlled boundaries.。
  59. 59. Don’t Get Left Behind!
  60. 60. 颠 覆 2.0
  61. 61. THE ECONOMICS OF FINANCIAL INCLUSION • The problem of financial exclusion does not just exist in undeveloped countries • 7.7% of US households are unbanked and 20% are underbanked • The underserved in the world turn to non-traditional forms of alternative financial services such as those provided by cheque cashers, loan sharks and pawnbrokers. • For example, illegal workers in the US who cash cheques via agents such as cheque cashing depots or convenience stores.
  62. 62. • The global picture of the unbanked and underbanked is even more skewed. • Only 50% of adults in the world have an individual or joint account at a formal financial institution (Demirguc-Kunt and Klapper , 2012) • There are 2.5 billion adults in the world with no formal bank accounts, most of them are in developing economies. Source: newsroom.mastercard.com THE ECONOMICS OF FINANCIAL INCLUSION
  63. 63. Mobile (Internet) Banking Penetration 2015.06
  64. 64. The Chinese Article advocate Singapore to use “Blockchain Technology” to expand its business network into ASEAN ( 10 countries, 600m people) ,and to adapt the Financial Inclusion model of China and Kenya to help Singapore’s neighbours. -David Lee and Yan Li 15th May 2015, Lian Zaobao
  65. 65. Alibaba & Ali Pay
  66. 66. Financial Inclusion+ Sharing economy+ Blockchain = 颠覆 (Dian Fu)
  67. 67. http://www.smu.edu.sg/podcast/cryptocurrency-revolution-and-its-impact BLOCKCHAIN THE DISRUPTOR Oct 2014Podcast : Decentralised Bockchain Reeduces Business Cost
  68. 68. Bitcoin
  69. 69. Cryptocurrency
  70. 70. Financial Services and Blockchain
  71. 71. A software platform for fast Blockchain ,and Smart Contract prototyping ,and application development. Blockchain As A Service Drove effort to create a new architecture at IBM for connecting devices in Internet of Things (IoT) Focused on wearable technologies • Apple Watch • Connected medical devices • Application of sensors and connectivity to industry Recruited Paul BrodyDeveloped RUBIX Support from Big 4 Hiring people with expertise in Ripple, Hyperledger and Chain. Aim to be neutral advisor for clients in implementation, rather than technical specialist Blockchain Advisory Commercial Sidechain “Liquid” to facilitate fast and secure transfers between exchange or brokerage accounts • Integrate multiple blockchains • Distributed file storage permission • smart contract capable blockchains Strategic Partnerships
  72. 72. IBM Watson • IBM is part of the Linux-based Hyperledger project. • Offer ‘blockchain as a service’ for developers to use within the IBM Cloud via a service called Bluemix. Its API infrastructure allows external data to be plug into the WATSON. • Via the Watson platform, IoT information can be enter into its blockchain suite. Such information can be transfer from RFID chips, barcode scans or mobile devices. source:http://thenextweb.com/apps/2016/02/16/ibm-has-just-open-sourced-44000-lines-of-blockchain-code-on-github/
  73. 73. From Dark Net to Saviour? • Is Blockchain a collaboration enabler? • A basis upon which people/entities can easily collaborate with distant strangers/entities • Is Blockchain an asset sharing enabler? • Will Blockchain lead to a self governing IoT society based on voluntary institutions via voting? • Will Blockchain lead to a large scale de-centralized collaboration? • Will Blockchain be able to run a mutual insurance pool? • Will Blockchain be able to establish a mutual credit system?
  74. 74. huangyiya07@126.com陈万 Blockchain Research Group W u Yu T i n g Z a n g M e n g Yu Sun Ming Chen WanFeng Huang YiYa Lee YinHao myzang.2015@maf.smu.edu.sg huangyiya07@126.com yuting.wu.2015@maf.smu.edu.sg wfchen.2015@maf.smu.edu.sg Leeyinhao83@gmail.com ming.sun.2015@maf.smu.edu.sg
  75. 75. Join our Blockchain, be A new node !
  76. 76. Acknowledgements • 8btc forum •Mentioned companies •Authors of cited websites For sharing knowledge and information of Blockchain!

Hinweis der Redaktion

  • 云计算虽然风光无限好,但是“大集中”的模式也有它天生的缺点,随便举几个例子:
    1.   数据安全 – 无论实现云计算的厂商多么强调各自云技术的灾难恢复能力和高可用性,从常识上来讲高度集中的模式不可避免的会带来被”擒贼先擒王“的风险。就像一个封建帝国的君主,无论身边有武艺多么高强的侍卫和众多储君,永远有被刺杀和接任者不能胜任的风险,国家的命运极有可能随着国君本人的旦夕祸福而剧烈改变。
    2.   云端和终端的“失联” – 云端在对计算能力和资源集成之后,终端不再具备计算、存储等能力,网络是终端从云端获取信息的“生命通道”。一旦网络出现问题,造成云端和终端的“失联”,就像一个封建帝国没有了驿站和800里加急的快马,君臣之间无法有效沟通治国之策,天下岂不是大乱?
    3.   信任机制的挑战 – 云端和终端之间的信息交换需要有一个信任机制,如同皇帝颁布的诏书要盖上玉玺印才能正式生效。对于云计算而言,虽然已经有PKI / SSL等成熟的加密技术规范和协议保证数据交换的安全性,但在操作层面还是对用户有一定的专业知识要求。现在社会上越来越多的网络犯罪、电信诈骗等案例正在告诉我们由于高科技的“专业化”和“小众化”,大多数“黑客”攻击的对象往往是非IT专业的普通用户。试想一个目不识丁的农民,怎能分辨诏书上的到底是传国玉玺印还是红心萝卜章?
  • 3) Smartphones are becoming the de facto trusted user device. The latest smart phones include new security features such as:Trusted Platform Module – secures digital certificates and cryptographic keys for authentication, encryption and signing. Consumers can sign transactions (eg using a block chain) and payments (eg using a ‘trusted Bitcoin’) using smartphones.
  • Environment is shifting fast
    Hyperledger project formed in early 2016 to advance blockchain technology
    Big players involved. Not just banks and FINTECH companies. More traditional companies such as Hitachi and Fujitsu also involved.
  • Banks are only the beginning
    What is happening now?
    Unbundling of financial services: FINTECH
    Everybody has the same data ledger. This means less errors and less mismatch of data
    Transactions are done within seconds. Because middlemen are cut out.
    Flatter structure and less errors means less redundant services
    Security is boosted.
    For example, the Bangladesh bank heist could have been avoided. SWIFT is error prone and time lag. Exploited by criminals. Can easily be avoided through the use of permissioned ledgers by registered banks.
  • Capital markets have the capacity to simplify current siloed post trade systems
    Automate by using smart contracts
    ASX commissioned Digital Assets, a US firm, to develop DLT for the Australian market
    Interdealer broker, ICAP, has also private peer to peer DLT network using smart contracts

    Other areas that DLT can be used include personal insurance and digital identities.
    DL with hospitals will allow seamless processing, authentification of persons and boost claims efficiency
  • DLT will also enable real time accounting.
    Allowing immediate transaction data flow
    Can tap on smart contracts for programmable accounting entry
    Reliance on one master prime ledger to serve multiple parties
    Less errors and free of manipulation

    DLTs can also aid budget allocation by governments through the use of smart contracts.
    Monies can be digitally programmed for specific uses. Weed out corruption
    Facilitates real time GDP reporting
    Because data comes from a verified network, it can be trusted
  • To end off, I would like to emphasize that blockchain and DLT is more than just technology.
    It is going to be a strategy and it is going to transform the way we conduct business in the future.
  • The Economics of Financial Inclusion

    The problem of financial exclusion does not just exist in undeveloped countries

    7.7% of US households are unbanked and 20% are underbanked

    The underserved in the world turn to non-traditional forms of alternative financial services such as those provided by cheque cashers, loan sharks and pawnbrokers

    For example, illegal workers in the US who cash cheques via agents such as cheque cashing depots or convenience stores
  • The Economics of Financial Inclusion
    The global picture of the unbanked and underbanked is even more skewed
    Only 50% of adults in the world have an individual or joint account at a formal financial institution (Demirguc-Kunt and Klapper , 2012)
    There are 2.5 billion adults in the world with no formal bank accounts, most of them in developing economies